Q: Is Home Buying Center a good standing member of the Better Business Bureau?
A: YES we have AAA standing for over 20 years!
Q: What kind of properties do you sell on Rent-to-Own?
A: Houses, townhouse and condos. From time to time, we do have houses available on acreage. We generally do not sell mobile homes, floating homes or other non-conforming types of real estate.
Q: Where do you have listings for Rent-to-Owns?
A: We have listings all over North America. We buy when prices are lower, so we may not have listings in areas where markets are heated.
Q: What the is the qualification process?
A: Application is more like a rental application. We will ask for references and some history. Credit history is less important to us as many will cone to us when they are trying to rebuild credit.
Q: What will happen to our initial deposit and down payment credits if we can’t complete the transaction?
A: Having you close and take title as fast as possible is the goal. If we get to the end of the term and you cannot close because the market is soft and the banks will not appraise the house at the price we agreed, we will just extend and keep going. If we get to the end of the term and you cannot close for your own reasons, even thought the market is good, we can consider a few options. We can keep going on the same terms, or, if the market is really strong and because we may be losing out on selling in a stronger market if we extend with you, we may add an addendum to the contract that extends the term/completion date, but increases the purchase price by 50% of any difference between your contract price and the current market price. That is a fair way for us to share the increase in equity if you cannot close and we have to wait. In a strong market, another option could be for you to list and sell the property on the market. You will keep the difference between what you sell it for (after Realtor costs) and price you have to give us.
If however, after all possible avenues have been looked at and your still not in a position to qualify for whatever reason, we will consider replacing you with another tenant/buyer. If we are given few months notice and if the property is returned to us in the same condition or better as when you received it or if you find someone to take your place we would be very accommodating and will help you to recover your investment.
Q: Forget about the ownership, do you have simple rentals available?
A: Generally no. We are not a rental agency, you may wish to try your local paper. However, we do have the odd rental available from time to time, and it is usually only available on a short-term basis.
Q: Are your contracts legal?
A: Yes. For buying on Rent-to-Own, we use a standard real estate contract of purchase and sale similar to what you would normally use when buying direct with a Realtor or lawyer. The main difference is that the completion date is usually 2 or 3 years later rather than 2 or 3 months when buying direct.