FSC Endeavors FL, LLC If You Can’t Buy My House, Rent to Own It

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If You Can’t Buy My House, Rent to Own It

It’s a concept that’s coming into vogue. But is it right for you?

Rent to own: three words in the English language that would seem harmless enough if so many people didn’t conjure up the term “predatory lending.” Understandably, you hear “rent to own” and imagine yourself financially tapped out and in a dimly lit store with dingy carpet, signing an agreement to shell out $8 a week, until you’ve finally paid $2,300 to buy a sofa that retails for $700.

But renting to own houses, or lease-optioning a house as they say in the real estate business, is an entirely different business matter. For both the seller and buyer, renting to own a house can be a dream come true — or, yes, a nightmare. It all depends on a little luck and a lot of forethought.

You don’t rent-to-sell your house to become rich. You do it to avoid becoming poor. If you’re relocating for work, scaling up to a better house or moving to adapt to some other life change and the market is preventing you from selling your home, then it’s something to consider. Unless you enjoy the prospect of paying two mortgages every month indefinitely, this is one way of minimizing the financial damage.

Let’s say that you find someone who is interested in buying the house but can’t because their credit isn’t quite right. This is how a lease option should work:

1. After securing the go-ahead from a mortgage broker and before moving in, your potential buyer will give you a healthy, nonrefundable deposit to go toward the down payment of the house — typically, 3 to 5 percent of the purchase price.
2. The buyer rents your house for a period of time — usually two years — and during that period, they pay you monthly rent. A portion of the rent also goes toward the eventual down payment of your house.
3. After two years, according to your contract, your renter has the option to buy the home, with all of the down payment money going toward the purchase price, and since they’ve put a considerable amount toward buying it, they generally choose that option. If they don’t, the seller keeps the down payment money.

By Geoff Williams

Edited by FSC Endeavors FL LLC

FSC Endeavors FL LLC, Why 2015 Might Be the Year You Finally Sell Your House

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Why 2015 Might Be the Year You Finally Sell Your House

Home price gains are slowing, credit is thawing, and more first-time buyers may be hitting the real estate market in 2015.

Better balance in the housing sector is “in” next year, as far as trends go. That’s likely to put buyers and sellers on a more even footing.

Some prospective sellers sound especially bullish on housing. In a recent Trulia survey, the biggest chunk of consumers, 36%, said they expect next year to be much or a little better than 2014 for selling a home.

To be sure, like politics, all real estate is local. Some sellers have stayed on the sidelines in recent years, investing in improvements amid a dearth of buyers. For others, low inventory and rising home prices meant a bidding-war bonanza.

The landscape next year’s sellers are likely to encounter depends a lot on where they live. But here are a few broad trends to bear in mind.

Bringing Back Buyers

Mortgage credit is becoming more available as lenders scale back requirements. The average FICO score on a conventional purchase loan in October was 754, according to Ellie Mae. That’s a five-point drop from last year’s average. (You can check your credit scores for free on Credit.com to see where you stand.)

Tough credit and underwriting requirements have been a huge hurdle for many would-be buyers. So is liquidity, but there’s also good news on that front: Fannie Mae and Freddie Mac recently rolled out a mortgage option that allows for a 3% down payment. These two government-sponsored behemoths purchase about two-thirds of all new mortgages.

If conventional lenders get on board, the new low-down-payment option could pull more first-time buyers into the marketplace. During a time of tight credit and stagnant wages, this crucial group of buyers has been all but absent from the housing picture.

“If access to credit improves, we could see substantially larger numbers of young buyers in the market,” Jonathan Smoke, chief economist for Realtor.com, noted in his 2015 housing forecast. “However, given a high dependency on financial qualifications, this activity will be skewed to geographic areas with higher affordability, such as the Midwest and South.”

Affordability May Be a Concern

Lower credit and down-payment thresholds are causes for optimism. But rising home values and mortgage rates will impact affordability, especially in costlier housing markets. Realtor.com’s Smoke expects affordability to decline 5-10% next year.

Job and wage growth will play a big role in shaping homebuying activity. Gains in both may offset the price and rate increases likely on the horizon.

Sellers in more affordable housing markets, especially those with improving economies, are likely to see more buyers.

time.com, Edited by FSC Endeavors FL, LLC

FSC Endeavors FL LLC; The Truth About Winter Real Estate

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The Truth About Winter Real Estate

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Some call it the off-season for real estate, but successful agents know better. Winter is actually a great season to sell a home. If you aren’t telling potential clients about the winter real estate advantage – right now – then you will have an off-season this winter.

