Seller FAQ’s

What type of agreement will we sign with you?

We will execute a “Lease Option Marketing Agreement” on your property which allows us to legally market and advertise our Lease Option on the home and show it to prospective tenant-buyers.  This agreement is non-exclusive, meaning that if you lease or sell the property to someone you found on your own there are no problems and you don’t owe any fees or commissions. You may also cancel this agreement at anytime without fees or penalties. We get paid only when we assign the lease option deal to a qualified tenant-buyer that you approve of. Our fee is the tenant-buyer’s option deposit, which will be part of their down payment when they exercise their option and buy the home.

What is your involvement in collecting the rent?

We have no involvement in collecting the rent. The rent goes to the owner 100% every month and the method by which the rent is collected is up to the owner. The owner does have an option to use one of our preferred affiliated escrow companies to draft rent payments directly from the tenant buyer, pay the monthly mortgage, taxes and insurance and any other special assessments attached to the home to keep it current.

We also recommend our Auto Deposit Service for landlords through our easy-to-use and reliable (perfect BBB rating) service to collect rents automatically via auto debit from the tenant buyer’s account. Rent is debited form your tenant buyer’s account and directly deposited to your bank account. As a visitor from Metrolina Realty Holdings, you will receive your first 2 months FREE!

Click the link below.

Use ClearNow Online Rent Payment

Who manages the property?

The owner can still manage the property and we recommend you visit the property every 6 months or so. However, you can still hire a property management company if you like to manage the property. Keep in mind though that our qualified tenant buyers are trying to buy the home so they will take care of the home a lot better than a regular tenant would. So there will be minimal management needed, if any.

Who is responsible for maintenance and repairs on the home during the lease-option period?

Another important point is that our leases are “triple net” with the tenant taking responsibility for maintenance and repairs on the home. More specifically, since tenant buyers are interested in owning the home, they will take care of the house and be much more particular about the house. Our contracts will state that they will be responsible for maintenance and repairs up to a certain limit, typically $500. So anything under $500 they will be responsible for. Anything over $500, they will pay a deductible of $500 and the owner will cover the rest. We do advise you to obtain a home warranty in case of any major repairs during the lease option period.

If the tenant-buyer is late or doesn’t pay their rent, who takes action to collect?

If the tenant is late, there will be a late fee charged to them. In North Carolina, in a lease option agreement, the tenant buyer is allowed 30 days to cure a default within 12 months, if they do not cure it after they have received notification and 30 days has passed since they received their notification, an eviction can begin. We haven’t had anyone get to this point yet and we want to keep it that way. When we qualify our tenant buyers, here’s the 8 parameters we look for:

  1. Their gross monthly income needs be at least 3-4 times the rent.
  2. They must have at least 3-5% for the Option Consideration, unless otherwise specified in the property description.
  3. They need to be at least 1 year removed from a foreclosure or bankruptcy.
  4. They can’t have had any evictions in the last 3 years.
  5. They must have good references from previous landlords & current employers.
  6. They cannot be involved in a lawsuit as a “Plantiff”, other than divorce, child custody, or auto accident.
  7. They can’t have any prior criminal convictions of a violent or drug-related felony.
  8. They cannot owe money for child support or alimony.

This is how we pre-screen EVERY tenant-buyer we work with.

Why do you believe you can find a better tenant than I could do on my own?

With a single property, you will most likely attract a career renter, which isn’t what you want. Career renters don’t exercise the option, destroy the homes, want to harass you at every opportunity about repairs, and generally want to pay less than your cost to carry the home. Our clients come to us because they are interested in our program. Very often our first contact is non-specific to a home. With a single or even several properties, it would be difficult for you to provide the same level of value to the tenants that we strive to do. This value allows us to attract a better caliber of tenant.

What is your marketing plan for my property?

The marketing plan involves professional marketing via more than 20 websites, including our own. Because of the volume of articles and press releases we circulate and the content on this sight, we are blessed with a high volume of traffic. Additionally, we will email blast your property to our growing database of prospective tenant-buyers. We have far more tenant-buyers than we have homes.

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If you would like to speak to someone about our Rent-to-Own Program, call 704-749-2106 Ext 5

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