Frequently Asked Questions
Q: Banks, real estate professionals, etc. have all told us we can’t buy a home. Is this true?
A: Maybe or maybe not. The real estate industry is set up to be productive and not to be helpful! If you or your financial situation does not fit their framework and limited training, their only answer will be a rapid no, with little explanation on why not. They will then quickly move onto the next potential client (paycheck). The process of buying a home and understanding the credit/lending system is complicated. In the last 20 years, we have learned what it takes to get you to conform to a lenders box, find a different lender’s box, who’s box may fit your situation better, or cure the obstacles (such as no down payment) that are stopping you from getting a home.
Q: We know our credit is bad, can we still buy?
A: Possibly, time heals all wounds. Basically the worst your credit is, the more time it will take to cure the problem, to the point at which a bank will give you a home loan. Renting the home during that time may be a possibility.
Q: What does it cost for you to help us?
A: $0. If you are interested in working with us, we will look at anyone’s situation for free. We will also tell you in plain English what it would take (in our opinion) for you to eventually qualify to purchase one of our homes, all within 24 to 48 hours. You truly have nothing to lose and everything (home for your family) to gain.
Q: How does your process work?
Step #1: The first step is to always view the interior of the home to see if you want what we have. You can call the office to arrange a viewing. Start here because I do not want to waste anyone’s time if we don’t have the home for you.
Step #2: Whether you are interested in renting, leasing to own or buying immediately, the next step is to put in an application.
Step #3: After we receive the application we will review your info and credit. Then we will call you in 24 to 48 hours to let you know what is possible in your situation, or we will collect more details.
Q: How do we get specific info on a home?
A: Read what information is available for the home you are interested in on this website. Click the homes available link on the left. If that does not answer your question then call the office (419-586-8220) or contact us by e-mail (chbs@bright.net).
Q: How do we view a home?
A: Contact the office to arrange a viewing. Feel free to go look around the exterior of our homes during daylight hours. If the website states the home is currently rented, but still for sale, you can drive past the outside only. Please do not stop or bother the renters. We have interior videos available to view for currently rented homes either on this website or at our office.
Q: How soon after an application will I know what you can do?
A: 24 to 48 hours
Q: Does any of my rent go towards the purchase of the home if I do a rent to own or a lease option?
A: Yes. In order to help the buyers of our homes, we credit a portion of your rent during the option period towards the purchase price. Each of our homes has a different rent credit available. The rent credit normally runs between $250 and $700 per month. This amount is deducted from the purchase price of the home each month for the first year of your lease. Depending on what your bank will allow at the time of purchase, this money may also be used for closing cost, down payment, new carpet, etc.
Of course, You will have to abide by the terms of your lease and purchase the home to take advantage of our rent credit program.
Q: We would like to be contacted on the next home you have that meets our criteria. Is this possible
A: Yes, we keep a buyers list.
Q: You don’t have the home for us right now, but we would like to get started, can you help?
A: Yes, we prefer you get started now. Fill out an application and note that. We will then analyze your credit and give you a plan of action to get started on.
Q: I have remodeling skills. Can I earn some down payment by repairing the home?
A: Yes, obviously a case by case basis, but if the remodeling has not been completed yet, it is a possibility.
Q: How long have you been in this business?
A: 20+ years, but we incorporated in 1999.
Q: How much money do I need to move in if I can purchase the home?
A: If we can get you qualified to purchase the home now, many of the loan programs require 0 to 3% down. This depends on your unique credit situation and the loan programs available for your situation at the time.
Q: Are you a lender?
A: No. We make absolutely no money from helping you obtain a loan. Over the last 20 years we have learned who we can trust in the lending business and how to straighten out credit problems. The lenders our buyers frequently use deal with all types of credit issues and down payment amounts. If you chose to work with one of our lenders, you will be working with them directly. Of course we will help you every step of the process.
Q: Can I get my own loan for the house?
A: Absolutely! As I stated, we make no money on pointing you toward good lenders. Our money is made from the sale of the home only. If you want to shop for your own loan, I ask you to do two things:
1. Call the office first so you don’t shoot yourself in the foot. Every time you apply for a loan your credit is pulled, which reduces your score. You can disqualify yourself from obtaining a home loan just buy shopping for a loan. Call the office, and we will explain how to avoid this and other pitfalls.
2. For your own benefit, at least compare our lenders rates and closing cost with yours. If they were not good we would not be sending our customers to them.
Q: Are these junk variable rate loans?
A: No. The lenders we deal with make 30 year fixed rate loans with current interest rates. For example; the summer of 2009 the rates have been between 5.5% and 6.5%. This is almost a 40 year low for interest rates. Even if your credit is bad, we can rent you our home until you can qualify for a great loan program!
Q: What’s this tax rebate thing I keep hearing about?
A: If you purchase a home by November 30th, 2009, the government will send you a check in the mail for 10% of the purchase price (up to $8,000). You cannot have owned a home in the last 3 years to qualify. If you are smart, you will stop procrastinating, because it could cost you $8,000!
Keep in mind it may take up to 60 days to obtain a loan. This means you need to start the process by the end of September to get it completed by November 30th.
Q: What is a rent to own or lease option?
A: This is a technique where you rent the home while you are improving your credit. In this situation, you would have the exclusive right to buy the home for the duration of your option (usually 3 to 12 months). Everyone’s credit history, income, and length of time required to cure problems is unique, so we customize a plan just for your situation. We will only do a rent to own or lease option if we are reasonably sure your situation can be solved and you are willing to do the work needed to qualify for a home loan.
Q: What are the risks of doing a lease option?
A: Interest rates can rise or fall daily. This can make your eventual house payment go up or down (compared to now) when you do eventually buy. That is why it is best to follow our suggestions and improve your credit as rapidly as possible.
Bank lending standards can change during the lease option time frame. Normally, federal home loans standards do not change rapidly.
Q: How much do I need down to do a rent to own or lease option with you?
A: That is a case by case basis. We take into consideration how long you will need to clean up your credit and qualify for a loan.
Q: Do you rent homes?
A: Yes. Our main goal is to sell our homes. This is how we pay our staff, contractors, and bills. If our homes do not sell in the first few months, we normally try to work with an applicant that can straighten out their credit issues while renting the home and then eventually buy. If we can’t do that then we will normally rent it.
Q: Why is the cost of renting the home different then the monthly payment, if I am able to purchase the home?
A: If you obtain a loan now, you will benefit from historic low home loan interest rates. This can make the payment for borrowing enough money to purchase the home lower than the current rent for the area.
Q: Will you help us with our credit if we just rent?
A: Absolutely! Our entire business is based on turning renters into homeowners. Helping you understand and correct your credit flaws is free to any of our renters as a perk for renting from us.
Q: How much do I need to move in if I rent only?
A: Our company requires first month’s rent, last month’s rent and security deposit. In some special circumstances a payment plan may be worked out to accumulate last month’s rent.
Q: Can we have pets while renting?
A: We do accept existing long term family pets with our approval on a case by case basis. We have zero tolerance for not taking care of your pet, feces or urine accidents in home, or damage. If you can’t 100% trust your pet or don’t keep them clean, then our homes are not for you. We reserve the right to ask you to remove the pet if there is an issue. If you can purchase immediately then it is obviously not an issue.
Q: Can we paint when renting?
A: Generally not until you buy the home.
Q: Do you inspect homes when we rent?
A: Yes, we inspect our homes as long as we own them. We also use that time to update any routine maintenance needed on the home.
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