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Rainmaker
3,393,460
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

It seems like delayed gratification might work and no fees/paperwork are needed.  

Sep 18, 2019 09:00 AM
Rainmaker
5,082,280
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

oh, how times have changed and not necessarily for the better.... 

I always closed my own deals.... no one did any of my transactions....no one touched any of them.... 

Sep 18, 2019 08:59 AM
Rainmaker
1,256,972
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

No.  I believe something similar was asked recently too.  If they don't qualify for financing, they wait until they do.

Sep 18, 2019 09:06 AM
Rainmaker
776,183
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Hmmm, smells like a lease to own.

I have done lease to own but have not worked with Home Partners of America.

Works great, just like a reverse mortgage, as long as everything goes according to plan.

But, we all know 'lease to own' was NEVER intended by investors for the purpose of transferring ownership.

Sep 18, 2019 10:39 AM
Rainmaker
1,346,498
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

I closed several deals with a different company that worked a similar concept. The guaranteed lease period was 2 years, not 5. I would caution you to clarify who your fiduciary duty is to. Is it to Home Parners as the actual buyer or the people you are working with to find a home? You are calling the "shoppers" the client but they aren't actually buying the property at this time.

It closes like any other sale and the agent gets paid. I don't know the details of Home Partners but from what I can tell this is a very similar program, based on Home Partners buying the property and leasing back to the intended buyer for a period of time.   I would be curious to know what the Home Parners terms are to the lessee.

Sep 18, 2019 09:51 AM
Rainmaker
785,019
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

No, I haven't

Sep 18, 2019 09:11 AM
Ambassador
2,234,239
Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

No, have not heard of that company. Besides, some people may NEVER qualify to purchase a home...it may end up to be just a lease. I guess they are prepared to take that risk Mike.

Sep 18, 2019 06:06 PM
Rainmaker
1,552,862
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

I have heard of something like this only under a different name years ago. Don't remember the 'hitch' but it wasn't as easy as everyone said. 

Sep 18, 2019 12:09 PM
Ambassador
4,321,628
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

History repeating, people buying homes that they cannot afford?

Hopefully HPA is prepared to own these homes when things start to tumble.

Sep 18, 2019 10:54 AM
Rainmaker
428,100
Steffy Hristova
HomeSmart Elite Group Tempe AZ Tel: 480-966-9353 - Tempe, AZ
Tempe AZ Realtor - Your Home Close to Your Work!

I think they are just starting to be more active in our market. I haven't worked with them. Carol Williams has listed some some important questions to clarify for all parties involved in the transaction.

Sep 18, 2019 10:02 AM
Ambassador
3,401,731
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I have not but, Ribbon works along those lines and have a great reputation here. Not sure if they're in your area though, Mike. The difference in Home Partners and Ribbon - Ribbon doesn't steal your buyers and you actually get paid when they are qualified to purchase the home. #BeenThereBeenBurned

Sep 19, 2019 09:30 PM
Rainmaker
1,555,224
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Definitely a lease purchase situation for the buer. I am sure that by the time the buyer jumps through all the necessary hoops for HPA, the target property will be already sold

Sep 19, 2019 02:28 PM
Rainmaker
1,651,819
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

No, not me.

Sep 19, 2019 11:32 AM
Rainmaker
1,638,427
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

I have not Mike Easton but I like the idea.

Sep 18, 2019 06:58 PM
Rainmaker
475,876
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

I am not familiar with them.  Sorry.

Sep 18, 2019 06:46 PM
Rainmaker
2,810,873
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

I have not. 

Sep 18, 2019 05:01 PM
Rainmaker
1,217,362
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty

No, I don't.

Sep 18, 2019 01:40 PM
Rainmaker
567,639
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

I have not. Why would I involve a 3rd party in my deal? I only work with qualified buyers.
Everyone has got something to sell you. This guy is not buying any of it.

Sep 18, 2019 01:31 PM
Ambassador
1,651,056
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Not me and this s not the type of transaction I would want to do.

Sep 18, 2019 01:17 PM
Rainmaker
3,098,712
Richard Weeks
Dallas, TX
REALTOR®, Broker

Is this a rent to own type program?

Sep 18, 2019 11:53 AM
Rainmaker
5,463,662
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Nope.

Sep 18, 2019 10:31 AM
Rainmaker
544,472
Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

I had a buyer approach me with something similiar a couple of years ago...can't remember which one.

I read the paperwork and then told the buyer what it really said...at the end of the lease they raise the price to cover all the closing costs...and if the property does not appraise, they simply raise the rent and keep the tenant renting. I told her not to buy it.  She was grateful and did not buy.

Eve

 

Sep 20, 2019 05:42 AM
Rainmaker
3,339,781
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

The simple answer is "no"!

Sep 19, 2019 04:30 AM
Rainmaker
4,535,804
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Mike,

Interesting have not heard of it.  A

Sep 18, 2019 10:56 AM
Rainmaker
3,176,435
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Yes.

Sep 18, 2019 10:33 AM
Rainmaker
323,948
Ron Tissier
Chapman Hall Premier Realtors (404) 580-9069 - Atlanta, GA
Defining Homes. Defining Lifestyles.

Hey Mike Easton !

Divvyhomes.com is a similar program that has recently entered the Atlanta market.  It is lease to own.  The sales agent/Realtor keeps their Buyer that they send to Divvy and helps the Buyer find almost any home in the MLS (conditions apply) of their choosing.  If I recall, the list price of a house is capped at $325K.  The agent/Realtor gets paid upfront the standard 3% of sales price (no waiting for a closing years out) once the Buyer selects their home and their paperwork is approved.

Based on what I have learned from them so far, this biz model seems to be a win/win.  However, I have not yet had a transaction with Divvy but I am keeping them as an "ace in my back pocket" for any credit challenged Buyers that come my way.    

Cheers!

Oct 18, 2019 06:34 AM
Rainmaker
4,135,114
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I have not.

Oct 05, 2019 08:14 AM
Rainmaker
705,462
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I am aware of this type of program. I have not been involved in such a transaction. I see it as the a new twist on the old rent-to-own concept. I suspect the wanna-be-owner but actual renter might be better off saving up for a down payment and/or cleaning up their credit rather then enter a transaction with high rent and associated fees.

Sep 23, 2019 03:57 PM