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Denmark Properties, LLC.
120 Summit Parkway
Homewood, AL 35209
Phone: (205) 277-6777
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If you would like to sell your home visit our partners www.dphomebuyers.com. They specialize in buying homes in any condition, any price range, and any situation.
A Lease Option, often called a Rent To Own, is a contract under which you rent/lease the home with a future option to buy. This can be a brilliant choice for the family in need of a little-extra-time to qualify for a loan. Since our current real estate market offers no guarantees, locking-in a low purchase price will likely prove to be very advantageous. A lease option is broken down into two main contracts. The first contract which is called a purchase agreement contract is when the buyer and seller agree upon a price for the buyer to purchase the property at a later date. Our purchase agreements are designed with a one year time frame. During this one year the buyer is required to build their credit and save for a down payment. The buyer is also responsible for obtaining bank financing to close out the contract. Denmark properties does have a preferred lender and credit repair company that they work hand and hand with to help you achieve the dream of homeownership.
The second part of the lease option with option to buy, is a rental lease. During the one year that you are building your credit and saving for a down payment you will be allowed to live in the house. You will be required to pay rent on time, and you will be required to handle ALL Maintenance on the property. Any plumbing, electrical, AC, or roof work on the property. ALL MAINTENANCE. Our properties are being sold As-Is. The main difference between a lease option and rent to own program is that none of the paid rent is applied to the purchase price or the down payment of the house.
Lease option with an option to buy is not long term financing. The potential buyer must qualify for a bank loan within one year. During this time no one can buy the property but the potential buyer with the Lease Purchase Agreement. After the year is up, the buyer and seller have two options. They can renew the lease purchase agreement or decide to go their separate ways. After the lease option is up the buyer or seller is not obligated to continue the process. However, the buyer will lose their option fee. Option fee is non-refundable
Generally we accept two forms of payments in order to complete the process. We accept what’s called an option fee and the first month’s rent. The Option fee is non-refundable but if you obtain bank qualifying we will credit that fee toward the purchase price at closing. The option fee can range from $1,000 to $5,000, depending on the property.
To quality for this type of financing the Borrowers must have 1 years of work history, Bring Home 3 times the monthly rent. Can afford an option fee and the first month rent, and borrowers must have no evictions or bankruptcies in the past 3 years.