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A Quick Note from GoodTenant.com:
Thank you for your interest in our Rent-to-Own homes! We trust that we will be able to assist you in desire to become a home-owner, and can assure you that when you do so the personal and financial results are great!
Our program is unique in that we not only offer a great network of Rent-to-Own homes that are available, be we also provide you with the resources to make it happen while working towards your goals of owning your own home!
Plus, now is truly an ideal time for Rent-to-Own arrangements, for 2 main reasons:
1.) The housing market has created a lot of really good buys out there! Low prices = buyers market!
2.) The banks these days are so tight on credit, they're making it practically impossible for hard-working people and families to get a mortgage! It's insane!
With that, we are getting record amounts of emails / inquiries /etc. and though we could really help you benefit from others questions and feedback.
Please remember that when reading the information on this page, that these are the REAL answers to REAL questions that we receive! With over 25 years in the real estate / rent-to-own business we have seen and heard just about EVERY single question you could possible come up with!
If however, you do NOT see the answer to your question please feel free to contact us (instructions are at the very bottom of the page).
All the best!
-GoodTenant.com
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General Rent-to-Own Questions
- What is "Rent to "Own" View Answer
- When can I move into the house? View Answer
- When I move in will I own the home? View Answer
- Do I need an Attorney? View Answer
- What if I decide not to purchase in the future? View Answer
Questions about Our Rent-to-Own Program
- Is this program free? View Answer
- Are you real? View Answer
- What if I am going through Bankruptcy right now? View Answer
- If you have a foreclosure on your credit are you still eligible for the program? View Answer
Questions about the Process
- How do I send you my credit report? View Answer
- What do I do if I already have my credit report? View Answer
- What do I do if I don't have a credit card? View Answer
- I understand what you are saying and everything sounds great, however, is there a privacy policy your company follows that I could read prior to sending my credit information over to you? View Answer
- When can I expect a phone call? View Answer
- What do I do if I have more questions? View Answer
- Why do I have to fill out all this stuff? I just want to see a list of homes... View Answer
- How does the process work once we get the pre-approval certificate?View Answer
Rent-To-Own is when you move in and rent the property that you enter into an agreement to purchase at a later date. You will make normal rent payments while living there. During the time of your tenancy you are expected to work on saving for your down payment &/or building up your credit so that you are able to buy in the future. When you are ready to graduate from being a tenant/buyer to a Full Owner, many Rent-To-Own agreements will give you back some of the rent you've been paying while you were a tenant buyer. The money you receive back can in some cases cover all of your legal fees, closing costs and and decrease your purchase price.
This works very much like a normal rental. As soon as the paperwork, (application, credit check & lease agreement) is completed you can move in.
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As the tenant/buyer you are the only one who can buy the home but you don't become the full owner until you meet the terms of sale in your Rent-to-Own agreement. Each agreement may be a bit different. That depends on whether you are doing a Lease-Option, a Bank Financed closing or an Owner Financed closing.
If you are uncomfortable with lease paperwork you should have your attorney review yours before signing. During your closing process, in a year or two, you should also have a title company or an attorney represent you for the mortgage, title and filing of your ownership documentation.
Participation in a Rent-To-Own program does not place you under a legal obligation to buy. However, if you are not serious about buying from the beginning, then you should not mislead the owner. Always be open and honest. In the event something happens and you choose not the go ahead with your purchase, in most cases, you only forfeit your up front deposit as well as the rent credits you would have received at closing.
Yes. We currently do not charge any fees for our services. We do request that clients who want to use our free service, use the tools that we may recommend to help you become a home-owner. Some of these tools such as credit reports and/or any information about grants, home inspectors, attorneys, etc. may be 3rd party companies that have their own fee structures in place. You will not be billed by GoodTenant.com and if you ever think you have been, or by someone claiming to represent us please contact us immediately.
Yes! Our home office is in Rochester, NY. We are thinking, living, breathing human beings! We have approx. 25 years experience in the real estate business and have bought and sold hundreds of homes. A great deal of those were Rent-to-Own homes that we purchased ourselves, renovated, and gave to deserving families. In fact, we still own properties in certain markets and if we have homes available for you, we will definitely contact you. However, over the years we've developed a nice network of other real estate investors, ranging from some with hundreds of units in a portfolio to others that have 1 investment property plus the home they live in. By applying what we already know we're able to help bring many of these home-owners trying to sell/rent properties together with people who would like to buy them but need a little bit more flexible terms. Everyone gets what they want, and by centralizing a lot of that we're able to help people ensure that they are getting involved with legitimate, legal, and safe rent-to-own arrangements anywhere in the US. This also helps us to make sure that we have homes available in your area, no matter where you want to live as long as there are homes for sale where you are.
