Lease-Purchase Option Provides Relief To Struggling Homeowners

Posted: Oct 21, 2014 12:42 PM EDT Updated: Oct 22, 2014 10:43 AM EDT

Lease-Purchase Option Provides Relief To Struggling Homeowners

Perkasie, PA,, United States – – October 21, 2014 –

Philadelphia, PA – October 20, 2014 – The lease-purchase program, an option that Cyndy Buys Houses owner Cyndy Dumire says most homeowners are not aware exists, is a way for homeowners to get out from under crushing mortgages by selling homes to non-traditional homebuyers for top prices.

During the times of easy credit, many homeowners were lured into mortgages that they cannot now afford. The economic collapse and poor job market of the last decade has impacted their ability to repay the mortgages, refinancing options are limited, and homes are difficult to sell because credit has tightened significantly. Homeowners want to get out from under their mortgages and move on, but they cannot sell their homes. There is no lack of interested buyers, but a purchase isn’t possible because lending institutions will not extend credit as readily as they did when the current owners purchased the home.

The lease-purchase option, sometimes called rent to own, is the solution. Rather than requiring a buyer to finance the purchase and pay off the existing mortgage right away, this option places buyers in homes as tenant-buyers and uses a lease-to-purchase agreement to make monthly payments on the mortgage. The seller retains complete ownership of the property until the lease-purchase contract is satisfied and the mortgage is fully paid.

This opens the field of potential buyers significantly. Buyers with credit issues cannot get a mortgage in the current credit market, but they can still lease the home. When their credit score improves, or when lending practices ease, the tenant-buyers qualify for a mortgage and buy the home. In the meantime, their lease payments allow the homeowner to pay the monthly mortgage, and the tenants take care of all necessary maintenance and repairs on the home that they are lease-purchasing.

“The key to this option,” says Cyndy Dumire, “is finding the right buyer.” A lease-purchase option is a huge mistake when poorly screened tenants allow the property to fall into disrepair. It also causes terrible financial problem when poorly screened tenants break the lease and move away. In that situation, the legal owners still have to make the monthly mortgage payment and do not have the lease income to do so. Finding the right tenant-buyer is critical.

The demand for Lease-Purchase homes is always strong, but it is not an option that realtors embrace. Dumire says that Cyndy Buys Homes has not only embraces the program – they have perfected it. “Our screening criteria is very strict,” Dumire says, “and we only accept potential buyers into our program when our mortgage broker review their applications and projects that the applicant will be able to qualify for and obtain a traditional mortgage in 24 months or less.”

Applicants accepted into Cyndy Buys Houses lease-purchase or rent to own program are screened with a complete background check, a check with previous landlords, and income and employment verification followed by a stringent review by the mortgage broker. Applicants who do not meet all criteria are not accepted into the program.

The company then enters the accepted applicants into a Credit Repair Program for the lease-purchase period to help them qualify for traditional mortgages at the close of the contract. They report the tenant-buyers’ lease payments to all three credit bureaus, and these payments positively impact the credit scores. This is not a common practice, and it is one of the reasons that Cyndy Buys Houses’ program is so successful.

There is no cost to the seller with this program. The tenant-buyers also pay all fees associated with the lease-purchase option. During the entire process, sellers retain full title to the home, and the tenant-buyers mow lawns, clean leaves from gutters, make any other home repairs that are necessary and even pay the taxes. Because sellers retain full title to the home, sellers also retain all of the great tax benefits of home ownership during the entire lease-purchase process.

The lease-purchase program enables homeowners to collect lease-purchase payments that are significantly higher than market rental rates, sell for top dollar and get out from under a monthly mortgage – all while repairs and maintenance are taken care of by the tenant-buyer. It’s a great program when sellers connect with the right tenant-buyer, and the key to that is to connect with someone who is an expert in the program.

For more information or to schedule an interview, contact: Cyndy Dumire contact info removed Release ID: 66429

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