Numbers Don’t Lie – Winter Isn’t so Bad

National Association of Realtors® statistics tell us that fewer homes sell in winter than spring. Their studies show that in November, home sales slide about 8 percent. In January, they slide even more – 27 percent to be exact. These numbers make sense: Fewer homes are on the market in the winter, so naturally, fewer homes sell.

The media often steps in and trumpets these statistics, adding their own take as to why. If they told the whole truth, I have a feeling we’d have far more winter clients.

What is the whole truth about winter real estate? Homes are more likely to sell in winter than at any other time of year. Not only that, they sell quicker and they sell for more money. These statistics hold, at various percentages, whether the home is in balmy San Diego, Calif., or snowy Washington D.C.

In fact, according to a late 2013 study, the likelihood of selling a D.C. home within six months in the winter is 67 percent, while it’s only 57 percent in summer and 60 percent in spring.

NAR does us no favors by claiming that the reason for the winter sales slump is because of January’s “cold, dark weather” across most of the country. Sure, that’s part of the reason, but most of the slide in sales may be due to the media helping to form public perception that winter is a horrible season for real estate deals.

Less Competition From Other Sellers

“Just your luck – you have to sell your home in winter, the slowest and dreariest sales season of all,” begins a column on winter real estate from USA Today. “Winter can be the toughest season to put a house on the market,” claims a writer at Fox News before he goes on to give tips to increase “chances of a winter sale.”

Naturally, many homeowners read these news items and decide to hold out until spring. Worse yet are the homeowners who take their homes off the market as winter approaches, aiming to re-list in spring. Sadly, they may be missing a prime opportunity to finally get the home sold – and for top dollar. Because other homeowners took the bait, however, there is far less competition for those that do list, and homeowners are definitely in the driver’s seat in a winter transaction.

Buyers Are More Motivated During Winter

What would motivate someone to buy real estate in the dead of winter, especially in areas with wicked weather? Job transfers are high on the list of reasons, so if you practice real estate in an area with large influxes of transferees, winter is an even better time to sell.

“It’s true that if your home isn’t on the market in winter, the new Microsoft manager relocating from California won’t see it and will thus buy another home,” writes Seattle agent and broker Sam DeBord for the Seattle Post-Intelligencer.

“But that same situation for a home seller who is on the market is magnified. Your competition is nowhere to be seen,” he continues. “While the buyer may have had 30 homes to choose from in June, there may only be 10 homes that fit their criteria in January. If they are motivated to buy, they will choose one of those 10 homes.”

by Shannon O’Brien,

Edited by FSC Endeavors FL LLC

FSC Endeavors, FL REALTOR.com: How to do a Lease Purchase / Lease Option

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Information from REALTOR.com

How to do a Lease Option or Lease Purchase Sale

Pros and cons of a lease option for homebuyers and sellers

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By Deena Weinberg

A lease option, also called a ‘”ease purchase sale,” “rent-to-buy,” “rent-to-own,” or “lease with an option to buy,” is an arrangement whereby a tenant rents a property with the option of buying the property at the end of the lease. The tenant pays a monthly fee which is approximately the rent amount which is allocated as a down payment on the future price of the home, the price of which is predetermined. Should the right to buy not be exercised, the extra fees belong to the seller. In today’s market, as homeowners struggle to sell their homes, rent-to-own arrangements are on the rise. Renting before buying allows homebuyers who don’t qualify for a loan or who can’t afford a down payment to improve their credit scores in the interim. For a thorough understanding of how the arrangement works, here are some of the pros and cons of lease options.

Lease option advantages

Leasing with an option to buy can be a smart strategy for homeowners and certain homebuyers. Here are some of the pros associated with rent-to-own agreements.

For the buyer: A means of gradually achieving the goal of homeownership. An affordable option for those buyers who don’t qualify for a loan or who can’t afford a down payment. No credit history check. The ability to rent and pay off the principal cost of the house simultaneously. Consistent payments over time to improve credit scores. An opportunity to test out a property before committing to it long term. An opportunity to become familiar with local schools, the neighborhood and the community. The final purchase price is determined in advance and immune to fluctuations in property market values. There are no competing homebuyers. The extra monthly cash outlay is essentially returned to the tenants who buy the house.

For the seller: A solution to the difficulty in selling a property in a slow real estate market or for any other reason. The house doesn’t sit vacant. The seller receives monthly funds upfront. The rental money is income which can be used to pay homeowner fees. Even if tenants decide not to buy, the extra fees belong to the seller as compensation for keeping the property unavailable to other buyers for the duration of the contract. The seller canrent or sell to another party. The final price is locked in and cannot go down.

Lease option disadvantages 

Here are some of the cons and potential pitfalls of renting to own.

