Real Estate and Beyond Blog

SEARCHING FOR A PHOENIX RENT TO OWN HOME WITH WIN WIN FOR ALL PARTIES

The banks have tightened up their purse strings by making that it more difficult for people to qualify for a conventional home mortgage. People now need a 680 or better

credit score to be approved by FHA guidelines. Are you losing hope that you will never own a home? We have created the Just Rent To Own Program for people who wish to obtain a rent to own home. Please visit the web site at www.JustRentToOwn.com.

It will take from 1-3 years to restore one's credit. So, the rent to own program is the best option to restore credit and have the option to purchase a house.

Here's how our rent-to-own program works:

• An investor makes a house available on a lease option. There are times when the renter is able to pick out the home. Then, the investor will purchase that home.
• Lease option candidate puts down 2-3% of the total purchase price as down payment. Yes, this money will be credited back only of lease option is being exercised.  
• "Option to Purchase" the house will be given to the lease option candidate.
• Lease option candidate will obtain credit consulting from our network partner-Praxis Credit Consulting. This company will ensure candidate will maintain an acceptable credit score to obtain a conventional mortgage.
• Lease option candidate will be in position to purchase house back from investor any time after the 13^th month.
• Finally, we have a new home owner.

Why do people do rent to own programs? The typical person will rent another twelve months throwing money away. The rent to own program will credit part of the monthly rent towards the purchase of the house vs. money is gone when doing a regular rental.  

Now, one needs to pay careful attention when it comes to the rent to own contract. It must be a Win-Win for both sides. Please pay careful attention to the purchase language in the contract. One must ensure that the house will appraise for the final purchase price. Also, there must be language in the contract stating what happens if house does not appraise for agreed upon price.

Finally, I would advise that you call Harry F. D'Elia to be a guide when doing a lease option. He has been doing lease options for the past several years and has become an expert on this subject. The Real Estate and Beyond Network is ready to put one in position to becoming a home owner. Obtain the American Dream with the Real Estate and Beyond Team on your side every step of the way. Make the Call, Set the Plan and Do the Deal$.

LEASE OPTIONS A GREAT WAY TO CREATE WIN WIN IN RESIDENTIAL REAL ESTATE

I host a very popular web site named www.JustRentToOwn.comhere in Phoenix, AZ. Many people are forced to enter into a lease option for the following reasons:

• Foreclosure
• Bankruptcy
• Unable to get approved for a loan
• Lack the down payment needed to get into a home
• Divorce or death in the family

Many people need a second chance in life. However, they do not know who to call. Hence, I decided to take action. Lease options are a great way for both parties when structured in the correct manner. It must be a Win-Win scenario for both sides.

Please review my checklist for BUYERS before entering into a lease option agreement:

• Ask the seller to review the mortgage note and to verify seller is in good standing with the mortgage company. Furthermore, please ask what type of mortgage is on the property
• Buyer to pay for an appraisal to verify current value of the home. Furthermore, I would advise to conduct a home and pest inspection before moving in to avoid any issues before moving into the property.
• Read over the lease option contract to ensure all details have been spelled out for both sides. We want to avoid any misconceptions as time goes on
• Always let a real estate lawyer to review lease option contract to ensure accuracy and good standing before signing any paperwork
• Conduct a thorough background check on the seller and be willing to pay for it. If seller disagrees with this request, then take it as a bad sign and move on.
• Verify that the owner owns the property by contacting a title company to do a title search
• Set monthly payments up via a third party service to ensure mortgage is being each month to avoid any negative information in the near future. Plus, record all documents at title to ensure one can exercise their option to purchase property under contract

Conclusion:

Lease options are a great tool to add to one's real estate business. Provide a superior service that nobody delivers in the marketplace. Then, people will come to you for the service. I help 3-5 people per month when it comes to lease options. I have it down to a science. I have lease option candidates call me before they enter into a lease option agreement because they are not represented in the transaction. I feel honored to assist.

The credit market has been getting tighter over the last two years even since the real estate bububle. Banks are not issuing as many credit cards to people like they did five years ago. Credit card companies are decreasing people's credit line and/or shutting down the card without proper notificaiton. Many people are upset over this practice because now you are dealing with a person's credit score.

