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1313 Leona
Fairview Heights, IL
1,450 sq ft raised ranch
House for Lease/Purchase
$1,575 month
Details
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WE BUY HOMES! WE TAKE OVER MORTGAGE PAYMENTS!
How does this work? / FAQ
We will buy your home via "Contract for Deed". We then broker the sale and put one of our "Lease to Own" buyers in the home. As soon as we have a contracted buyer in place we will be responsible for making the payments on your mortgage as well as all the maintenance, utilities and general property management. The next time you should hear from us is when our buyer is ready to close.
Can I buy another home while this agreement is active
Yes, a mortgage company will view this transaction as a sale. Unlike renting your home, the agreement for deed will take 100% of your mortgage payment away from your debt. This will free up your "debt to income ratio" to be used for the purchase of your next home.
How long is the term?
Once we have a Lease to Own buyer contracted, our agreement will continue until we are able to clean up our buyer's credit and obtain a mortgage in our buyer's name. This will pay off your mortgage and transfer ownership to our buyer. The usual term if between 24 and 48 months. Occasionally the process takes longer depending on conditions in the mortgage industry, value of real estate and the availability of mortgage loans. Regardless, the contract will not extend beyond the term of your existing mortgage.
How does my mortgage company view this type of transaction?
Your mortgage company will view this as a rental agreement so long as we do not transfer title and "General Warranty Deed". We are buying the home by an "Agreement for Deed" that is similar to an installment loan. The monthly installment payments will be the principal, interest, tax and insurance on your existing mortgage. The Title and Deed do not transfer until we finish the purchase and pay off your existing mortgage.
How does this help me sell my home?
We are tapping into a large market that others do not have access to, buyers who need "a little time", before they can get their own financing.
Will the mortgage still be in my name?
Yes, the mortgage will still be in your name and will still show up on your credit report. It will, however, be offset by our "Agreement for Deed". Victory Properties is agreeing to pay your mortgage on time and never let it go 30 days past due. If your credit has been damaged in the past this should help repair your credit.
How much will I get for my home?
Our typical offer is: we will buy your home for what you owe on the existing mortgage, and we will pay your closing costs in exchange for time.
I own my home outright, or, I have alot of equity, will you still buy my home?
If you have alot of equity in your home then our offer will be the estimated appraised value, and we will pay your closing costs. The term of our agreement will be up to 48 months, with option for the buyer to purchase an extension for another 24 months for an agreed upon "extension fee".
What if my home is listed with a realtor?
If your home is listed with a realtor we can a) wait until your listing has expired. b) work with the realtor and offer to pay the realtor's commission when we have a Lease/Purchase buyer lined up. The more we have to pay the realtor in commissions up front the less likely we will be to come up with a Lease/Purchase buyer with that large of a down payment. We may ask your realtor to take some of their commission up front and some over time.
I am behind in my mortgage payments, can you still buy my home?
If you are one or two payments past due, we can probably offer to work with you to bring your loan current when we have a buyer lined up.
My home needs a little work.
Each situation is different. "needs a little work", is okay. You should try to get the home as clean and as ready as possible to sell just as if you are listing the home with a realtor. Remember, we have to show the home to get a Lease/Purchase buyer willing to take the home. The better the home shows the more likely we will be of getting a buyer quickly. You are responsible for getting the home in good enough condition to pass city inspections so that we can obtain an occupancy permit. If the repairs are too extensive we would probably not be interested in taking over the mortgage payment and buying your home.
Divorce
If you are going through a divorce, or if there is another person on the title to the home all owners must sign the agreement. If you are the only person on the title but not yet legally divorced then you must have your spouse sign a "Quit Claim", relinquishing interest and ownership in the property.
I hope this answers some of your questions and gives you a better understanding of the process. For additional questions, or to speak with me directly please call me at the number above.
May God bless you with His peace,
Respectfully, Mark Kukielski
-God my guide
-Industry my companion
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