For the buyer: Tenants who choose not to buy forfeit all extra payments to the seller. Non-refundable outlays of cash can add up to thousands of dollars. Buyer Beware: Beware of homeowners who try to terminate the lease early in hope of a quick sale, or who unscrupulously wish to benefit for above-market rental fees with no intention to sell.

For the seller: People interested in a lease option often have poor or unestablished credit histories, haven’t qualified for a loan and may pose a risk. Tenants who don’t intend to buy may not take good care of the property.

What to include in a lease option contract

Since every lease option agreement is unique and subject to buyer-seller negotiation, it is highly advisable to commission a lawyer to draw up an explicit legal contract that should specify:

• Monthly rental amount Monthly extra fee (down payment) towards future purchase of the property
• Final home purchase price Allocation of responsibility for maintenance and repair costs
• Protection clause allowing the owner to inspect the property periodically

Now that you know how a lease option works, you can decide if it is the best option for you.

Edited by FSC Endeavors LLC FL

FSC Endeavors LLC FL, 10 Best Housewarming Gifts, Gift ideas for people who move during the holidays!

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What gifts can you give to someone who’s moved during the holidays?

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10 Best Housewarming Gifts

If you’ve received an invitation to celebrate a friend’s or family member’s hot new space, you simply must bring something to the host to show how much you appreciate the new digs. Ten ideas for the perfect housewarming gift are listed below – and the right one may secure you a spot on the next party invite list, when they try out what you gave them.

1. Wine and accessories – Take the new resident a bottle or two of their favorite wine (find out if they like red, white or rose’), and pair it with either a great assortment of cheese and water crackers, a cheese tray (around $15), a set of cool bottle stoppers, or a corkscrew.

2. Cooking basket – Give the gift of making a meal yourself with a basket filled with dried pasta, a pot, colander, recipe for the pasta you included and a pasta-complementary cheese.

3. Monogrammed gift – Purchase a door mat with the recipient’s last name in a pretty font, or buy a throw pillow with the recipient’s last name initial in script. You could also monogram a metal key holder.

4. Something green – Give the housewarming host something they can plant and enjoy in their new home, such as a small indoor plant that won’t take up too much space in his or her new place. If they plan to grow a container garden on a balcony, you might get them an attractive pot, some vegetable seeds, or a book about gardening.

5. High-end toiletries – Everyone needs liquid soap for the kitchen and bathroom. Go beyond grocery store brands and purchase a set of luxury kitchen counter spray, dish soap, hand lotion and hand soap from a high-end place like Crate and Barrel or Williams-Sonoma.

6. Luxury candles – If your friend is earth-conscious, purchase a few soy candles in a light to moderate scent. Or, pick up a few aesthetically pleasing and wonderfully scented candles from Bath and Body Works or Yankee Candle. Expect to spend $10-$20 per candle.

7. Outdoor décor – Whether the new resident has a house, an apartment, or a townhouse, they’ll need planters and décor for their balcony or patio. A beautiful, light-catching hummingbird feeder in a bright color would make a great present. Cute wind chimes might also be something they’d like.

8. Entertaining supplies – You probably don’t want to bring wine glasses, as the new resident may already have a matching set, but other dishes may be just what they want. A chip and dip set goes with any décor, and a carafe can serve as a wine decanter and piece of interest on a dining room shelf. Also, everyone can use an eco-friendly wooden salad bowl and matching servers.

9. Get playful – Encourage your friend to invite you back over for game night when you give him or her the gift of games in some combination of Monopoly, Twister, Clue, Pictionary, Scrabble, Scene It! or Yahtzee. Or, opt for a poker chips set and playing cards.

10. Tools bucket – Pick out a theme – cleaning supplies, kitchen gadgets, gardening, grilling or home improvement – and create a housewarming bucket a la Martha Stewart. Create a bucket full of cleaning supplies: Sponges, scrub brushes, organic cleaners and waffle-weave cotton towels and washcloths. A kitchen-themed bucket could include a cookbook, serving spoons, spatula, tongs, a can opener and garlic press. A gardening bucket could be stuffed with gardening gloves, handheld tools, seeds and plant food Finally, a grilling bucket might have grilling tools, a monogrammed steak branding tool, a spice rub and an apron.

by Apartment Guide  Edited by FSC Endeavors LLC FL

FSC Endeavors LLC, FL 3 Advantages of Selling Your Home During the Holidays

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3 Advantages of Selling Your Home During the Holidays

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We all know—or maybe we assume—that spring and summer are the best times to sell a home. And it’s true that many buyers do plan their new home purchases during the warmer months. But that doesn’t mean all the serious buyers evaporate after Labor Day.

