Lautzenheiser & Associates
Lease Purchase Program
Our program is honest and straight forward.
The Lautzenheiser & Associates Team has created a system that works for Buyers and Sellers creating a win-win situation for both parties. We will walk you through the process and give you a detailed outline. Our program works; once enrolled into the Home Hunter Program you’re ready to start looking for your home. Our team will represent your best interests at all times. We understand what you are going through; we understand that not everyone has perfect credit. We also understand that STUFF really happens in life; we are here to help you move past your current situation.
What is a Lease Option or Rent to Own? Simply put this allows a potential Buyer that does not qualify for a tradition bank loan because of credit score or lack of credit to move into a home as if you would purchase the property. During the time you have signed your agreement you are required to repair your credit so you can purchase the property at the end or before your contract terms come due. You are basically borrowing someone else credit; in addition, the seller is giving you a second chance to rebuild your credit!
How can I benefit from this and what are the advantages? There are so many benefits and advantages of entering into a Lease Program.
We have listed a few for you below; as follows:
1. You do not have to pay for major repairs.
2. Credit issues are ok allowing you time to repair your credit score and situation.
3. You have been given a second chance to start over.
4. The American dream is home ownership; you now are on your way.
5. Lock your purchase price of your home; your price is guaranteed.
6. Your living in a house not an apartment or rental.
7. Your improving your quality of life.
8. Repairing your credit will save you thousands of dollars over the years to come.
9. You can earn rent credits thus not wasting income on rent.
10. PEACE OF MIND and sense of pride.
I heard must Lease Option programs are the same? Wrong! To many programs, incorrect forms, and lack of knowledge can confuse and hurt a Buyer trying to rebuild their credit. We know the rules, partner you with a preferred lender who will understand your unique situation, and use the correct legal forms that protect your best interests at all times. If a program is telling you that you qualify because you have down payment and the desire to own a home their not being completely up front with you. We will not work with you if we feel you will not be able to purchase a home in less than 36 months. This is not fair to you or the Seller. We want you to succeed and not lose your down payment money.
Lautzenheiser & Associates only uses contracts that have been developed by Real Estate Attorney’s and approved by the Columbus Board of Realtors to ensure that our clients are protected at the highest standards in the market.
What types of Lease Option Programs are currently on the market? This is a great question and really important to understand! Here is a simple breakdown of what these programs look like and offer. We also include the pros and cons of each so that you can decide along with one of our experienced realtors which best matches your needs and desires.
All Programs include the following documents; as follows:
1) Detailed application
2) Full credit report and lender of opinion or suggestions from qualified licensed lender.
3) Additional items will be collected such as driver’s license, social security card, pay check stubs, and other supporting documents to ensure qualifications and purchase can be made within the specified time period per contract terms.
Additional Important Information: Regarding the following types of Lease (Option- Purchase) Programs on today’s market. We have not listed all the various types of items that can be included in the descriptions below such as rent credits, purchase credit if tenant/buyer is able to finance sooner than contract date, increased payments yearly if you do not purchase, and etc. Your Real Estate advisor will advise you on your best option and go over these in detail with you, for each client’s case is different and based on personal preference.
Lautzenheiser & Associates Team requirements; as follows:
1. Tenant/Buyer (s) are encouraged to complete a Home Inspection and/or any other inspections we feel would be necessary such as: well, septic, structure, HVAC, termite, Radon, and etc. If tenant/buyer declines our suggestions you will be required to sign off stating that you understand that you are waiving your rights to inspection.
2. We require all clients to walk through the said property at least (2) two times and/or you must be at the property for (1) one full hour to ensure that you are seeing the property truly the way it is. We will not view properties late at night. We want our clients to see properties during the day to ensure they are not missing anything due to lack of daylight.
3. We will disclose the good and bad about the property so that you can weigh the pros and cons with our assistance.
4. Remember contracts are between Seller/Owner(s) and Tenant/Buyer(s) not Broker/Realtors. It is our job to counsel and represent your best interests and encourage you so that terms will be comfortable and fair to all parties.
5. Each tenant/buyer will go through a pre-qualification process, secure said services with Earnest/Down Payment check of at least $3K via (Cashier’s Check or Money Order), AND sign all required Real Estate Contracts such as Agency Disclosure, Fair Housing, and Consumer Guide to Agency relationships before we will start working or showing properties to any clients.
6. THERE ARE NO EXCEPTIONS!
Lease Option Purchase Programs Description Page
Our Lease Hunter Program
1. Complete our Lease Program Application.
2. Conference Call will be scheduled to go over Lease Program Application.
3. Complete additional documents needed for Lease Hunter Program; these will
be sent to you by your Realtor after your Conference Call.
4. Meet with your Realtor to 1) Finalize paperwork 2) Written Plan of Action
3) Collect Down Payment/Earnest Deposit 4) Review our Program.
5. Locate homes that fit your specific needs and price range.
6. Set up showings and view properties.
7. Find a property, make an offer, and work out all the details.
8. Finalize all terms of the contract and lease terms.
9. Set up and complete inspections, and complete remedy if needed.
10. Final walk through on property, seller/owner, tenant/buyer, and
realtors meet to exchange first months rent (Cashiers Check or Money
Order), and finally collect keys.
11. MOVE IN DAY!!
12. Continue with your detailed plan of action regarding the purchase of your
home with your Real Estate advisor and lender to ensure success.
13. Any kind of changes that are made or that happen update your lender
and Real Estate advisor immediately.
14. ENJOY YOUR NEW HOME!