Lease with a Right to Purchase Program
Now you can lease ANY HOME that is for sale (up to $500,000) and retain a right to purchase the home for 5 years from my institutional private equity client. Homes that are in the Twin Cities Metro area qualify if they are on lots under 3 acres and without swimming pools. Once you have applied and been approved as a tenant, we will go out and look at homes that you have picked out. After we find a home that works for you I will work with the buyer to purchase the home at the best price possible. You then lease the home and your only commitment is an initial one year lease, but you retain the right to continue to rent the home on a year by year basis, or buy the home with your own financing anytime during the rental period. The lease rate and annual purchase price is a 5 year set schedule and agreed upon before the beginning of your first year lease period. This program offers stability for 5 years as you can continue to lease year by year, and always know your buy price if you do want to buy it. The program offers you to "Test Drive" the home you want for one year with no obligation to buy it. This program is not a "Rent to Own" program that most people have heard of. This 'Lease with a Right to Purchase' program does not require a down payment that you can lose, it does have a refundable security deposit, equal to 2 months of rent, typical of any residential lease. The security deposit will be returned to you if you decide to leave the home at the end of the lease and terms.
This program is great for people that can't obtain a mortgage to buy right now but can in the future. The program is also great for people moving into the Twin Cities and allowing a one year or longer lease to explore the suburbs of the metro area and find the best fit. It allows you to get into the home and school district you want, the security to remain in the home renting for up to 5 years, and the right to buy the home if you want to. The security deposit needed for the lease is equal to 2 months rent. Homes are inspected before purchased and will be fixed up to the landlord standards if needed. Closings are fast as my client is a cash buyer. My client is funded by the world's largest money manager and they have allocated money to buy homes in the Twin Cities metro. I have done many of these transactions and have helped over 35 families get into the home they want with the program. You can even have 3 pets in the lease. Minimum requirements are a 550 credit score and $50,000 per year in household income although most homes require a higher income than $50,000. There is an application fee of $75 per household for background checks and credit checks. You must not have any past evictions or felonies. You must be able to show at lease 3x the desired rent amount in your bank account for the application. It only takes 2 days to get approved, and approximately 30 days to get into a home.
Call or email me to learn how to apply for this innovative program to live in the home you want with the right to stay in the home for up to 5 years and the right to purchase the home at any time. You can use this link to apply and get approved;
If you would like to read more information on how the process works from the Home Partners website then click on this button link below;
Realtor, Coldwell Banker Burnet