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How It Works - Chattels Real's Buyer's Choice Lease Purchase Program
You Pick It, We'll Buy It, You Own It!
1. You complete a Questionnaire telling us:
- what you need
- what you are looking for
- where you are looking,
- your financial boundaries,
- time frames, etc.
2. You will need to complete a credit application package with proof of funds and income.
NOTE: We do not qualify based on credit but we reserve the right to review your credit score.
3. You will deposit $$$$ into Escrow account held by Third Party
4. You will meet with our credit counselor to discuss your credit report in order to determine the minimum length of the Lease Purchase Agreement.
5. If you are already represented by a Real Estate Agent, we will contact the agent and discuss the financial criteria to be considered in the search and purchase of a home. If you do not have a Real Estate Agent representing you, we will be more than happy to refer you to one of our experienced Real Estate Agents.
6. Based off of the pre-determined financial criteria, the Real Estate Agent will provide you a group/listing of homes matching your choice preferences, which you can preview and visit at your convenience (Directions, addresses, details, etc will be provided).
7. You will select the homes which best suits your family's needs in an order of preference.
8. We will subsequently:
- Visit the property(s) of interest
- Aggressively negotiate for the acquisition of the property
- Sign the Agreement of Sale
- Do an inspection of the property
- Do a walk-through prior to closing where we will invite you, the Client, to attend
- Contract and close on the property
9. We will provide you the financials for the contracted home of your choice (monthly rents, monthly rent credits/rebates, option fees, etc.)
10. We will:
- Put together the lease purchase agreements
- Set an appointment with you for your review of all the paperwork
- Structure the term for as short a time as possible, typically 18-24 months. When the tenant/buyer family has extenuating circumstances such as a very recent bankruptcy or foreclosure, we structure the term accordingly to allow time to meet lending guidelines to obtain a mortgage.
11. We will meet with you, the tenant/buyer, and review the agreements.
12. You will be invited to closing to approve, initial, and sign the associated paperwork.
13. You will bring to closing the necessary Option money and any closing costs not covered by the Seller’s Assist.
14. Upon closing and funding the Seller, you will be given the keys to your new home.
15. You are to do everything in your power to faithfully make your payments on time so you may earn your maximum rent credits/rebates.
16. If you wish, we will structure a direct draft of your bank account for easy and prompt payment of rents. We can then provide bank records to your future lender to prove your faithfulness in making payments in a timely way.
17. We can help you (during the lease term, right from the beginning) work on improving your credit scores and finances so you will be able to qualify for a mortgage. Our intent is to provide a fiscally responsible Program. We can provide you with the Client Credit Repair as well as a successful financial plan through our Financial Consultant partner.
18. You will make a loan application with the lender of your choice usually 60 to 90 days prior to the end of the term. (We will refer and encourage you to use our Mortgage Consultant partner. Our Mortgage Consultant partner will have been provided with your credits/rebates information along with your payment history.)
19. Upon your loan approval, under the terms of the valid lease purchase agreement:
- A closing date and time is set
- Chattels Real,LLC signs the deed over to you, the Client
- Closing is completed
20. Referral Program: If a referred perspective client elects to contract with us, upon signing the lease, we will send a referral fee to the person who did the referral.
You are now the home owner of the very same home you have already been occupying for the last 12 to 24 months!
Read the Benefits to Berks County Buyer's Choice Lease Purchase Program
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Chattels Real, LLC © 2011
