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Frequently Asked Questions
Q. How does this work? A. Please read the Rent to Own Website. The site explains it all. I know it is long, but it is all there. If you still have questions, please call us.
Q. How much money do I need? A. The Minimum amount that you will need is 3 times the rental amount. If the rent is $2000 per month, then the minimum you will need is $6000. Sometimes it is more, but it is never less. The amount varies with each property.
Q. Are there any hidden costs? A. No. There are no hidden costs. Along with your monthly rent, you will most like be responsible for paying the monthly utilities, as well as phone and cable tv service if you choose to have them.
Q. How much "rent credit" will I get? A. The amount of "rent credit" is different for each property. We normally try to structure in 3% of the total purchase price so you will have a down payment for a FHA loan.
Q. How does this work if the house is in Foreclosure? A. It is complicated. I will try and explain. When a homeowner is in foreclosure, they have a few options to get out of it. One of them is to sell the house or rent it to cover the debt. Most of the time now, the homeowner owes more to the bank than what the house is worth. So in order for the owner to sell it, the bank has to approve the sale because the bank will be taking a shortage of what is owed to them, hence calling it a "short sale". The problem with this is that the bank requires that the homeowner walk away from the closing table with no money from the sale. "Rent Credit" is often deemed as money earned from the sale of the house (over a period of time) and the bank might not accept it or allow it at the sale. So you just lost your "rent credit" down payment money. Also if you do proceed to move in taking that chance, the bank could foreclose on the owner before you get a chance to buy and you will get evicted. Banks are not landlords. So knowing this, if you still want to proceed on a house in foreclosure, we will put a offer in for you, but buyer/tenant beware!
Q. Will you have to run my credit? A. Someone will. When you get a loan to buy a home, they run your credit. Why should this be any different.
Q. When do you show homes? A. We show homes 7 days a week. Sometimes we are booked with showings all day or we can not gain access to the property you are interested in. These are some reasons for rescheduling.
Q. Is it better to call or email? A. That depends....If you want some property info, email might be better because we will be in front of a computer to look up the properties. Please make sure you email the MLS # or property address when you email us. We can not look up a house in a single town. There are too many houses to go through. If we are not getting back to you quick enough, please give us a call. If you want to make an appointment to see a property, you can either call or email. Please include you phone # in the email.
Q. How do I get started? A. Start by looking through the listings on the website or the one that we are sending you. When you see something that interests you, call us or email us and we will make an appointment to show it to you. If you want to try and get one of the houses we show you, then print and fill out our application and fax it back to us at (631) 930-3291 so we can submit an offer for you.
If you have a question that is not listed here, please email us or call us and we will try to answer you question and then post it here to benefit others.
Best Wishes,
Matthew Hart - StopPayingRentNY.com & RentToBuyNY.com WPI Realty, 445 Broadhollow Road, Melville, NY 11747 1-800-654-1969 Rent to Own Homes- Copyright 2009 |
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