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You are here: Home / Archives for rent to own

Rents Are Shooting Up & Why Rent-to-Own is Trending

April 19, 2016 By Charles Vinson Leave a Comment

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Everyone has been talking about how rent prices have been surging across the nation.  

Colorado Springs has been on the front line of these increases. Realtor.com quotes,

Rents in the fast-growing city, about an hour away from Denver, surged 11.4%, according to the report. That brought the median rent for a one-bedroom to $790 and a two-bedroom to $1,010.

Many predict these changes will remain constant and even continue to rise over the next few years, and as you can expect many long-time renters are seeking alternatives to the cash-in cash-out cycle of renting.

Ideally the money you pay to keep a roof over your head should be an investment in you and your family’s future, not an accepted sunk cost.  That is why so many people are looking into rent-to-own lately as it is one of the only ways to break the renting cycle outside the conventional home buying process.

Everyone is looking really hard at Rent-to-Own options, and that’s what we specialize in.

If Rent-to-Own is something you’ve been thinking about and would like more information on, we’d love to answer any questions you might have.

First step:

Fill out our Buyers Profile and we can get you the information you need.

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We would love to hear from you! Please fill out this form and we will get in touch with you shortly.

Filed Under: Business, Featured, Lease Option, Real Estate, Rent to Own Tagged With: Colorado Springs Real Estate, Real Estate News, rent to own, Rising Rents

We Buy Houses Colorado Springs

June 15, 2015 By Charles Vinson Leave a Comment

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We buy houses in Colorado Springs, any condition, any situation!

What’s my house worth? How do I do For Sale by Owner? Can I get a cash offer for my home? Is a lease option right for me?

These are all questions we can help answer and have answered for dozens of people who just call in with questions.  We are always willing to have a conversation about your situation and any possible opportunities you may have, even if we don’t end up closing the deal for you.

To get started, simply fill out our Property Information form or just give us a ring at 719-203-9500!

Filed Under: Lease Option, Real Estate, Rent to Own, Sell My House Now, We Buy Houses Colorado Springs, What's My House Worth? Tagged With: Co Springs Real Estate, Colorado Home Trust, Colorado Springs Lease Option, Colorado Springs rent to Own, Colorado Springs Sell My House Now, Lease Option, rent to own, We Buy Houses Colorado Springs, What's My House Worth?

What Is My House Worth? Let’s Crunch Numbers

July 24, 2013 By Charles Vinson 1 Comment

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Let us help you out.

So you’ve decided to sell, or maybe just considering selling your Colorado Springs house. Do you have an inherited property that is a vacant house or a rental property? Is it free and clear or is there a mortgage still attached? At Colorado Home Trust, LLC we have seen them all.

You want to know how much you can sell your property for or are asking yourself, “how much is my house worth?” It depends!

If you would like to sell now or sell fast, that generally means you want to cut through the red tape and just sell quickly for cash. Maybe you are the executor or personal representative for an estate and are looking at your options, maybe you are an estate attorney looking for an expedient solution to liquidate an estate property to pay for necessary legal and administrative expenses. For a fast sale, ideally you will be able to sacrifice a bit of equity for the speed and convenience of the sale of the home, but if you want to sell quickly and still get top dollar there are additional strategies that we can discuss that will give your more net dollars, but require additional time and effort on your part.

But first, let’s discuss a cash offer for your home.

When you are considering a quick sale or want to sell your Colorado home fast, you must realize that you will probably be asking a professional home buyer to evaluate your property in order to make a cash offer on your home. The “We Buy Houses” or “We Buy Ugly Houses” crowd will probably be your first choice. Most of these professionals are experienced home buyers and are very familiar with evaluating a house with an eye to purchasing correctly for cash in order to rehabilitate or “rehab” the property and bringing the property back to market as a renovated property.

They are part of a network of real estate professionals which include investors, private lenders, as well as reputable contractors who will eventually help them renovate the property to retail standards. If your property needs extensive repairs because of it’s current condition, the cash buyer will have to take precautions to allow enough room in the “deal” to make a modest profit.

As a rule of thumb, even the most experienced investors will have to account for 10% resale costs, 10% funding costs, as well 20-30% for all repairs needed for getting the property “Ready for Prime Time” or introduction to the retail market place again.

