Dodd-Frank can force Landlords to reimburse tenants up to 3 years of payments in certain circumstances.

Did you know that under the Dodd-Frank bill that will be taking effect January 1, 2014, you might be faced with reimbursing your tenants up to 3 years of payments under certain circumstances?

Everyone needs to understand how the Dodd Frank Act has the potential to impact your business.

How Dodd-Frank will impact your real estate business

Raleigh Rent to Own House 3BR 2BA Ranch NO BANKS NEEDED

NO BANKS NEEDED
Raleigh Rent to Own House

3 Bedroom / 2 Bath Ranch at 3909 Old Coach Rd, Raleigh, NC; Approximately 1150 square feet; ranch floor plan; master suite has walk in closet and attached master bath. Nice back deck, This property is on a quiet cul de sac 3.5 miles to the I-540 freeway ramp to RTP, you can be at the airport in 25 minutes.

We are providing the financing on this Raleigh Rent to Own House for up to 10 years. You will need to bring a cash down payment, depending upon the amount of the down payment, monthly payments can be as low as $950. Current market rents in this area are $1,100 to $1,150 per month. You will receive the benefit of all principal paydown over the lifetime of this loan.

If you want to be a homeowner, and can’t get a mortgage with today’s strict qualifying guidelines, here’s the financing you need. Take advantage with this Raleigh Rent to Own House

Join our Buyers List here if you are interested in this property Join Our Buyers List

NO BANKS NEEDED – RENT TO OWN

Someone sent me a link the other day to the following article:

10 Common phrases for expensive home listings

What is real interesting is the second list in the article, the 10 phrases found in the least expensive houses.

If you are trying to Sell A House FAST, in today’s market, you certainly don’t want to utilize any of the phrases in the 2nd list, but there is one phrase that will make your listing stand out. That’s if you are trying to sell a house fast with a rent to own, and that’s to say NO BANKS NEEDED – RENT TO OWN or NO BANKS NEEDED – OWNER WILL FINANCE.

When you use a Rent to Own, you are providing something of value to the market, namely the existing financing on your house. Using Rent to Own, you are able to offer your house to the other half of the market where potential buyers can’t get approved for a loan today, but do have a sufficient down payment, and do have the monthly income to make monthly payments.

So don’t allow your house to be vacant while you are trying to sell it, RENT TO OWN it instead and you’ll be able to sell a house FAST.

Why would I sell my home as a Rent to Own

Home Sellers use a Rent to Own for a number of reasons. The main reason to Sell My Home as a Rent to Own is that the transaction can be closed FAST.  In 30-45 days the Seller can have a Tenant/Buyer living in the property and paying rent to cover an existing mortgage payment. In today’s economy, its tougher to get jobs in the same location in which you are currently living. That means relocation is often necessary for a new job, and that means that you need to sell your house and move to another area, and now you’ve got to pay rent or mortgage payments on 2 houses, one of which may be vacant.

When you sell your home with a Rent to Own sale, the Seller has something that the housing market needs, and that is existing financing. Its tough for Buyer’s to get approved for a mortgage in today’s market, and when they are approved, it can take a while to get through all of the underwriting process. That’s time that the Seller’s house is empty, and they are paying the mortgage payment.

You can compare the impact on the cash you the Seller receive when you Sell my Home with a Rent to Own against a traditional sale through a real estate broker, or a sale as For Sale By Owner (FSBO) by using our Rent to Own Calculator.  Click the hyperlink.

As a Rent to Own Seller, you can get a Tenant/Buyer into your house fast by Leasing it to them and at the same time giving them an option to buy your house as a homeowner.  That way, your Tenant/Buyer is making monthly rental payments to you while they are working on getting approved for their mortgage.  It doesn’t really matter how long it takes, because they are paying the rent to you each month.

I’d like more information on Rent to Own, have someone Contact Me!

Who pays the taxes and insurance for a rent to own home?

We had someone recently hit our site when they asked this question in their Google search.  I thought I’d answer it for the next query.

The terms “Rent to Own” or “Lease Option” or “Lease Purchase”, are synonymous except for one small difference in the contract. They total contract is really 2 different agreements.  Depending upon how they are drafted, they may be in a single contract, or they may be 2 different contracts that run concurrently.  A Rent to Own contract is comprised of a Lease that gives the Tenant/Buyer the right to pay rent and occupy the house for a stated period of time, along with an Option that gives the Tenant/Buyer the right, but not the obligation, to buy the property at some stated price for a fixed length of time called the Term.

The Lease may run for 12 months and the Option may run for 36 months, or even longer, but the two contracts together between the Seller and Tenant/Buyer form the Rent to Own or Lease Option agreement. The only difference between an Option and a Purchase agreement is that the Option gives the Buyer an out, they can elect not to close the sale,  the Purchase agreement says the the Buyer must buy or the Seller could sue for specific performance because the Buyer broke the contract.

In a Lease, the Seller retains the Legal Title as the owner until a sale is closed or concluded. The Seller is responsible for payment of taxes and insurance and HOA fees since they are the legal owner of the property.

Hopefully the market rent that the Seller charges for the Lease is high enough that the sum of their mortgage payment, taxes, insurance, and HOA fees is covered by the rental amount.  That is not always the case on some higher priced houses, or houses where the Seller got stuck with a high interest rate loan and high mortgage payments.  In that event, then the Seller may have to chip in the amount not covered by the rent each month in order to make the payments.

As the owner, the Seller should be making the tax and insurance payments to ensure that they are made each year.

How To Buy a New Home Without Bank Qualifying or a Large Down Payment

 

Stop wasting your money on rent… or living in a house which doesn’t meet your needs. Discover how to move into a better home now!

Some people are tenants by choice. But most people would prefer to enjoy all the benefits of owning a home if at all possible. It can be the single most important investment you ever make. A lot of people’s personal wealth is made up mostly from equity they’ve built through years of responsible home ownership.

We believe buying a home should be at the top of your goal list. And, we have a number of homes for sale right now with flexible owner financing. Our unique approach to selling houses can help you achieve the reward of owning your own home faster and easier than going the traditional route. Here are the benefits you can be enjoying by working with us:
Continue reading

Sell my House FAST with Rent to Own

Sell my house FAST? We Buy Houses!

How to Sell Your House ‘As Is’ at a Fair Price on the Date of Your Choice

If you’ve been asking how to “Sell my house FAST” in the fastest, easiest, and most convenient manner, read this important message. You may discover the perfect solution… because we buy many houses throughout the Raleigh NC and Research Triangle region.

Selling a house is usually an expensive and complicated process. That’s why real estate agents make thousands (sometimes tens of thousands) of dollars on a single sale. But, when we buy your house, there are no commissions to pay. And you certainly won’t have to tolerate dozens of total and sometimes frightening strangers tramping through your home and poking through your drawers and closets.
Continue reading

foreclosure newspaper

The Great Housing Recession Continues

By Thomas F. Cooley and Peter Rupert

A kind of silly debate has broken out among economists over whether our recent downturn deserves the label “The Great Recession.” We’ll leave it to others to sort this out. But we would argue that the downturn in the housing sector is pretty “great”–far worse than in past recessions. Periodically in this column we have presented a visual assessment of where we stand in the current recession, with a focus on consumption, investment and employment. This week we look at housing.
Continue reading