If your home is for sale now, you’re actually in a great position to sell your home faster and for more money by taking advantage of the unique characteristics of the holiday selling season.

1. Less Competition

You’re not the only homeowner who’s considered taking your home off the market during the holidays—most don’t want the hassle. And most new sellers will decide to wait until the first of the year or even springtime to put their homes up for sale.

That’s great news for you because you won’t have to compete with dozens of other homes just like yours to get buyers’ attention. Reduced inventory means more buyers checking out your home, either online or in person. Keep their attention by making sure your home is priced to sell and that your home is in “show” condition at all times.

2. Motivated Buyers

Anyone who takes time out of their busy holiday schedule to shop for a new home is serious about buying now. Perhaps they are buying a home for tax reasons or are relocating to start a new job in the new year. Maybe they’ve been looking for months and just haven’t found that perfect home yet.

Whatever their reason, make it easy for these folks to get a good look at your home by staying flexible with your showing times and be open to negotiating contract terms that work with their schedules.

3. Your Home Looks Great

Emotion plays a huge role in which home a buyer purchases, and you can capitalize on that by making your home cozy and cheery during showings. Tasteful decorations and a minimum of clutter will allow buyers to see their own families celebrating the holidays in your home next year.

Make sure your decorations enhance rather than detract from your home’s best features, and remember to remove them as soon as the season is over.

by Dave Ramsey  Edited by FSC Endeavors FL LLC

FSC Endeavors, LLC 7 Ways to Make Your Home Feel Like the Holidays

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7 Ways to Make Your Home Feel Like the Holidays

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Holiday décor is about a beautiful doorway complete with a spectacular snow-glazed wreath, an elegant dining room table set for a king, a garland perfectly draped over the staircase banister and the living room that’s festive, yet classy with a beautiful Christmas tree in the center of it all.

Whew–that sounds like a huge ordeal, doesn’t it? It doesn’t have to be. You can either take this as a chance to freshen up your home with a few big projects (get out that paintbrush!), or just try a few simple holiday crafts to accent your table.

1. Your color palette should be warm, inviting and comfortable. If you’re up for it, now is a great time to update your color scheme. Stay away from bright and bold; instead, focus on muted and flat earth tones like warm grays (such as Home Depot’s Elephant Skin) or greens and browns. Add small pops of color with classic decorations that are silver, deep red or gold.

2. Create a stunning centerpiece. A beautiful dining room table starts with a centerpiece that turns heads. Fill clear vases with gold or silver accents and deep red and white flowers, surrounded by a bed of twigs, birch bark and touches of greenery. Add some votives or flameless candles to bring it to life.

3. Replace knick knacks. Remove non-holiday items and replace them with inexpensive and easy-to-make holiday items like pine cones, birch bark, sprigs of berries, pomegranates and Christmas tree shavings mixed together in a glass vase or spread out on a tray or bowl.

4. Rearrange furniture. The benefits here are twofold. Move your couches and tables in a way that encourages conversation, while opening up the space to spotlight a particular object in the room, usually a well-decorated mantle or Christmas tree.

5. Be consistent with holiday lights. White holiday LED lights are the best choice because they go with any color scheme and they are energy efficient and fire-safe. Keep in mind that sometimes less is more when it comes to lights, especially indoor holiday lighting.

6. Make it smell like the holidays. To make it feel like the holidays it needs to smell like the holidays. Candles not only add a visual element and warmth, they come in a variety of scents like Christmas cookies, balsam fir, pumpkin pie, warm apple cider and more. Or just bake some cookies to give your home that holiday smell.

7. Add decorative accents. Consider warm reds and greens and a fleece throw in a holiday pattern. It’s a great excuse to curl up on the couch with family and friends.

By Robin Wilson,  Edited by FSC Endeavors FL

FSC Endeavors LLC, Moving During the Holidays?

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Planning a move during the holidays

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Normally the annual traditions and celebrations observed during the holidays are an anchor for the soul. Despite the hustle and bustle of organizing, buying, wrapping, posting and partying, much of the joy and spirit of the season comes in knowing what to expect.

Except when you’re moving!

It seems ludicrous that anyone would intentionally inject more stress into this hectic period than to schedule a relocation right in the middle of yuletide festivities. Yet many do by necessity.

They have planned or paid time off from work off to complete the sorting, packing and cleaning, loading, travel and unloading arrangements. Kids are out of school so it doesn’t disrupt their academic schedule as much. Family and friends home for the holidays can help manage the process.

