RISMedia's Real Estate Magazine

JUL 2018

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

Issue link: http://remag.rismedia.com/i/996974

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Page 90 of 126

86 July 2018 RISMedia's REAL ESTATE of the meeting, I was convinced." Rabah attests to the fact that what you see is what you get with Home Partners, where transparency is central to the program's effective- ness and success. "We're a cash buyer, we're quick to close—typically 21 days or less. There are no hid- den fees and no non-refundable de- posits. Our rents do go up 3.75 per- cent a year, but that is all spelled out upfront so the renter knows exactly how much the rent will increase if they choose to renew the lease. The seller wins by selling to a qualified cash purchaser, the resident wins by renting a home they choose with the right to purchase the house at a predetermined price, and the agent wins by representing Home Partners in the purchase of the home and re- ceiving a sales commission as they would on any other home purchase." Gorman agrees that the Home Partners program benefits all par- ties involved, but most importantly, it provides renters with an opportu- nity to fulfill their American Dream of homeownership...a cause at the heart of NRT's mission. When working with Home Part- ners, explains Gorman, "You're not convincing someone to buy one house over another; you're creating an opportunity for homeownership for those who may not have had one without this program. Our agents are trusted advisors, and they need to be able to offer solutions for everyone, no matter where they are in their lifecycle of real estate needs. Within every agent's client database, there are people for whom homeowner- ship is out of reach, whether due to credit constraints, job uncertainty or many other reasons. This program is designed to fill that gap. For us as a broker, the Home Partners program enables us to empower our agents with the best tools to serve consum- Home Partners: What You See Is What You Get A rarity in today's complicated, technology-centric business world, the Home Partners Lease Purchase Program is clear-cut, easy to follow and actually delivers on what it promises...with no catches! In a nutshell, here's how it works: - Agents sign up to become a Home Partners agent and invite prospective residents to apply for approval at homepartners.com. To qualify, prospects must have an annual household income of $50,000+ and stable employment, and pay an application fee of $75 per household. - Once approved, agents help applicants find a Home Partners qualified home. Qualified homes must: be a single-family home or free-standing townhome; be located in an approved community; be priced between $100,000 - $450,000 (although the maximum may vary in select markets); have a minimum of two bedrooms; be on a lot of three acres or less; and meet certain program criteria. - Once a qualified renter chooses a home, Home Partners purchas- es the home and then leases it to the renter; leases are initially for one year, with renewal options for up to an additional four years (two in Texas). The renter has the right to purchase the home at any point in that timeframe. Home Partners provides the resident with a pre-set price to purchase the home during each year of the lease term. There are no hidden fees or non-refundable deposits. If the home value appreciates above the agreed purchase price, the resident benefits from the appreciation by purchasing at the lower purchase price. If the value of the home doesn't appreci- ate—or it declines—the resident can choose to simply continue renting by renewing the lease for the remaining years, or move out at the end of any lease term. - Home Partners and its subsidiaries serve as the property manage- ment company and handle all transactions and needs with the tenant.

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