Rent to Own
Rent to Own
Rent to Own
What exactly is a rent to own? I have taken several calls since my initial post on Hildy’s Enterprises, Inc dated Sept 25th titled Are You Tired of Renting? A rent to own is another path that is made available by either a homeowner or investor to sell their home. A rent to own allows tenants and individuals to become homeowners that may have challenged credit, been denied a mortgage in the past, or for those individuals that are unable to secure a 20% down payment to qualify for a traditional mortgage. If you can identify with one or more of the scenarios listed above; I would encourage you to call Hildy’s Enterprises, Inc. to see if you would qualify. Currently, we have 5 families in the Menomonie and Eau Claire Wisconsin area, that are working towards home ownership under a rent with an option to buy. We are very excited to work with families that are unable to obtain home ownership any other way. Prior to executing an Option to Purchase Agreement, we would have the future buyer fill out and verify an application. Second, we educate the tenants and define the terms of the option agreement. The terms will include the price of the property, rent amount, and a non-refundable option consideration, in exchange the buyer is locking into an agreement for 3-5 years. The consideration fee is 3-10% depending on the price of the property. The option money and any additional option consideration paid monthly to the owner, goes towards the down payment on the purchase of the house, which helps the future buyer build up his credit, build equity in the house as they lease it and gives them time to come up with the required amount necessary to secure a mortgage at the end of 3-5 years. Call Alicia today at 715-232-0406 to begin the journey towards becoming a home owner.