 |
| Home
Page
Property Listings Programs Dream Home Contact Us Site Map FAQ About MPS |
Frequently
Asked Questions I have bad credit, a foreclosure and bankruptcy in the past. How do I qualify? Why should I rent-to own? What are the advantages? Can I make home improvements? Can I buy the home before the lease is up? How long do I have to rent before I can buy? Can you break it down for me step by step? When is rent due? If I choose not to buy do I have to forfeit my deposit and rent? What does the seller get from rent-to-own ? Do rent-to-own homes cost more? I don't see a home on your site that meets my needs, do you have others? When can I move In? How much of a down payment do I need? Will the rental deposit money be counted towards the purchase of the home when I buy? I have bad credit, a foreclosure and bankruptcy in the past. How do I qualify? You can qualify with any type of negative credit history or no credit history at all. All you need to do is apply and have the initial payments. Back to Top Why should I rent-to own? What are the advantages?
Back to Top Can I make home improvements? In a rental agreement you are not able to but as a rent-to-own tenant we want you to feel at home. Light improvements like painting, hanging curtains.... require no permission however major improvements like knocking down walls, adding on to the property, putting in a pool,etc.....do require written permission, obtaining permits, following building codes and HOA guidelines. Back to Top Can I buy the home before the lease is up? That all depends on what your lease agreement says. Some are open and some require you to rent for a minimum amount of time before excerising your right to purchase. Back to Top How long do I have to rent before I can buy? Up to 5 years. Each rent-to-own agreement is different. Back to Top Can you break it down for me step by step? Step 1 : Once you find a home you want to buy the paperwork begins. It consists of a rental agreemet and a rent-to-own purchase agreement. You rent the property for a specific period of time. The lease contract gives you the right to buy the property at the end of the lease period . Step 2: You pay the initial payments which include the first and last months rent, rental deposit according to the rental agreement and option consideration specified in the purchase agreement. This money is applied according to the terms to the purchase price of the home when you exercise the right to purchase. Step 3: Receive the keys to your new home and move in. Step 4: Keep your eye on the mortgage rates etc. so you can get a great deal when you exercise your option to buy. **NOTE: Since you forfeit your option money if you don't go through with the purchase, don't option a property that you have no intention of buying. Back to Top When is rent due? Rent is due on the 1st of the month. There is no tolerance for late payers. Back to Top If I choose not to buy do I have to forfeit my deposit and rent? Yes, you do, but the reason you are going to rent-to-own is to buy something you want to own one day. Back to Top What does the seller get from rent-to-own ? People who rent-to-own take much better care of the property because it will soon be theirs. People who rent-to-own pay on time. Renting-to-own eliminates broker commissions. The seller gets to help others realize their dream of home ownership. Back to Top Do rent-to-own homes cost more? No. Even though it may seem costlier in the beginning, in the long run it's cheaper than a conventional mortgage. Back to Top I don't see a home on your site that meets my needs, do you have others? Yes, we are always buying properties and don't always have all of them listed. We also network with other investors and they may have what you're looking for! Fill out the Dream Home Questionairre and we'll notify you when a property becomes available. Back to Top When can I move In? If the property is vacant you can move in once all the paperwork is signed and your initial poayments have been recieved. Back to Top How much of a down payment do I need? We required a minimum of 3% down as earnest money, first and last months rent as well as a rental deposit (damage deposit) Back to Top Will the rental deposit money be counted towards the purchase of the home when I buy? Yes Back to Top |