I’ll answer in another color text below…
I’ll also paste a FAQ sheet I used to use. (I don’t do sandwich lease options anymore, just prefer other methods, but, don’t shun those that do, and have and continue to help others who do them.)
here ya go;
Frequently Asked Questions About
Selling Your House by Lease Option
Q What are the benefits of selling my house on a lease option?
A: When Yourinvestingcompany.com. lease options a house, we guarantee in writing that all maintenance, repairs, and many times insurance and taxes as well, will be paid by us while we are selling your house to a sub-tenant/buyer. Yourinvestingcompany.com. only deals with high quality people who are looking to buy, not just rent a house. When you sell your house by lease option, Yourinvestingcompany.com. handles all the marketing of the house. This includes paying for advertising, screening potential tenant/buyers, and showing the house. We want the process of selling your home to go as smoothly as possible, with no more headaches for you caused by buyers who tell you that they want the house, but end up not being able to qualify for financing. You are also relieved of having to pay double mortgage payments in the event that you have to move before you are able to get a buyer for your home. In short, Yourinvestingcompany.com. simplifies the process of selling your home by handling all the details that waste so much of your time and money.
Q What are the advantages of selling my home by lease option over listing it with a Realtor?
A: Yourinvestingcompany.com. makes your monthly payment while a sub-tenant/buyer is qualifying for a loan. All or most of your expenses related to the house are taken care of. Try getting a Realtor to do that while listing your home! Another advantage is that Yourinvestingcompany.com. is only interested in putting high quality tenant/buyers in the house since we make our profit by selling for higher than we buy. Since we guarantee all maintenance on the house, it is in our best interest to ensure that our tenant/buyer will take care of the home and eventually secure financing to cash you, the seller, and us out. This means that we put our tenant/buyers through an intensive pre-screening process before they are even permitted to look at the house. We don’t just work for commissions, we have a vested interest in the house, and making sure that it gets sold.
Q Are there any fees or commissions I have to pay Yourinvestingcompany.com. to do this?
A: No, we do not charge you any commissions or fees. We make our profit by selling the house to our tenant/buyer. However, in most cases, the seller is required to cover at least a few more payments on the house as we prepare to get the house sold. This allows us to apply our resources to market the house and obtain the most qualified buyer. This is in the best interest of all parties, you and us. The ultimate outcome here is to get the house sold, not just filled. We insure with our sales staff and screening process that only the very best, most qualified tenant/buyers are placed into the home. We push very hard to get the tenant/buyers qualified to buy the house sooner rather than later, because this is when we get paid.
Q How long does it take before your tenant/buyer cashes me out?
A That can depend on a number of different factors. We work with many mortgage brokers that are usually able to get most people financed after they have paid for 12-18 months on the lease option. Since everyone’s credit history varies, that time period can be shorter or longer for the tenant/buyer that we eventually put into the home, so we cannot guarantee when our tenant/buyer will secure new financing. However, until our tenant/buyer qualifies for financing, we continue to pay all the expenses related to the house. It is also in our best interest to get our tenant/buyer a new loan, since that cashes us out as well, so we work aggressively to get our tenant/buyer financed as soon as possible.
Q Why don’t I just sell the house myself?
A That is always an option that is available to you. The difference would be that you are responsible for your monthly payment, your taxes, insurance, and any maintenance or repairs that the house needs while you are trying to sell it. You then need to try to find someone who can actually qualify for financing, wait for them to get approved, and hope that they don’t pull out of the deal, making you start the whole process over again.
Q Why don’t I just find my own tenant/buyer to put in the house?
A If you have the expertise to screen potential tenant/buyers, check references, know what sort of credit scores will allow someone to be able to be financed, deal with maintaining your home while someone else lives in it, work with mortgage brokers to get them financed, and finally set up a closing, then finding a tenant/buyer on your own would be a viable option for you. If you lack the expertise in any of these areas, we are able to help.
Q What if your tenant/buyer doesn’t buy the house?
A Our tenant/buyers are carefully pre-screened to ensure that they want to buy the house, and are able to buy it at some point in the future. However, circumstances can change in someone’s life, such as an unexpected job transfer, that make it necessary to move. In situations like that, we continue to pay all the expenses for the house, while we find another qualified tenant/buyer to put into the home.
It is our goal to ensure that the process of selling your home is a smooth and easy one for you. We strive for a win-win-win situation in all our lease option deals. You, as the seller of the house, win by receiving the assurance of knowing that while the house is being sold, all of the expenses are taken care of, and the house is maintained. Our tenant/buyer wins by getting to own a home in a shorter amount of time than it would take them if they were trying to buy conventionally, as well as being able to immediately occupy their new home, while qualifying for a loan. We win by profiting from the sale of the home, as well as gaining 2 more satisfied customers. The reason that we are in business is, of course, to make a profit, as well as use our expertise in real estate transactions to assist home buyers and sellers in making the sale or purchase of their home an easy one.