The Process
There are roughly 7 steps in Home Owner Soon’s hassle free investment process for you as the investor. The first step to investing is finding a deal you want and are able to commit to. You need to feel comfortable with the tenants profile and be able to attain financing in order to purchase the investment property on your tenants behalf.
The next step is as investor you will need to go on title so the once you have committed the deal will move to the offer stage. There is a step within this step where the financing and mortgage application process also begins. The home inspection is also completed at this time to ensure all conditions on the offer are satisfied.
The next step is basically concerned with getting a mortgage commitment. Once a commitment is received we can remove conditions and move towards firmly closing the transaction and beginning the investment, or lease term.
Once we’ve got the commitment Home Owner Soon collects its Tenant Locator Fee which is the balance the investors owes for the brokerage services associated with the investment. This step is simultaneously completed with the tenants sending the security deposit (or down payment) to the investor.
All that is needed as the final stage of the investment brokerage process is Home Owner Soon requesting from the tenant to post dated cheques to the investor for the term of the deal, making sure the investor and tenants have a copy of the properties keys and moving in!
So… What do I need to do to get started?
As mentioned, Home Owner Soon Rent To Own real estate investment program is meant to be hassle free, and it is. However as an investor there are some things that do need to be taken care of.
As an investor you as an investor your responsibility is to ensure your mortgage eligibility. All investors need to be employed as per lenders requirements to finance properties. Part of the process of ensuring mortgage eligibility is having the necessary documents available and ready to provide our mortgage brokers so they can prepare your mortgage application. The list of documents is pretty standards and includes a job letter, pay stubs and some other financial information that is needed to validate your mortgage eligibility for the lenders.
The only other work or responsibility that is solely that of the investors is promptly acting in a timely manner for getting the offer signed, the Occupancy Agreement along working consciously and proactively with Home Owner Soon to get the investment brokered in a timely and efficient manner.