How It WorksOwner Financing
Contact us for detailed information and to schedule a time to view the home so you can assess what the property needs in regards to repairs. We sell all of our properties as-is, so you need to make sure that you can handle the work that comes with the property.
*Once you’ve assessed the work needed, we’ll discuss with you the available owner financing options.
After inspecting the home thoroughly, submit an Owner Financing application and provide the needed documents. These documents include proof of income, proof of rental history, proof of employment, 3 months of bank statements, an insurance quote, etc. This is simply to ensure your ability to pay for the property and for your protection. Upon approval, you will be required to make a deposit to hold the property and your representative will contact you with the details of your new home purchase.
Don’t let the long application scare you; we have a transaction coordinator dedicated to helping review your documents, prepare your file for a compliance review, and make it as easy as possible for you.
If you are unable to complete the application online, call our office to request a .pdf version that you can print, complete, and return.
Your transaction coordinator will review your application and all of your documents. If there are any missing items or questions about your documents, your transaction coordinator will reach out to you. Quick response time and attention to the quality of your scans/attachments are *key* to a swift process.
Once your file is complete, we will submit it to our underwriter for review. This can take anywhere from 1-14 business days, depending on the complexity of your file.
Once you are approved by the underwriter, the contract process begins and you will be contacted by our closing service to arrange for the convenient signing of your documents.
During the signing process, you will deliver your deposit to the closing service along with your debit card information which is required for delivery of your monthly payments. Once we’ve received all of the paperwork and deposit, we will remove the home from the market and you may take possession of the property and move in!
Within a few weeks, you will receive a copy of your finalized Land Contract purchase agreement via mail.
*All houses are sold 100% “as-is.” This means that we will not be making any kind of repairs or improvements prior to the sale of the home. We also do not make any guarantees or warranties in regard to the condition or livability of the home. We strongly encourage you to inspect your home prior to submitting your application.
If the home does need repairs, you need to be able to demonstrate an ability to cover the costs and the repairs. If for example, the deposit required on a home is $2,000, and that’s all the money you have in the world, then you’re not quite ready to buy and will need to work to save some more money. Our ultimate goal is to help deserving people become homeowners and most importantly, see that they’re able to stay in those homes. It’s important to note that in addition to the deposit, you will also need to be able to cover the insurance cost as well as several months of taxes that will be set up in a monthly escrow account.