A few days ago our company attended a seminar conducted by Home Partners of America, a company that buys homes for sale for people and then rents them to tenants and gives them an option to buy the home within the five year period. The intent is to help people who aren’t quite ready to buy, or those who have blemishes in their financial history making it so that they cannot buy in the immediate future.
Sound interesting? Here’s a brief summary of how it works: the first thing you would do is apply through Home Partners. It is a $75 household fee. There are restrictions – they are looking for tenants that make at least $50k/year and your financial history needs to look decent. Once you have been approved, you would work with a Realtor who would show you homes listed for sale. When you found one you are interested in, we would then submit the information to Home Partners, and they would turn around and send you a lease agreement. Once they have that signed, they would submit an offer and proceed to purchase the home.
Please let me know if you have further questions about this program, or check out their informative website here.