Ohio Equity Homes can help.  We offer creative solutions to meet your needs.  We find good people with steady income who are serious about owning a home.  We have a strong reputation for creating deals where everyone comes out ahead.  The types of deals we can structure for you are the same ones we use on our own homes throughout Northeast Ohio.    We understand that everyones situation is unique and we will won't be able to help everyone. Just give us a call and we should be able to let you know in a few short minutes if we can help.  We are not Realtors nor Lawyers.  We are Real Estate Investors with a track record of solving people's housing problems.  Here are some common questions and comments.

 

“I rather just sell my home outright.”

That is fine and we wish you success.  It is a difficult time to sell a home now.  We believe that a properly structured “Rent to Own” agreement is the next best thing.  Many of our clients have come to us after unsuccessful attempts to sell on their own or with a realtor.

 

Why should I consider a “Rent to Own” Solution?

Our programs are designed to find a buyer for your home who needs alittle time to get finances and credit in order.  Typically we preserve more of your equity by establishing contract terms that are more in-line with what your home is worth rather than the discounted price you would have to sell for today.

 

“But I do not want to be a landlord.”

We know exactly what you mean.  As landlords ourselves we have dealt with hundreds of tenants over the years.  Our “Rent to Own” program is designed to limit the aggravations and headaches commonly associated with being a typical landlord.  We work with “Tenant Buyers” not “Tenants”.  The difference is our people are committed to owning a home and doing what it takes to put themselves in position to purchase. We have been using this program on our own homes and it has made a dramatic difference.

 

“What are the basic terms of a rent to own agreement?”

A rent to own agreement gives the Tenant Buyer the “Right” but not the “Obligation” to purchase the home within a certain time period.  Our programs are specifically structured to provide incentives for them to follow through with the purchase.  These incentives are only offered if they make on-time monthly payments.  The tenant buyer is also responsible for all maintenance, repairs and utilities with the exception of the major appliances for a set period of time.

 

“Do you guarantee they will eventually buy the home?”

We get to know the details of our Tenant Buyers situation. We are confident that at the time of move-in they are actively working to improve their ability to get a loan and have every intention of getting a mortgage within the allotted time, however we cannot guarantee they will purchase.  The incentives we offer are non-refundable and can only be redeemed if they follow through with the purchase.

 

What kind of homes do you work with?

We work with homes all across northeast Ohio.  The homes typically range from $80,000 to $350,000 with most of the homes being between $120,000 and $180,000.  The homes include 3-4 bedrooms and 1-2.5 baths.  The homes are typically move in condition.  From a financial point of view the mortgages on the homes are current and the outstanding debts are less than what the home will sell for. We prefer homes in good school systems.

 

How do we start working with you?

 

1.       OHIO EQUITY HOMES Ltd meets with the owner, preferably at the home to get a tour, explain the program in detail and discuss the specific financial situation. We then determine if the desired numbers seem feasible. 

2.       The owner then enters into an agreement with OHIO EQUITY HOMES Ltd for specific lease option terms giving OHIO EQUITY HOMES Ltd a principle interest in the home.

3.       OHIO EQUITY HOMES Ltd has a short set period of time to execute a Lease-Option Agreement or assign the agreement to a third party with the owners approval, based on the terms the owner has already agreed too.

4.       If OHIO EQUITY HOMES Ltd assigns the agreement to a third party with the owners approval, OHIO EQUITY HOMES Ltd will have no further interest in the contract or property, and will have no liability in any part of the contract.

5.       If OHIO EQUITY HOMES Ltd does not execute an agreement within the allotted time, the owner agrees to hold OHIO EQUITY HOMES Ltd harmless of any damage and both parties will cease this business relationship.