This past spring and early summer has seen a huge boom in real estate. An improved economy with more employment, as well as relatively low mortgage rates, encouraged many, many people to purchase homes and properties. This boom has caused real estate values and prices to rise quickly.
However, some people have not been so lucky in the recovery. While they may have improved financially, they still cannot qualify for a mortgage and therefore still cannot purchase a home.
A new program by the Home Partners of America is aiming to help those people. The new rent-to-own program allows them to lease a home with the option of purchasing it at a predetermined price later on.
According to a recent report this year from RealtyTrac Inc, a foreclosure listing firm, more than 300,000 South Floridians who lost their old homes during the past housing bust will be in better financial standing and able to buy again by 2022.
To reach those potential owners, Home Partners launched this new program in 2012 . So far, it has invested $18 million in purchasing 58 homes in South Florida. Home Partners, based out of Chicago, says it has bought more than $700 million of single-family homes in more than 30 markets nationwide.
To qualify, residents must prove they have sufficient income and no excessive debts. Then, they are able to select a real estate agent of their choice to help them find properties. Home Partners negotiates with the seller, paying cash in hopes of securing the deal.
After the sale, the company may repaint or make other minor cosmetic changes. The tenant moves in and rents the home but is under no obligation to renew the lease or to buy the property. Home Partners does not provide financing, so buyers must find loans on their own.
This great new program could allow YOU to purchase a home today below the market value. To chat with one of our amazing Properties & Paradise agents today about your options for purchasing your dream home in South Florida, contact us today!