JSC Rent To Own Homes

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May 25, 2017:  
 

FAQs - Frequently Asked Questions

Q: I have a listing on your website. How do I request changes to my listing?
A: Please use our ad maintenance form. Instructions are on that page.

Q: I requested you to delete my ad, but you just deleted all contact information. Why?
A: We leave the page on the site excluding your contact information to enable search engines to update their databases which will remove your contact information from their files. If we simply delete your ad, your contact information would always be available in their cache.

Q: What is a Lease Purchase?
A: Lease purchase goes by many names such as 'rent to own' and 'lease with an option to purchase'. The definition is: A Lease Purchase is a Rental (or Lease) and a Purchase Agreement combined (and sometimes split) with the ability or right to purchase or control specific terms of an agreement while the realestate home is being rented. Lease Purchases are also known as 'rent to owns' or 'lease option agreements'.

Q: Why do lease purchases work?
A: Because the typical realestate home sales process creates an adversarial relationship whereby the buyer wants to pay as little as possible while the seller is attempting to get as much as they can. Then you throw in the complications associated with a realtor, bank, escrow agents, etc. With the lease purchase, you can avoid all these headaches. The seller usually receives market price for their realestate home, avoids realtor commissions of 6-7%, and receives enough rent to cover the mortgage expenses on the realestate home. The buyer also wins because they can lock in the price of the property, have a generous portion of their monthly rent credited toward the purchase price, and begin building equity while paying the rent. The Lease Purchase is a win for both parties involved.

Q: What are the advantages for the buyer of a lease purchase?
A: Low Down Payment (typically 2.5% - 7%), Rent money is working for you, 100% of Option consideration is credited, Price is locked in, appreciation, time to check out the realestate home and neighborhood, control of the property.

Q: What are the advantages for the Seller/Landlord?
A: Top Sales Price, large market of available buyers, higher quality tenant-buyer, above market rent, non-refundable option consideration, maintenance done by tenant-buyer, Seller remains on Deed, Seller retains tax shelter, no long vacancies.

Q: What is Option Consideration?
A: The Option Consideration is defined as follows: Option money is the non-refundable funds paid up front from the tenant/buyer in order to make the deal binding. In order for any contract to be binding and irrevocable, there must be a commitment by both parties in either payment and/or performance. Option Consideration is a meaningful amount, typically 3 to 5 months rent or 2 ½ % to 5% of the purchase price and is usually 100% credited toward reducing the purchase price. Some lending institutions may allow the option consideration to be considered as down payment for the loan (this varies by lender).

Q: What is Rent Credit?
A: Rent Credit is the amount of paid rent that is credited toward the purchase price of the realestate home. Rent credit only applies if the rent is received by the landlord/seller on or before the due date (typically the 1st of the month). Late payments (even 1 day late) received will not have a rent credit for that month.

What does "This site monetized by Google AdSense" mean?
A: Google places ads on our site, and we get paid a small commission if you simply click on the ad. You are under no obligation, and we are able to use the funds for the maintenance of this website. This is how we can keep everything free.

What is Google +1?
It is Google's way to enable you to tell them if you like a site. For their explanation, click here.

Q: I asked you to delete my ad, but it continues to show up on the search engines. Why?
A: Search engines crawl (visit and copy) all websites. They build and maintain their own information (databases). This is usually called "cached pages". When someone searches for something they are interrogating the search engine database, not the actual website. We always perform requested ad maintenance (including deletes) on a timely basis. Furthermore we periodically delete old ads to keep the information current. However, we have no control over when, or if, a page will get deleted from a search engine's cache. It may take quite a bit of time. If you are concerned about showing certain types of information on the Internet, DON'T DO IT! This is one reason why we give you an Information Notice on the page you complete to create your ad (click here to see the notice). We do not publish certain information unless you authorize us to do so.

Q: How can I tell if my ad has been deleted from your website, but not the search engine?
A: When you are viewing the page from the search engine that contains the information of concern, there is a link a the top of the paragraph. If you get an error message that says something like "error code 404 - page not found", that means the ad does not exist on our website. Toward the end of the paragraph, you will see a link that says "cached". When you click on that, you will get a page that shows what the search engine has in its database.

Q: How do I get the search engine to delete the information from its website? Can you help?
A: You have to contact the search engine yourself. We are not able to help you.