Each year JMJ Real Estate Services, LLC purchases and renovates homes to the retail market level and sells them to retail buyers. These homes are sold conventionally, through a short term Lease Option or via long term seller financing. Current residents that have earned credits thru the Future Home Buyer’s Program receive the first opportunity to purchase these homes. All credits earned thru the Future Home Buyer’s Program will be credited to the purchase price of the home.
If none of our residents are in the position to purchase a home, we will then market the home on the retail market and make it available as a conventional sale, short term lease option or long term seller financing . The basic requirements for the Lease Option program are as follows:
- Be within 1 year of qualifying for bank financing. We will have you sit down with our company approved lenders to be verified or speak directly with the financial institution you are currently working with.
- Pass our Rental underwriting requirements via a criminal background check, credit pull, and eviction history.
- Pay five percent (5.0%) of the purchase price as a non-refundable option fee that provides you the exclusive right to purchase the home in a defined period of time at a defined price. The option fee will be credited 100% to the purchase price of the home and will act as your down payment with the financing institution. You will receive predefined rent credits based upon the amount of rent you are paying. Rent is usually market rent unless a much higher percentage of the purchase price is paid. The exclusive option agreement is dependent upon the performance of our standard rental agreement. The lease option agreement is written for a 1 year time frame with an ability to renew for an additional fee. Maintenance items are taken care of by JMJ Real Estate Services, LLC.
This program helps families that have found the home that they want, but just are not quite bank financeable. This program allows families to move into the home while finishing up their financing requirements. If you happen to be working with a realtor, we will work with your realtor and pay them their commission as in a standard buy – sell transaction. To learn more about our Seller Financing Program, click on the “Seller Financing” tab above.
To see our current homes for sale as well as others we have completed in the past, click on this link: www.IndianaInvestmentPropertyGroup.com/properties