Considering all the variables, it’s easy to understand why a cash offer must include these risks and costs from the beginning. Once the numbers have been crunched, a typical investor can close very quickly, often on a date of your choice. They can do this because of their relationship with a group of professional local private lenders who specialize in originating secured real estate backed loans to investors.

On the other hand, you may want to contact a Realtor to find out how much your home is worth.

Realtors are in the business of representing or listing your property for a fee. Many are quite experienced at evaluating your home from the perspective of a listing agent. They do this by researching the Multiple Listing Service (MLS) in order to evaluate comparable sales to your property. Generally speaking they do not invest anything other than their experience and time in order to sell your home. Many of their clients are first time home buyers who may or may not be qualified to purchase the house even after placing an offer. The most experienced Realtors have been around long enough to have their clients qualified before shopping, but still are NOT the buyer for your property. They must wait for the RIGHT client at the RIGHT time with the RIGHT credentials to purchase your property.

This could take a while. 

Colorado Home Trust can quickly evaluate your property and purchase your property for cash usually on a date of your choice. After a quick inspection and market analysis, we will know how much your home is worth to a professional home buyer.  Consider the value of receiving a guaranteed cash offer for your property and close on a date of your choice. It doesn’t get any easier than that!

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What is My House Worth? Let’s Crunch Numbers (719) 203-9500

Filed Under: Business, Featured, Lease Option, Owner Finance, Real Estate, Rent to Own Tagged With: Co Springs Real Estate, Colorado Home Trust, Colorado Springs Lease Option, Colorado Springs rent to Own, rent to own, What is my house worth?

Rent to Own Buyer Checklist (Part 1)

July 23, 2013 By Charles Vinson Leave a Comment

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Colorado Springs Lease Option / Rent to Own 719-203-9500
Colorado Springs Lease Option / Rent to Own 719-203-9500

 

 

 

 

 

 

 

 

 

 

 

Contemplating making the plunge to a Rent to Own Home ?

Don’t be afraid to GET WET !

If you have decided that landlords, lost wages, and neighbors just 6 inches away has got you bugged, we don’t blame you! Rent to Own has it’s benefits,

but Rent to Own is NOT a get out of jail free card.

With a few basic but not so obvious tips, you should soon be having a great time at the beach without getting sand in your swimsuit.

In a series of articles, Colorado Home Trust would like to explore the insider secrets of the Rent to Own/Lease Option Colorado Springs landscape so you can feel at home with your decision and have the tools to absolutely dominate the process.

Let’s talk about buyers expectations.

GET ORGANIZED !

All Rent to Own programs are essentially short term owner financing.

By that I mean, that the Tenant buyer is given the opportunity to lease the property they intend to buy while possessing an exclusive option to purchase the property at a pre-arranged price.

In the typical situation, the tenant buyer needs to work on some credit issues that are keeping them from obtaining their financing today. Is this you ?

Buying a great home is NOT LUCK, it’s proper preparation.

You may realize by now that there is NO “Get Out of Jail Free” card when it comes to managing your finances in preparation for buying a home. Everyone has had bad luck at one time or another, but the serious buyer knows that’s no excuse.

Get with the program! Let your rent to own specialist know that you are willing to jump through hoops for the opportunity of buying a new home.

It is imperative that you treat the process of repairing your credit as seriously as death! Without a successful program to follow, many buyers simply are not able to purchase within a reasonable time, because they neglected to do what it takes.

Listen to your counselor and make the changes they recommend. You will benefit.

Read more at (Part 2) !

Filed Under: Featured, Lease Option, Real Estate, Rent to Own Tagged With: Co Springs Real Estate, Colorado Springs Home Trust, Colorado Springs Lease Option, Colorado Springs rent to Own, Lease Option, rent to own

Find Your Colorado Springs Rent-to-Own Home With Us!

