Sellers
In today’s challenging real estate market there is a large population of Sellers who are unable to sell their home. We commonly meet folks that, through no fault of their own, have been unable to sell their home. Who can sell when values have plummeted and every other house on the market is a short sale or a foreclosure listed for pennies on the dollar?
Buyers
In today’s challenging real estate market, there is a large population of potential Buyers who are unable to purchase a home for any number of reasons, and yet they are driven to the dream of homeownership. We commonly see folks who, through no fault of their own have had credit challenges.
TwinCitiesRent2own is the Minneapolis/St. Paul’s only organization that specializes exclusively in the Rent to Own/Lease Purchase residential market place. TwinCitiesRent2own has invested heavily in the development of our Rent to Own/Lease Purchase programs, and Our program works to serve the interests of Rent 2 Own Sellers as well as the Rent 2 Own Buyers. You see in the past, and unfortunately still presently there are organizations that all too often slap together Rent 2 Own transactions that don’t have a chance of ever successfully closing. Those organizations just take their fees and run.
It is not hard to match a Rent 2 Own Buyer with and a Rent 2 Own Seller and get them to agree on price and terms, but unfortunately for most these deals rarely close, and the reasons are many.
One of the primary reasons is that no one does a proper valuation of the property. It is all to common that the agreed purchase price is not realistic in today’s down real estate market. So when the Rent 2 Own Buyer goes to finalize their mortgage to close on the purchase, the property does not appraise, resulting in the Rent Buyer not being able to get a mortgage for the purchase the home. THE DEAL FALLS APART! The Rent 2 Own Seller loses the Rent 2 Own Buyer and gets the headache back, and the Rent 2 Own Buyer loses the home and the money they paid for their option fee and rent credits. To say the least this situation is a loose/loose. TwinCitiesRent2own’s process takes a hard look at what the actual property value could be and believes that it is in the best interest of both the Rent 2 Own Seller and Rent 2 Own Buyer to only proceed based on realistic property values
Another common problem is that no one looks at the Rent 2 Own Buyer’s ability to actually qualify for a mortgage large enough or soon enough to actually close on the purchase of the home. Many Rent 2 Own companies don’t care what happens 12-24 months later, they just take your money and run. In-fact most companies you come across aren’t even local, who knows where they are actually located. Good luck finding them later if you have a challenge. TwinCitiesRent2own’s process has the prospective Rent 2 Own Buyer go through a Rent 2 Own prequalification with a local mortgage broker with-in our referral network. The Mortgage Broker looks at credit, Income, employment history, and income to debt ratios all in an effort to make sure that the Rent 2 Own Buyer should be able to qualify for a mortgage with-in the agreed timeframe laid out in the Rent 2 Own Purchase Agreement.
There are many land mines that one would never know of in the Rent 2 Own process. However, when properly structured a Rent 2 Own sale is one of the most powerful tools for purchasing or selling a property in today’s challenging market place. Check out our Buyer’s and Seller’s tabs for detailed information on how to put together a successful Rent 2 Own Sale.
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