This week our Coldwell Banker Regional meeting there was the annoucment for a new lease option program that will give thousands of home buyers a new option who may not have qualifed for traditional financing options, or were not looking to make a long term commitment.
Hyperion Homes is the investment company, and unlike many other instituional home buyers these guys are more focused on the buyer/renter.
what makes the the lease option program so unique is once a buyer is approved, they can work with their realtor to find the ideal home that fits within their budget. Once identifed, the investment company buys the home, and then the occupant begins the lease. The buyer has the option at any time to purchase the home. There is no surprises as to how much, or questions over terms. The buyer/lessor can also just renew the lease at the year's end too.
Some of the highlights of the program
- Homes are eligble between 100-500k
- Homes have to be in good high school areas
- Minimum household income is 50,000 annual
- Past Foreclosures, short sales, bankruptcy are all ok
I have home buyers call every week that are interested in a lease option, or ownerr finance. Typcially these buyers either have had credit issues, lack enough money for a down payment, or they are unsure that they want to make a long term commitment to a single home, or area.
Traditionally I would only have a handful of properties that would be available offering these type of terms, so I would have to contact listing agents to see if their seller would be open to creativity.
With this lease option program, I can now have a much wider range of properties to choose from. The sellers are happy too. They have a traditional, CASH purchase contract.
Additional info for the program can be found on Hyperion homes web site. hyperionhomes.com
If you need help finding a home for sale or a home that you can do a lease option purchase please give us a call.