Frequently Asked Questions

We've put as much information as possible in each section of our site, but there are frequently questions or bits of info that fall through the cracks. If you didn't find what your'e looking for on the rest of the site, then its most likely here. If you still can't find an answer to your question, please contact us and we'll get back to you with an answer.

Foreclosure Questions

• I'm behind on my payments. How long before my lender forecloses?
  
  The amount of time before a lender files foreclosure depends on the lender. The typical amount of time is 3 months, but we have seen some lenders file after up to 6 months.
• I'm behind on my payments. Can't I just send a partial payment?
  
  Unfortunately, no. If you're behind on your payments, and send in a partial payment, then the lender will send the payment back, and you will still be behind.
• How does foreclosure affect realtor contracts?
  
  It's different for each situation. If you're listing with a Realtor^TM that understands the foreclosure process and what's involved in dealing with lenders, then you may be able to still sell your house. Your agent may offer to take less of a commission, which would be less of a financial burden to you at closing, or they may offer to negotiate with the lender to take a discount off the payoff so that you can sell your home.

  However, bear in mind that someone will still need to pay buyer's agent fees, property taxes, and all the other costs involved in the sale of a home. While a lower commission can help ease the financial stress, it won't make it go away.

  Foreclosure also severely limits the amount of time you have to sell the house. In Kansas, you have about 2 to 3 months to sell the property, and in Missouri you have a mere 21 days. In the current market, houses are selling in 7 to 9 months with at least 30 days to close. If you are in foreclosure, then you will need to make sure that your listing agent understands the time and financial constraints of the situation.

• What kinds of houses can you work with?
  
  All kinds. We've helped homeowners with duplexes that needed major repairs to 5,000 square foot homes in some of the premiere subdivisions of Johnson County. Chances are that your house falls somewhere between these two!
• I really want to keep my house. Can I really save it?
  
  That depends on your particular financial situation. If your hardship is over and you can resume making payments, had a decrease in salary, or have suffered a medical hardship, there are programs available for saving your home from foreclosure.

  Your other financial obligations come in to play as well. We work with each client to determine the feasability of a repayment plan and can quickly tell you if you're able to save the house or not.

• How much does foreclosure affect my credit?
  
  Foreclosure can and usually does destory your credit. Depending on the law in your state, a foreclosure will be reported on your credit for up to 4 years. Even after the foreclosure is off your credit report, you will be considered a high credit risk, and will be required to make much larger downpayments on property. Any loans you get will be classified as sub-prime, meaning that the payments and interest rate will be extremely high.

  You can also lose your job. some employers require good credit, and a foreclosure notice in most cases is grounds for dismissal.

• Can I file bankruptcy to stop foreclosure?
  
  While bankruptcy will delay the foreclosure proceedings, it will not stop foreclosure.

  A Chapter 13 bankruptcy is a reorganization of debt, and while it can reduce the payments, it doesn't stop the buildup of interest, back payments, and other charges. Bankruptcy can actually worsen the situation when it comes to your home because once it's discharged, you're looking at even higher back payments - which can make it impossible to save the house.

  Bankruptcy is not something to be taken lightly. Before filing, we suggest that you get several opinions. While bankruptcy is not soemtimes an unfortunate necessity, it is not always required.

• If the house goes to auction, how long do I have before I have to move?
  
  Redemption periods vary from state to state. If the house gets sold at public auction in Kansas, you have 90 days from the date of sale to redeem the property. During that time, you can stay in the property. In Missouri, you have no redemption period, and property goes to auction in 21 days of the lender filing foreclosure.
• I had a health related hardship or had a decrease in pay. What are my options?
  
  If you have a special situation, then your lender may have programs available to help you like a partial claim, moving the arrearages to the back of the loan, etc. they will not voluntarily tell you about these programs, so it's important to ask!
• Where can I get more information on forelcosure?
  
  The HUD website has some information that may help: http://www.hud.gov/foreclosure.

House Selling Questions

• What do you with my house after you buy it?
  
  In a word, we sell it! However, we don't sell conventionally. We'll work with people who have the ability and desire to own their own home but for whatever reason, can't get a conventional loan. These are everyday, hardworking people just like you who want the pride of home ownership.

  Make no mistake - we won't be renting the house. We wouldn't do that to our houses, and we wouldn't do it to yours. No, our buyers will have the opportunity to lease the house with an option to buy. They'll take care of the house, make improvements, and in a short time, have the credit to buy it.

• What if a tenant/buyer causes damage to the house?
  
