Lease Purchase Program, now available in the Albuquerque area

Lease Purchase Program, now available in the Albuquerque area

(Transcript Snippet):

“Tracy:

Let’s talk about the lease purchase program. We have a lot of people call us that are looking for rentals, or they’re looking for lease purchase. They’re looking for some creative deal that maybe because they’re relocating here and they don’t know what neighborhood they want to buy in yet. Or maybe because you haven’t been in your job for two years, the same type of industry. So you can’t get a regular loan yet, or for whatever reason you are, aren’t in a position to do a full purchase, but you want to lock in a home, right? We have a great new program and it’s basically you lease it. If you love it, you buy it. You lock in your rent rate by year for five years, you lock in the price of the home as it goes up over five years. And at any point during that five years, you can convert it to a purchase. And the price you pay for the house is predetermined upfront.

Tego:

So just to make this clear, the, the, this program, that’s a company that’s been doing it now for many years, they will actually go buy the home.

Tracy:

Yep. You pick the house, you go shopping,

Tego:

You go shopping, you pick the house, they buy it with cash, you rent it from them. And once you’re renting it, you’re going to know what your, what your rent, your monthly rent is going to be. You’re also going to, and there’ll be escalations, you know for up to five years, obviously. And it’s three, three and a half percent. It wasn’t a big, I mean, just normal, you know, rent appreciation. But at any time during that five-year period, you can buy the home and they were calling it. Or I saw a thing that was called. It was the, the lease. It love it, buy it program. That that was interesting.

Tracy:

Well, of course you get to pick the house. So you believe you’re going to love it. Right? And sometimes you get in a house and you don’t love it for some reason, right? It might have a neighbor with a dog that barks all night or whatever. For some reason you don’t love it, but you know, you get to move in rent. It you’ve picked it. They buy it for you. And in this competitive market, we have some people who have been unable because maybe they’ve got a loan program that isn’t favorable right now. And they keep getting beat out by cash buyers. So now you can put the power of them as cash buyers behind you have them buy the house, you move in, and then you can choose how you want to take it from there. So it’s a great program.

Tego:

And this is not, I understand that there’s a lot of little things you have to understand about this. So we’ve, we are, we’re certified to, to help people with this program. There is a process, you know, obviously the person has to apply. They don’t have to have crazy stellar credit. They have to have at least 580, I think,

Tracy:

Income household income above 40,000 a year.

Tego:

Yeah. Those are the two big ones. And then there’s, you know, other qualifications. So the process is somebody would say, Oh, this, this might be just for me. I’m I’m maybe I got it. Well, who, who would this program be ideal for Tracy?

Tracy:

It would be ideal for a lot of situations. Like I said, so relocation people, people new in jobs, people who want to rent, who want to buy, but for some reason they need a year or two before they’ll be in a position to be able to buy. And it’s, it’s a great program. You know, part of the beauty is you’ve already moved in, you’re renting. You can convert it to a buy and you don’t have to move and pack up. Then, you know, have that disruption, disruption of your neighborhood and your friends and packing and moving, and maybe new schools and things you get to put roots down and know you can buy the house when you’re ready.

Tego:

So if it’s and understand that not every home qualifies, there is a criteria that of the homes. But I think last, I looked at about 150 homes in our market that that would qualify that are on the market. Again, these are homes that are currently on the market that this company would just come in and buy. And you, you lease it from them. So if you’re interested in this or, you know, know somebody that’s interested in this, have them reach out to us so they can talk to one of our people that are specialists on this program. And we’re at of course, (505) 448-8888. And that’s a Venturi Realty group with Keller Williams Realty.