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Estimated Current Value |
This is just an estimate of the property is worth.
What is the future value? There are two different ways a rent to own contract can be written:.
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Asking Down |
This non refundable"Option Fee" will be converted to a down payment at the end of the lease and when you exercise your option to purchase the property. If you have less than the asking down but can pay more than the asking monthly, we can probably work something out. |
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Asking Monthly |
This is the total monthly payments you will be making. This does include HOA fees. It does not include utilities (gas, electricity, water, telephone, cable, or satellite.) |
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Asking Rent Credit |
This amount is added to your down payment. At the end of your lease, all of your rent credits and "asking down" are converted to a down payment for a conventional loan. |
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Contract Pending |
If you see this in the "Availability" area, it means someone has a contract in their hand but hasn't coughed up the asking down. My rules are simple: First person with money gets the property. |
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Lease Period |
This is usually flexible. Generally speaking, it's not in your best interest to go more than a year. If your FICA is more than 550 I recommend a 1 year lease. If you don't know what your score is, this is a good time to find out. Call me and I'll walk you through it. |
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Price - Lease End |
There are 2 ways to structure the price at the end of the lease:
There are advantages and disadvantages to both. Also every property is different. I will usually give you a recommended method for a particular property. |
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