June 24, 2013 By Charles Vinson 1 Comment

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Find your Southern Colorado Rent to Own Home Today with us!

| 719-203-9500 | We Buy Houses | Lease Option Colorado Springs

Metro Brokers Real Estate Broker Associate Lori Jones is citing information posted on the Pikes Peak Association of Realtors website.  The association is reporting that homes sales in the Colorado Springs area increased 34-percent as compared to 2012.  Jones says there appears to be several factors fueling the real estate recovery.  “A big thing motivating buyers is that interest rates remain at historically low levels at four-percent and lower.  We also see a number of buyers reentering the market after losing their homes to foreclosure or short sale during the recession.  Many of those folks have waited the two or three year period required to qualify for a mortgage following foreclosure or short sale.  Another dynamic causing homes values to increase is that many sellers seem to be holding onto their homes, possibly hoping that prices will increase even more.”

Meanwhile, Jones says the housing recovery seems to be happening across the state and nation.  “The National Association of Realtors (NAR) reports that Pending Home Sales in a recent month were up seven-percent from the year before.  Pending Home Sales is a leading indicator for the housing sector based on pending sales of existing homes.  Also, all 20 major cities in the recently released S&P Case Shiller Home Price Index are reporting gains in overall home prices.  Cities including Las Vegas, Phoenix and San Francisco have had year-over-year gains of 20-percent and higher.  Those cities are bouncing back faster than others, but they were also among the hardest hit during the housing crisis.  The Case Shiller report shows home prices in March were nearly eleven-percent higher than the year previous and at the highest level in more than six years.”

 

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Filed Under: Lease Option, Real Estate, Rent to Own Tagged With: Colorado Springs Lease Option, Colorado Springs rent to Own, Lease Option, rent to own

Rent to Own Nightmares (and How You Can Avoid Them)

November 9, 2011 By Charles Vinson 8 Comments

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With the downturn of the economy and the fact that the banks are more hesitant to lending to many people, homebuyers and sellers have resorted to another strategy than the traditional approach.  It’s called “Rent to Own”, also known as “Lease Purchase” or “Lease Option”, and it is basically an arrangement between a buyer without stellar credit and a seller that the buyer may rent the home from the seller until the buyer can qualify to buy the home.  While this sounds great for both parties, there are a wide variety of Rent to Own agreements that can end up putting one of the parties in quite a messy situation.

It is not always the buyer, often called a “tenant buyer,” with the credit problems that is at fault, but the seller can also put the buyer and their living situation in peril.

Here are some of the most outrageous Rent to Own stories that I have heard of:

The home is foreclosed upon and the tenant buyer does not even know. 

  • The tenant buyer has made all of the payments on time, has taken care of the property and is well on their way to reaching a qualifying credit score but the seller hasn’t been making the mortgage payments but pocketing the money.  Usually, the tenant buyer is paying above the actual mortgage amount, so when the home is foreclosed upon, they have not only lost their home, the ability to buy the home, but also the additional money paid every month.

The tenant buyer slips up just once on the lease agreement and the seller claims the tenant buyer cannot buy the home and has to forfeit the down payment and rent payments.

  • The tenant buyer makes one payment late or violates a clause on the lease agreement and the seller refuses to honor the purchase agreement on those grounds, thus leaving the tenant buyer with no way to buy the home and no way to get a refund on the down payment or rent credits for the period leased.

The tenant buyer brings a down payment to the table with the understanding they will rent to own the home but the seller backs out and keeps the money.

  • The seller, or the person facilitating the agreement between the buyer and the seller, takes the down payment from the seller but either backs out or does not complete the agreement to properly put the tenant buyer in the home.  This leaves the potential buyer without a down payment to put on another property, at a minimum, but could have also been their life savings.  In this case, the seller or the person facilitating the agreement may be sued, and at the very least have their reputation destroyed.

The seller does not actually own the property and the tenant buyer has been making payments on a fraudulent lease and agreement.

  • In areas of high vacancies, such as Las Vegas, Nevada, scammers have been known to rent out homes that are in foreclosure and usually do a rent to own deal to get the additional down payment and avoid speculation from professionals. The tenant buyer is then unwittingly in a home the “seller” has no legal right to sell or occupy, so when the foreclosure goes through and the tenant buyers are served eviction papers, they have no ability to fight the eviction or get any money back.

The tenant buyer falls on financial trouble again and can’t buy the home or make the payments.

