Оглавление
Wendy Patton. Rent-to-Own: How to Find Rent-to-Own Homes NOW While Rebuilding Your Credit
DEDICATION
INTRODUCTION
PART 1: WHAT IS RENT-TO-OWN? HOW DOES IT WORK? Chapter 1: What is Rent-to-Own?
Why Would I Need to do This Rent-to-Own thing?
The Realities of our Current Housing Market – Can You Say “Slump”?
How the “Credit Crunch” Affects You – the Buyer
Rent-to-Own, your Lifesaver in a Drowning Market
My Market Isn’t Drowning; Can I Still Buy a Rent-to-Own Home?
A Special Note about Working with Real Estate Agents
When Will Rent-to-Own NOT Work?
Chapter 2: How Does Rent-to-Own Work?
Understanding Rent-to-Own
How Rent-to-Own Transactions are Structured. The Contracts
Rental Agreement
Option Agreement
Sales Contract
The Terms
Monthly Option Credit
Monthly Rent Amount
End Purchase Price
How to Get Started
PART 2: HOW TO SEARCH FOR A HOME. Chapter 3. House Hunting Basics
Setting a Budget – How Much House Can You Afford
Front Ratio
Back Ratio
Important Features
Location Factors
Resale Value
The Emotions of Home Buying
Chapter 4. Using a Realtor®
Buyer’s Agent Versus Listing Agent
Pros for Working with a Realtor® They’re FREE!
Multiple Listing Service (MLS)
Assistance with Paperwork
Comparables (Comps)
Objective Negotiations
Cons of Working with a Realtor®
Commission
Not All Agents are Created Equal
Getting Them On Board
Chapter 5. Finding Motivated Sellers
What Makes a Motivated Seller?
Finding Motivated Sellers
Working with Realtors®
The “For Rent” Ads
Distressed Builders
For Sale by Owners
Chapter 6: How to Get Sellers to Call You
Posting Ads
Calls from Home Sellers’ Advertisements. Script to use when Seller calls about your ad:
Real Estate Investors
PART 3: UNDERSTANDING THE PAPERWORK. Chapter 7. Rental Agreements
The Basics
Fill in the Blanks
Pro-Buyer vs. Neutral
How Much of a Difference Can it Make for You?
Key Clauses
Insurance
Maintenance, Repairs or Alterations
Rental Payments
Late Fees
Chapter 8. Option Agreements
The Basics
What the Option Agreement Does Not Contain
Fill in the Blanks
Pro-Buyer vs. Neutral
Key Clauses
Exclusive Right
Option Credits
No Liens
Direct Payment
Chapter 9. Sales Contract
The Basics
What the Sales Contract Does Not Contain
Fill in the Blanks
Pro-Buyer
Key Clauses
Default
Title Objections
Property Inspection
Non-Payment
Property Lines
Chapter 10. Memorandum of Option
The Basics. What it Contains
What the Memorandum of Option Does Not Contain
Fill in the Blanks
Pro-Buyer
Requirements
PART 4: MAKING AN OFFER AND NEGOTIATIONS. Chapter 11. Key Points to Negotiate – Not All Deals are Created Equal
Price
Monthly Rent
Option Fee
Option Credits
Length of Option
Repairs
Property Taxes
Special Assessments
Closing Cost Contributions
Closing Costs
Security Deposit
Homeowners Association (HOA)
Household Maintenance
Items Within the Home
Anything Else Between the Buyer and the Seller
Presenting the Offer
Chapter 12. Negotiating Tips
Negotiating Techniques: Keep Your Eye on the Prize
Ask Questions
Don’t Give Away Anything without Asking for Something in Return
Make Your Concessions Progressively Smaller
Silence is Golden - Get the Gold
Handling Road Blocks
Wince
Location of Negotiation
If You Don’t Ask – The Answer is Always “No”
The Alternative
Don’t Get Desperate
Ways to Counter
The Take-Away
Last Minute Add On
Questions
Silence
The Wince…at You
Shouting
Chapter 13. Buyers – Qualifying Sellers
Make Sure Their Mortgage Payment is Current
Verify That the Seller is Not in Financial Trouble
Run the Seller’s Credit
Pull Their Title Work
No Guarantees
Chapter 14. Home Inspections
Why a Home Inspection
Differences in Home Inspectors
ASHI
Interview Your Home Inspector
The Inspection
Home Warranty
Chapter 15. Fair Housing Law
U.S. Department of Housing and Urban Development:
What this Means
Common Forms of Discrimination
Advertising Mistakes
Contact Discrimination
Rental Application Discrimination
Changing the Terms of the Deal or Rental Standards -To Keep You Out
No-Pet Policy
Reasonable Accommodation
What to Do If You Have Been Discriminated Against
Chapter 16. Approved! What Do I Do Next?
Rent-to-Own Checklist
Create a Folder for Your New Home
Set Up Your Move-In Date
Draft All Documents: Rental Agreement, Sales Contract, Option Agreement, Memorandum of Option and Affidavit of Liens
Inspect the Home
Maintenance/Work to be Completed
Order Pre-Title Work
Check if Taxes Have Been Paid
Check if the Mortgage is Current
Review Title Work
Get Seller to Complete a Lead Based Paint Disclosure and Seller’s Disclosure
Record Memorandum of Option
Set Up Auto-Payments, If Paying Mortgage Payment
Set Up Utilities
Water Reading (If City Water)
Water Softener (if Well – Rental?)
Get Insurance – a Renter’s Policy
Set up Credit Repair for Yourself (if needed)
Sign All Documents
Checklist During Tenancy
PART 5: THE RENT-TO-OWN TERM AND HOW TO CLOSE THE DEAL. Chapter 17. Repairing/Improving Credit – Paying Bills on Time & Paying Down Debts
Working with a Mortgage Broker
Credit Reports
Paying on Time
Stop Using Credit Cards
Building New Credit
Do-It-Yourself Credit Repair. Challenging Items on a Credit Report
Closing Old Accounts
Paying Off Other Debts
Building Up a Down Payment
Have a Professional Assist You. Credit Repair
Chapter 18. Oops, Not Everything Went According to Plan
Extensions
Buying with Changes
Choosing Not to Exercise the Option
Evictions
Want to Buy, But the Seller Can’t or Won’t Sell
Chapter 19. Completing the Transaction and Buying the Home
The HUD-1
HUD-1 Review
Warranty Deed
A Note About POC
Title Insurance
The Closing
APPENDIX A. Helpful Resources
CONTINUE YOUR EDUCATION
