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Follow on Google News |  Lease To Own South Florida – FAQsBy: FC Home Buyers Q: Once I submit an application, how long does it take to know if I’m approved? ANSWER: In general, if there are no delays an application can be processed in as little as 2-5 days and be ready to present to the Seller. The final decision will be made once the completed application is in the seller’s hands. Please note that each application must be complete. Complete applications are processed in the order received, Additional applications will continue to be accepted until we approve an applicant, contracts are signed and all funds are tendered as agreed. Processing can take longer if a complication arises such as difficulties contacting your current and/or past landlords. Also, a copy of applicant’s driver’s license or other federal issued ID will be required at contract signing and will become part of the completed application. . Q: Is my option down payment/option fee applied towards the purchase price? ANSWER: Yes! 100% of the amount that is submitted for the option down payment/option fee goes towards the house!!! This is clearly and explicitly written into the contracts. Q: When it comes to a move in date, do you recommend moving in on the 1st only? ANSWER: No, not necessarily. You can move mid-month or any day that best suits you. You submit the first FULL month’s rent prior to move in, but your next monthly rent payment due the following month will be a prorated amount for whatever days you actually occupied the home in that initial month. Q: When should I start looking at Lease-to-own homes? ANSWER: Since our homes tend to go fast, we recommend to start looking at our homes when your move date is around 30-45 days out, no more than 60. The last thing we want to do is show you a home that you absolutely love and want, but someone who can move in sooner takes it off the market before you’re in a position to move. However, it is possible hold a property for you, but it would require your full option down payment plus first full month’s rent, plus signing contracts at the very least. It’ll all depend on how much that ends up being and exactly how long you’d like us to hold the property for you. Q: Am I financially responsible for repairs during the rental period? ANSWER: For the first 30 days anything and everything materially affecting the livability of the home is 100% on the Seller. After that, you are a 100% responsible of all repairs and maintenance of the property. We want to treating the property like it soon going to be, yours! Q: Can I have the house inspected by someone before making a decision? ANSWER: Absolutely. You are welcome to complete your own inspection for your own information’ Q: Is it okay to run my business out of the house? ANSWER: Generally…yes, but it is a case by case basis. The businesses that get turned down typically are day care businesses due to the liability incurred for the property owner. Q: When I’m ready to exercise my option on the home, what will my closing costs be? ANSWER: Most people don’t know all that’s involved in purchasing a home…lenders, appraisers, inspectors, surveyors, title researchers, and of course the attorney are required to get involved and of course have to be paid. Thankfully, most of them don’t need to be paid up front…they get paid at closing…hence “closing costs”. Even though with rent-to-own you are likely getting any loan down payment requirement out of the way up front, you still want to be setting aside funds for closing as not all loans allow you to roll these costs up into the loan. The best resource to get the most accurate estimate on your closing costs will be from your mortgage broker or lender. We are not a lending institution so we are unable to provide you with what is called a “Good Faith Estimate” which typically outlines your future mortgage payment and anticipated closing costs. For anyone purchasing a home in Broward County, and all South Florida, whether through rent-to-own or not, a rough ball-park estimate of closing costs would be: $10.50 per thousand Therefore, expect to pay at least 4% of the contract price and then be prepared for any additional costs in getting the loan. We have no idea what the loan fees will be, as they are totally dependent upon your lender. However, it is possible to negotiate these fees down. Be sure to ask if the owner has a closing company that will offer a discount on the transaction. If You Would Like To Fill An Application Click Here: http://fchomesbroward.com/ End
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