Frequently the angst associated with routine relocation activities, however, causes everyone to overlook the obvious. A little pre-planning can help reduce not only seasonal anxiety but the normal fear that comes with making a life transition during a period that’s usually filled with pleasant memories.

• Separate the things you need for your holidays festivities.– Don’t pack all the wrapping paper, ornaments, gifts, cards, clothes or medications until you’re sure they won’t be needed. You don’t want to arrive at Grandma’s house only to realize all the presents are secured in a box at home, traveling in a moving truck, or sitting in storage somewhere.
• Plan for delays. – Especially is you’re using a mover. Many local and long distance drivers schedule time at home with their own families between Thanksgiving and New Years. It might take longer than you’d normally expect to pick-up and deliver your household goods. Frequently moving, storage and utility companies, equipment rental outfits, and third party labor and appliance services operate on reduced hours or with smaller crews during the holiday season.
• Make sure everyone involved knows your timetable and how to communicate with you. – Share your holiday schedule and any available contact phone numbers or digital media addresses with everyone involved in your relocation plans, including your family, friends, moving and utility companies, loading/unloading labor crews, landlord, moving van driver etc.
• Confirm in advance that each address is accessible. – A five mile long parade, or restricted access thoroughfare because of other holiday festivities can quickly throw a monkey wrench into the best thought-out plans.

If you know someone involved in a move during this difficult time of year, you can help most by trying to understand the immense pressure they’re under and offering your assistance – in whatever manner is needed.

If you’d normally exchange traditional gifts, plan something personal instead. Select an item that doesn’t require a lot of additional handling such as a small memento, card, picture, handmade ornament or family heirloom. Whatever your contribution, it will be remembered and appreciated long after everything is unpacked and put away.

Edited by FSC Endeavors LLC, FL

FSC Endeavors LLC, Who is FSC Endeavors LLC?

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Some people ask the question, “Who is FSC Endeavors LLC?”

FSC Endeavors LLC

FSC Endeavors, LLC is a business that focuses on investing in not only your home, but you as well. We know that there is a lot of real estate for sale.  We love to invest in a way that will make it easy to compliment your lifestyle and interests.

We’re committed to providing you with great service, so you’ll always feel good about choosing to work with us for your home selling needs.  We know that  moving upsets your life and is not fun or convenient. So, we want make the process as easy and enjoyable as possible for you. We genuinely care about your home and your experience, and it shows.

FSC Endeavors LLC real estate is good real estate investing.  For more information please visit our website.

http://www.fscendeavorsllc.com

Edited by FSC Endeavors LLC FL

FSC Endeavors LLC, How Does Lease Purchase Work?

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How Does Rent-to-Own Work When Buying a House?

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When the market is saturated with homes for sale, rent-to-own becomes a popular option. It solves several problems for both the buyer and the seller. Rent-to-own is a contract to buy, but the closing date has been extended a year or two into the future. The renter has plenty of time to line up financing, and the seller gets his mortgage payments covered with rent in the interim.

Lease Purchase vs. Lease Option

Many people confuse lease purchase–aka rent-to-own–with lease option. There is a big difference. Lease option gives the renter the option to buy the home. The renter is not agreeing to buy it, but if a contract is offered, he may have first right of refusal. In other words, he should produce financing and close on a loan, or make plans to move out. A lease purchase is a contract to buy with an extended closing date. The time is used to save a down payment or to line up acceptable financing.

Buyer Advantages

The buyer in a rent-to-own situation can freeze the price on the home a year or two in advance of when he must close on the mortgage loan. In the contract, he can list payments that will be contributed toward a down payment or toward the sale price. He can move in and try out the neighborhood–and the school system–prior to buying. The extended closing date gives the buyer plenty of time to clear up credit issues or to save down payment money. In the event he does not get financing, however, any deposits he makes up front may be lost.

Seller Advantages

The seller has the advantage of having a renter who is responsible enough to want to buy the home; therefore, he will take good care of it. The rents the seller receives cover all or part of his monthly mortgage payment. The seller also can require a nonrefundable deposit to bind the contract. If, at the end of the rental period as spelled out in the contract, he is not able to close the sale, it can be renegotiated or terminated.

Suggestions

When considering a lease purchase contract, take a look at your credit report to clear up any issues or to raise your credit score. Review the report for errors, duplications and outdated information. Dispute these items by contacting the customer service number on the report. Also, visit a mortgage lender and get pre-qualified for a loan. Even if you have no credit issues to clear up, debt ratios play a big part in mortgage approval. This meeting will show the amount of debt you can handle each month and still be approved for a mortgage. Down payments and loan types will be discussed, making you a well-informed future borrower.

by Joey Campbell, Edited by FSC Endeavors LLC, FL