That's ok. If you have the ability to rent, you can be in a rent-to-own program and benefit greatly from it. Bankruptcy's will prevent you from going to the bank and getting a mortgage right now, as you probably have already found out. But, with a Rent-to-Own program no matter how bad your credit history is, you can be accepted and can prosper as long as you understand what your challenges are and how to easily overcome them. The big one is that it probably means you are looking more towards 2 years before becoming 100% owner of the home, versus some people can do it in as little as 10 months. What makes our Rent-to-Own program so different and so successful is that we connect to Rent-to-Own home buyers with the resources they need to work on credit, and lead a more financially stable life (which happens after you move-in to your new home).
Yes. If you have the ability to rent, you can be in a rent-to-own program and benefit greatly from it. Foreclosures will work similarly to Bankruptcy's so if you haven't already, please see the question above.
Please don't! Simply forward a copy of the confirmation page/email that you get after you obtain one, and tell us about your scores by visiting this link: www.GoodTenant.com/Verify-CreditReport.asp
Then, bring a copy of the report with you to the showing. We don't need to see them right away, but you do need to have them. You will however, have an opportunity to tell us about your financial situation later on as part of the free application. Your individual circumstances relating to why you need a rent-to-own home, what areas you think you can improve on, and reasons for wanting to become a home owner are much more important to us than almost all of the information in your actual report.
If you have a copy of your credit report AND scores AND it's less than 30 days old AND it was obtained by a credible source which can be verified, please visit: www.GoodTenant.com/Verify-CreditReport.asp
It's critical to the Rent-to-Own process that you have a copy of your credit report AND scores. If you do not have a credit card, there are other options to consider for obtaining one. Anytime you apply for credit (such as when opening a credit card, applying for a car loan, etc.) they will typically run a credit-check on you. Please be advised however that too many inquiries on your report (actually it can sometimes be as little as 1 additional inquiry) will actually lower your scores, sometimes drastically. However, when you get a copy yourself through an authorized service (such as the websites we recommend) it is not viewed in the same way by the credit bureaus. Also, there are sometimes US government websites that direct you to get a copy of your credit report, however, they typically allow only 1 free copy per year, and typically will charge a fee (up to $50 dollars) for your scores.
Yes, our privacy policy is available here: www.GoodTenant.com/Privacy_Statement.asp
If you are ever directed away from GoodTenant.com by either one of our links or by one of our advertisers' links, we always encourage you to review their privacy policies as well.
Please note, we do NOT want you to send us your credit report right away, we would prefer you just brought it with you to the showings of the homes (see above question on this topic).
In order to service a wide-range of clients, way too many than we're able to handle efficiently at this time, we primarily use web communications with our clients in the initial stages of becoming a Home-Owner. By doing this, we're able to spend a greater amount of time working closely with those who have already followed the process and demonstrated that they have the motivation to become a home-owner. We are rewarded for our work when people become home-owners, and dedicate the majority of our time to those already in the process vs. those who are still just possibly interested in applying. However, we always want you to be able to get a hold of us if necessary. If you have a question or comment that isn't addressed in these FAQ pages or any of the other email / web page communications you've seen from us, please feel free to contact us (below).
If you have questions that are not addressed in the FAQ, or other GoodTenant.com website / email communications, the most efficient way to contact our Smart Buyers Training Manager. His contact info is:
Rent-to-Own Sellers/Landlords are at a much greater risk than a typical landlord, because they are more than allowing you to move into a home... they are making a commitment to YOU.
The Sellers/Landlords we work with are constantly applauding our efforts, and appreciate that applicants from GoodTenant.com are more knowledgable, prepared, and ultimately more qualified (not from a credit perspective but from a dedication and RTO education perspective). When you complete the process you will be 100% ready to tour homes, and when you find one you like you'll be ready to execute the agreements immediately and make your dream a reality. Back to Top
When you get our list of homes along with the pre-approval certificate, you will choose the homes that you are interested in.
Then you will call our owners and set up an appointment with them. (we tell you exactly what to say). Then, when you get to the homes bring your credit report, your certificate and your grant confirmation
This way the owner knows that you completed the training. He / she may call us to confirm.
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