  We can't guarantee that damage won't occur, but in the event that it does, we do the repairs at our expense. Since our objective is to find a buyer and not a tenant, damage is rarely a problem. However, if something does happen, we'll fix it.
• How do I know I can trust you?
  
  That's a very understandable concern. We meet all our clients face-to-face, and you'll find that we don't make any empty promises. We believe that we can create a solution that works for both of us. If you're not comfortable after we meet you, then we'll part as friends.

  We view our business relationship more personally than buying and selling a house; we want you to be confident and not have to worry about your house or the payments.

• What if the tenant/buyer doesn't pay?
  
  Remember, that's our problem. We've agreed that the payments will be made, and they will.
• If you take over my payments, how do I know you'll pay the mortgage?
  
  Why would we not make the payments? Remember, we don't make any money until our tenant/buyer buys the house.

  If you're concerned abou the payments, we can pay you directly, set up a 3rd party escrow account, or we can pay the lender directly. Don't forget that increases in taxes and insurance are also our responsibility.

• What if I want to buy another home?
  
  Our contract would show that the current payments are being made by us, so that frees up your debt ratio so you can get financing immediately.
• Why don't Ijust list with a Realtor^TM?
  
  That is an option, but obvioulsy a Realtor^TM won't be making your payments while your house sits on the market. We're willing to make the payments and maintain the property until our tentant/buyer gets their own financing. The house gets our personal attention, and you can forget about it until our tenant is ready to buy.
• What kinds of houses can you work with?
  
  All kinds. We've helped homeowners with half duplexes that needed major repairs to 5,000 square foot homes in some of the premiere subdivisions of Johnson County. Chances are that your house falls somewhere between these two!
• This is a very unique program. Can I refer others?
  
  Absolutely! To show our appreciation, we provide a $300 finder's fee to you if you refer someone to us and we contract to purchase their home. When we sign the contract, we'll send you the fee.

House Buying Questions

• Do you have the kind of house I want, where I want it?
  
  That's a hard question to answer. We get houses all over the metro, large and small, at all times. Sometimes we have more than a few houses to offer, sometimes one. Our buying process is so easy that our houses aren't available for long, so you would need to contact us to find out what we have available.
• How much of an option fee do I need?
  
  That depends on your monthly payment, gross income and the price of the home. The range can be as low as $2,000 or up to $7,000 for most of our homes. We can accept borrowed funds, and can give you up to 45 days to make the option fee payment.
• How much of a lease payment can I expect?
  
  We get this question a lot. A lot of potential home owners are renting an apartment and may even expect a lease payment to be no more than what their rent currently is.

  The general rule of thumb for lease payments is $1,000 per $100,000 of value. For example, a property worth $120,000 would probably require a lease payment of $1,200. However, you'll find that our lease requirements are typically less than what homeowners with excellent credit would pay on a conventional mortgage!

  While you may think that kind of payment is high, consider that not only is part of the lease going towards equity in the home, but you're owning your home sooner and on much easier terms than a high rate mortgage would require.

  You also get your own yard, garage, a real neighborhood, and our homes are in excellent condition and typically are over 1,100 square feet!

• What's your accelerator program?
  
  On most of our homes, you have the option to pay an additional $100 per month towards the purchase price of the home. We'll match that amount. That will give you up to $7,200 in additional equity during a 36 month lease!
• What if property taxes go up?
  
  We're paying the taxes and property insurance. If they go up, we absord the increases. However, you will still pay for your own utilities and association dues. You'll also need your own policy to cover your personal property.
• Can I buy before the end of the lease?
  
  Absolutely! You can exercise your option to buy at any time during your option period.
• What kind of improvements can I make?
  
  We want oyu to feel that the home is yours. You can make improvements, however we require that you notify us and obtain the required local permits and follow proper building codes.
• Will the price of the home go up?
  
  No. We freeze the price of the home for the duration of the option. At any time during that period, you can purchase the home for the option price. By freezing the price, you won't be "shooting at a moving target" when you talk to your lender about financing.
• How soon can I move in?
  
  We only show homes that are immediately avialable. If you see one of our homes that fits your needs, you can move in immediately.
• This is a very unique program. Can I refer others?
  
  Absolutely! To show our appreciation, we provide a $300 finder's fee to you if you refer someone to us that contracts for one of our homes. When they sign the lease, we'll send you the fee.



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If you don't see an answer to a question that you might have, please feel free to call us at 866-777-9996. We'd be happy to talk to you about how we can solve your real estate issues.