  • If a tenant buyer has financial trouble, the chances are that they could fall on it again.  This leaves the seller with a renter with no ability to cash out on their property and they are still on the hook for the mortgage.  Then they usually have to evict the renter and put it back on the market for sale, lease or rent to own.  However, in this situation, because the tenant buyer has put more money into renting the property and the seller wants to evict them, the property is usually trashed in the process.  So the seller is left to make repairs as well.

The tenant buyer decides they don’t like the home, neighborhood or schools and leaves the home without notifying the seller with sufficient time or leave it trashed.

  • Sometimes people pick a house too quickly and aren’t completely committed to a home, area or become displeased with the schools.  They chose to vacate the house without properly notifying the owner, which may also result in the property being left in subpar conditions.

So how do you, whether you’re a seller or a buyer, protect yourself in a Rent to Own agreement?  Take these precautionary steps to make sure you do not become a casualty of a Rent to Own nightmare.

Set up an escrow account with an escrow company and ensure that the company is making the owner’s mortgage payments and there is a record of every payment.

  • This will also require the buyer to make payments to the escrow account, which avoids the whole “Check got lost in the mail” excuse.  A third party handling the payments also allows the seller to be hands off the collection of lease payments and the buyer to not feel like they still have a landlord.

Make sure that there is a safety net clause in the lease agreement.

  • For instance, if a payment is late, the buyer has 30 days to make the payment or notify the seller they are forfeiting the purchase option.  Also double check the lease for any frivolous excuses for release of contract if violated.

Ensure that the agreements are all executed with witnesses and at the escrow company when money exchanges hands.

  • When making a down payment, make sure it goes directly into an escrow account on record so that the buyer gets credit for it towards the purchase price.  Also, understand that if you are using a facilitator, such as Colorado Home Trust, that the fees are agreed upon prior to payment.  It is also helpful to make sure there haven’t been any claims filed against the seller or the facilitator.

Verify that the seller is the owner on the deed of the property.

  • This can be done online at any county’s assessor office by looking up the property address and checking the owner’s name against the seller.  If you’re using a company, such as Colorado Home Trust, to help facilitate the agreement, simply verify with the seller that the company has the rights to Lease Option the property.  For Colorado Springs, El Paso County Assessor can be found here: http://land.elpasoco.com/

Use a third party to help credit check and verify the tenant buyer to ensure that they are not a repeat offender for things like collections.

  • This one is a difficult one to avoid if you are doing a Rent to Own on your own.  At Colorado Home Trust, we have a program set up for all of the tenant buyers to ensure they are on the right track and there are fail safes in place if in case they run into financial issues again.

Properly vet a potential tenant buyer.

  • This means having them bring a substantial enough down payment, making sure they understand if they leave they forfeit the down payment, and not rush people into making a decision.  Giving buyers a few days to look over their finances with a professional, walk the property and look over all the documents (lease, purchase option, various disclosures etc.) to make sure they understand them.

And last but certainly not least, ALWAYS use an attorney if you have your own documents or go through a reputable company that has Attorney approved documents.  Because of the risk of doing a Rent to Own as a seller, I would ABSOLUTELY RECOMMEND using a third party company, such as Colorado Home Trust, to help facilitate the agreement to ensure full disclosures, protections and a verified quality arrangement for both seller and tenant buyer.

 

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Filed Under: Business, Featured, Lease Option, Owner Finance, Real Estate, Rent to Own, Single Family Home Tagged With: Business, Buyer, Colorado Hom, Lease Option, lease purchase, Mortgage, Owner Finance, Real Estate, real estate attorney, rent to own, scams, Seller, Tenant Buyer

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My experience with Colorado Home Trust has been primarily through Charles Vinson.  I had inherited my Parents home after my Dads passing & was in a quandary as to what to do with it.  I responded to Charles after receiving a letter ...

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We were saddled with a property that was in an "un-sellable" or un-rentable condition.  Colorado Home Trust, LLC. was honest and forthcoming during the whole transaction. I give them 5 stars, 10 outta 10, 2 thumbs up or any other way of saying their performance was exemplary.

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Charles Vinson is a Colorado Springs Real Estate Investor, Entreprenuer, father of three knuckleheads, and husband and business partner with his wife, Renee. Read More…

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