We have all been issued a three digit number which determines our credit worthiness. My grandmother told me to pay my bills on time and in full. That was wisdom to me. However, times have changed and abusing credit is a way of life. I would like to discuss the top 5 mistakes made when dealing with credit:

1. CLOSE ESTABLISHED CREDIT CARDS-This will take away from a person's line of credit and the amount of months it has been open. One needs at least three great lines of credit with an established history of online payments. Closing great established lines of credit will decrease one's score according to my expert.
2. Missing Payments-Many people are missing their mortgage payments while doing short sales and/or loan modifications. That drags the credit score down more than 100 points. Other people forget to pay a $25 payment on a credit card and now the credit score has dropped by 80 points. Make your payments on time and in full.
3. High Balances-Experts state that people should not use more than 30-50% of available credit at all times to maintain a high score. Over 50% will bring the score down even by making montly payments on time. Pay down as much as possible to boost the credit score up.
4. Settling Past Due Accounts-People settle for less than what is owed to credit card companies every day. However, many people realize that they will receive a 1099 at the end of the year for the difference. This is called a deficiency judgment and is considered income earned for that year. One can negotiate with the credit card company during the settlement talks. However, they will report it to the bureaus if not paid in full. This will stay on the credit report for 7 years.
5. No Credit-People have been taught to pay cash for everything. That is great. However, one needs a credit score with history to obtain financing for a car or home. People have to bee taught more about credit and the power of leverage with a conservative background. Credit is part of our lives that cannot be ignored. No credit then a person will not have a credit score.

Conclusion:

We are heading into uncharted waters going forward in the next two years when it comes to real estate and the financial industry. However, I see these mistakes made by people on a weekly basis. Many times it is out of plan ignorance. They do not teach credit education in our school systems. We must continually educate our clients when it comes to credit and the importance of having and maintaining a high credit score to obtain conventional financing for purchasing a home.

www.justrenttoown.com

SEARCH FOR RENT TO OWN HOMES

PHOENIX RENT TO OWN AVAILABLE FOR PEOPLE WHO NEED A SECOND CHANCE IN LIFE

Phoenix, Arizona continues to experience a high level of foreclosures. People are being foreclosed upon. Credit scores are in the tank and many people do not know what to do. It is very emotional when a family has to start over. They do not know who to call. I have been doing rent to own homes for the last nine years of my real estate career. I believe in people obtaining a second chance in life. My services are highly needed. The Real Estate and Beyond Team is here to assist all rent to own candidates in obtaining a second chance in life.

I have created the www.JustRentToOwn.com web site to putt together vital information for people to read over so that they are able to create a map when it comes to obtaining a second chance. We need to improve credit scores so that people will be able to obtain conventional financing in two years. We have created the Frequently Asked Questions pertaining to a Rent To Own Program. Which community do you wish to live in while rebuilding ones credit score? What kind of paperwork is involved in this process? Please review the Paperwork Section of our web site to obtain complete understanding before signing up for the program.

When a person wants to buy a home, the often need to borrow money for the purchase.  Lending institutions and banks have programs available for people to borrow large sums of money to purchase real estate, under the condition they will be paid back.  Paying back the loan usually consist of making a number of payments, usually once a month.  These payments are called "mortgage payments'".  What happens when the person who borrowed the money stops making the payments they agreed to make? - After 90 days of being delinquent, the lender will start the foforeclosure process.  This process involves the lenders using the court system to terminate the residency of the borrower in the home.  The lender then becomes the owner of the home. 

SEARCH FOR RENT TO OWN HOMES

The option to lease or rent to own was created for people who's current situation does not allow them to fully qualify for a mortgage.   Rent to own homes have successfully increased home owner ship in America and it builds better credit.   Renting before buying is also a great way to get used to the responsibility of owning a home or to "test out" the home before you purchase.

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PHOENIX RENT TO OWN PROGRAM EVERYONE NEEDS A SECOND CHANCE

Phoenix continues to experience a high foreclosure rate as banks continue to foreclosure on homes. Yes, homes continue to be sold at the Arizona Trustee Sales.The last of the ARMs will become due at the end of 2012. Homeowners continue to fail in obtaining loan modifications from their bank. It was announced Friday that the Government is willing to enact principal reduction plans. However, we need to read the fine print. The Home Affordable program only helped a little over 400,000 homes while experts estimate that 11 million households are under water.

Did you ever wonder what happens to people who get foreclosed upon? Do they rent apartments or homes? They rent homes. Actually, rent to own homes are a high commodity because there are so many people that need this service. People need a second chance in life. Who do they call? I have developed the Phoenix Rent To Own Program to assist people who need this type of service. How does one start over? It starts with having professional people in your life. We have professionals on our team to assist one during hard times. We have a credit restoration company who will work with people to restore ones credit. Praxis Credit Consulting is the best in the business.

I am sure many people have questions when it comes to rent to own. How does it work? Please visit our exclusive site at www.JustRentToOwn.com dedicated to educate rent to own candidates. Please read over our Frequently Asked Questions. This section was developed to make this rent to own program more accessible to people.

LEARN THE DIFFERENCE BETWEEN LEASE PURCHASE AND A LEASE OPTION

QUALIFY TODAY FOR A RENT TO OWN HOME IN THE GREATER PHOENIX AREA