Attention Probate Attorneys
- Do your clients have a home that they want to sell for a fair price and not for pennies on the dollar?
- Are your clients frustrated by the long sales process?
- Do your clients want a quick transaction without added costs?
Yes, you do! It is unfortunate, but many homes of the deceased often sell for much less than they are worth. The most common reason
is that the heirs often live out of state and don’t have the time or the interest in dragging out the months it may take to sell the house using traditional methods. We have an innovative Lease Purchase Program that allows buyers with financial means, but with the inability to obtain traditional financing at the current time, to own a home. Since most of these buyers don’t have the leverage to negotiate the price, your clients will often get the full price. With our innovative program, we help such buyers a path to home ownership. The lease terms are typically very short, usually 6 to 18 months. This time frame serves as as a bridge to a permanent mortgage for them.
However, this program is not for everyone. To ensure the success of our program, we have strict criteria:
- Homes from $150,000 to $2,000,000
- Must be willing to wait 6 months to 36 months before being able to cash out completely
- Seller has full authority to accept or reject any buyer we bring in
- Existing mortgage is OK
- Seller continues to collect monthly payment during the term of the lease purchase
- Seller often gets full price for home, because the buyer likely does not have leverage for negotiation
- Our fees DO NOT come from the Seller, so seller gets maximum value
- Buyer pays our fees
- Seller DOES NOT have responsibility of collecting payments – we handle everything. This is often huge for many heirs
- Seller is NOT responsible for the maintenance of the home – Buyer takes over the responsibility
- Buyer gets the home of his or her dreams now, can lock in current price, while waiting for his credit to improve
- Most homes get sold within 30-45 days, and your clients often get full asking price or close to it.
How it Works
- Seller agrees to a short-term Lease Purchase (typically from 6 to 18 months)
- We find a buyer who can afford the house, has sufficient funds for down payment, but unable to qualify for a traditional mortgage due to a hiccup in their credit history
- We pre-approve the buyer through a third-party lending service
- We work out the down payment and the lease payments
- We determine the term of the lease, which is usually calculated based on the amount of time the buyer needs to qualify for traditional financing
- Once buyer approves, we execute the agreement and the buyer moves in
- At the end of the term, the buyer obtains traditional financing, and the Seller gets paid in full and the title transfers over to the Buyer
- Unlike traditional lease-option agreements, the Buyer must obtain traditional financing at the end of the term, or the title does not transfer and the Seller takes the home back.
- Our program is special because we conduct due diligence and because the Buyer has skin in the game, we have found that almost everyone is able to obtain financing.
To learn more, please contact us so we can provide you with more details. We are confident that you’ll be able to provide a much needed service to your clients.