Lease with right to purchase your new home in seattle

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  • Lease with Right to Purchase

    New Home Buying Program in Seattle

  • Lease with Right to Purchase New Home Buying Program

    What is It? Who Benefits? How Does it Work?

    Mona Renner 425-753-1928

    monarenner@cbbain.com

  • What is It?

    The program buys the house you choose: Then leases it to you The house can be purchased when you are ready and able

    And at a price that is pre-established in the lease

  • What is It?

    The Purchase Right Agreement gives the resident the right to purchase the home at a pre-defined price for each year of the lease, as long as the resident is in compliance with the lease terms.

  • Who Benefits?

    First time home buyers Relocating home buyers that need a home quickly Try- it before you buy it folks Those who are going through a divorce Those who have completed a recent short sale Buyers with wounded credit Those saving for a down payment

  • How it Works

    Submit an application along with $75 for a credit and background check

    Get approved to shop for your home

  • How it Works

    Choose a home in your price range from any homes for sale in the greater Seattle area.

  • Lease with Right to Purchase Agreements

    Within 24 hours of a seller accepting the program offer for the purchase of a home, prospective residents will : Sign the lease Sign the Purchase Right Agreement Pay the 1st month and security deposit, (2 months

    rent), all to be held in escrow

  • Lease with Right to Purchase Agreements

    Escrow balance can be used for down payment if resident elects to purchase anytime during the lease.

  • How Does Lease with Right to Purchase Work

    The Program pays for:

    The home The closing costs Any renovations and/or initial repairs

  • How Does Lease with Right to Purchase Work

    These costs are used to determine your purchase price of the home.

  • How Does Lease with Right to Purchase Work

    Each year, the Purchase Price of the home increases by 5% (ie, Prior Year Purchase Price x 1.05)

    This graph shows the Total Cost Basis of the home is $215,000 (x1.05) and the Purchase Price for Years 1-5 as shown.

  • How Does Lease with Right to Purchase Work

    The monthly lease payments are based on fair market value for homes in the area.

  • How Does Lease with Right to Purchase Work

    How Does It Work? Each year, monthly rent increases by no more than 3.75%

    Year 1 $1400

    Year 2 $1450

    Year 3 $1500

    Year 4 $1560

    Year 5 $1620

    For example, if the Monthly Rent for Year 1 is $1400 per month, the increase for the next year is $50/month.

  • How Does Lease with Right to Purchase Work

    The residents commitment is limited to:

    The first year lease Resident does not have to renew the lease after the first

    year The maximum number of years in the lease is 5

  • Lease with Right to Purchase Agreements

    Residents will be required to treat the home as their own: Maintain the lawn and garden Remove snow or other debris And complete minor repairs

  • Lease with Right to Purchase Agreements

    The program is responsible for any major maintenance items during the term of the lease.

  • Lease with Right to Purchase Agreements

    The Right to Purchase Agreement does not obligate the resident

    to buy the home.

  • Lease with Right to Purchase Agreements

    If for any reason the resident decides to leave the home at the end of the lease term and is in compliance with the lease, the full

    security deposit will be returned.

  • Lease with Right to Purchase

    Please call, text, or email me anytime. I will provide additional information and resources about this great program at your request.

    Mona Renner 425-753-1928 monarenner@cbbain.com

    mailto:debbiestmarie@cbbain.com