Frequently Asked Questions:
Q: Where can I learn everything I need to know about Lease to Owns that wasn’t included on this website?
A: Go watch our Lease to Own Webinar, set up to teach you everything you need to know in a short amount of time. All of your questions will be answered, plus there are some special bonuses for the people who watch it!
Q: If I had a foreclosure, short sale or bankruptcy in the last few years or recently, can I do a Lease to Own?
A: Yes. That is exactly why we offer the lease to own program for people that don’t have perfect credit and can’t get financing today.
Q: Where can I buy home and am I restricted to just a few?
A: You get to choose the home that you want and are not restricted to just a few. It can be from any home on the open market that is for sale in Reno, Sparks, Fernley, Carson City, Dayton, Gardnerville/Minden and the north valleys out to Cold Springs.
Q: It seems that the real estate market is starting to stabilize. Is now a good time to buy?
A: We have not seen prices this low for almost 10 years. Real estate runs in is cycles and it will start to come back over the next few years. We think the market is actually undervalued at this point and there may never be a better time to buy.
Q: How much will we pay in rent per month before we end up buying the house and do we get credit back for the rent when we purchase?
A: Your rent is based on your Purchase Price of the home multiplied by 1.0%. (Ex. $150,000 your Purchase Price X 1.0 = $1,500 / month) Yes, you will be credited back 20% of the rent you have paid at the time of your purchase, so your Rent Credit would be $300 per month in this example.
Q: How do the Rent Credits work?
A: This is a really great part of the program. When you are ready to purchase the Rent Credits that you have built up can be used for your down payment and closing costs. If the are Rent Credits remaining, then we will use them to reduce your purchase price.
Q: How much cash do I need to have to get into a Lease to Own?
A: Most of the time it will range from $7,500 to $10,000 including your first month’s rent, security deposit, Lease to Own fee, escrow fee, closing costs, inspection and appraisal.
Q: How long will you allow the Lease to Own to be for?
A: We will usually have most of the Lease to Owns go for up to a five year period. However, you can purchase the home anytime during that time with no prepayment penalty.
Q: How much can I purchase a house for?
A: We prefer to keep it between $75,000 to $200,000. We can go outside this criteria but more down payment would be required.
Q: Where do I start if I would like to move forward?
A: If you are working with one of our Certified Lease to Own Realtors, talk to him or her and make sure you understand everything about the program. If you are not currently working with a Realtor, click the button to fill out your Pre-qualification Questionnaire and find out if you qualify for the program.
