How Does The Work for Equity Process Work?
The Work for Equity program is actually very simple. We buy several houses a month and sometimes our contractors are too busy to fix the property up right away. So, out of this was born the “Work for Equity” program. If you are a handyman or have a contractor in the family or are just a really good “Do It Yourself” type, this is the perfect opportunity to get into your own home for way less than the traditional Lease Option or Rent to Own home. If you are willing and able to do the repairs to the home (usually cosmetic only), then we will let you in with a smaller down payment, usually 3-4% of the purchase price. Here’s how to start…
- Join our VIP Buyers list and tell us what type of home you’re looking for, your budget, etc (START with the form to the right), also mention that you are interested in our Work for Equity program.
- We’ll send you local Orlando FL or Central Florida rent to own / lease option homes that fit your criteria.
- If you like a home and decide you want it, we’ll help you fill out some paperwork to get you moved in ASAP. Don’t worry about credit or other qualification issues – we help people with all kinds of credit and financial situations, and if you can afford the property, we can probably help you own it.
- We’ll go over the repair list with you that must be completed and the dates by which each must be completed.
- When we go over the paperwork with you, we’ll go over the monthly rent amount and the future purchase terms. Then just sign the documents and move on in!
- Move in and complete the repairs by the scheduled date and pay your rent payments on-time… then anytime during your rental term you can decide if you want to purchase the home or not.
- When you are ready, just let us know and we’ll set everything up to close on the home and it’s yours for life.
THERE IS NO OBLIGATION to purchase the home after the rental agreement expires.
How Long are the Work for Equity / Rent To Own / Lease Option Terms?
The “Term” or amount of time you have before you have to get a mortgage and buy the home varies from house to house. Your lease/option agreement will spell out the length of time that you have to complete the purchase of the property – typically from 2 to 4 years, but in certain circumstances we may extend your option if you need more time to get your credit or down payment up to the point where you can qualify for a bank loan.
The purchase of your home usually takes place through a traditional mortgage loan, but there are other ways to complete the purchase, depending on your finances.
That’s it, that’s the process!
Once you’ve completed your mortgage, you’re done – now you own your home!