Frequently Asked Questions

Our requirements are very simple:

• Household Income least 3x the monthly rent (if the rent is $1,000, everyone on the lease together has to make $3,000 a month)
• No recent evictions
• No felonies, especially violent ones
• "Decent" credit score - subject to review but generally at least 580

All of our rental homes have high quality finishings and features such as:

• Granite or quartz countertops
• Stylish, new electrical and plumbing fixtures
• Stainless steel appliances
• Located in safe neighborhoods

Also, we are a very stable landlord so you will not have to worry about moving or not having your lease renewed if you are a good tenant!

The ResiAmerica Home Purchase Program offers a distinctive path to homeownership, bypassing traditional mortgage hurdles. We purchase your chosen home and lease it to you with an option to buy at today's price anytime in the next 15 years. Your purchase price is locked in at today's price no matter how much the market goes up.

Each month, part of your rent is applied towards the purchase price, ensuring your payments are an investment in your future. And if you decide not to proceed with the purchase, this money is refunded to you.

This program empowers you with immediate control over your home, offering the flexibility to renovate, repair, or even sell the property during the lease period.

No, there is no penalty for early termination. However, please be aware that you will lose your purchase deposit. However, we will refund your rent credits or any extra payments you made if you terminate your lease early.

Introducing your clients to the ResiAmerica program is easy. You can use our convenient invite feature to send them an invitation to apply for the program. Once they receive the invite, they can sign up and complete the application online at their own pace. If you have clients who are less comfortable with technology, don't worry! You can still help them get started with ResiAmerica. Simply reach out to your dedicated agent relationship manager, and they'll guide you through the process of submitting an application on behalf of your client.

This is up to you to negotiate. As the agent, you will receive buyer's agent is offered to you. You should probably negotiate with the seller or include a buyer's agent commission in the contract for cases where the seller does not offer a buyer's agent commission. This all depends on the market you are operating in, what is customary, and what the procedure of the local MLS and Realtor assoication is.

We are a local company that buys and renovates homes.

Our program is designed with simplicity in mind:

1. Get approved based on stable income and a deposit - minimum 10% deposit
2. Choose any home on the market. You can use your own agent or we can help you shop.
3. We buy the home for you and then give you an exclusive legal right (called an "option") to buy the home from us for today's fixed price at any time during the next 15 years.
4. During this time, rent the home from us.
5. Before you move in, you'll pay a deposit of at least 10% of the home's price. This deposit locks in your purchase price and is applied toward the purchase if you decide to buy the home.
6. A portion of your monthly rent goes towards the home's purchase price.
7. You can then make extra payments toward the home to buy it in full as quickly as possible. If you change your mind and decide not to pay, any extra payments you made are 100% refundable to you.
8. Enjoy full control—renovate, repair, or we will help sell the home, with you getting any proceeds above the purchase price, during the lease term.

The ResiAmerica Home Purchase Program is a lease-to-own program designed to help clients achieve homeownership. We assist buyers who can't qualify for a traditional loan. Here's how it works:

1. Your client submits an application to us including proof of adequate deposit and reliable income
2. You take client home shopping. They can pick any home on the market that fits our purchase criteria and their approved budget.
3. You write an offer on the home with us as a CASH BUYER
4. ResiAmerica purchases the home on your client's behalf
5. You will receive the full buyer's agent commission
6. We then lease the home back to your client for 15 years, with an exclusive option to purchase the home outright any time during the lease term.
7. The client pays a one-time option fee to lock in their price.
8. During the lease term, a portion of the client's monthly rent goes towards building equity in the home.
9. The base rent and purchase price are fixed for the entire lease term and will not change.

In short, you get paid as soon as the home your client chooses closes - once we purchase the home from the seller.

When your client uses the ResiAmerica program, you act as the buyer's agent on our behalf. This means you'll receive the full buyer's agent commission that the seller is offering, just like in any other transaction. You'll get paid as soon as the property closes, with your commission coming out of the escrow funds. It's a straightforward process, and you won't have to wait or worry about getting paid.

In general, yes. Our program is best suited to standard homes in suburban areas that fit well with the surrounding neighborhood. While we may consider homes in rural areas on a case-by-case basis, these properties could require a larger down payment from your client. It's important to note that we do not finance mobile homes or properties within communities that have rental or age restrictions.

The purchase price of the home is set when ResiAmerica buys the property. It includes the price paid for the house, a 5% transaction fee, and closing costs. Once the purchase price is determined, it remains fixed for the duration of the lease term, even if home values in the area increase significantly.

Beyond the home's purchase price, a 5% transaction fee is added to the final purchase price, not required upfront. You're also responsible for all closing costs, including title company and attorney fees. After the initial purchase, there are no ongoing fees except for the monthly rent, part of which contributes to a "rent credit" towards eventual homeownership.

Your client responsible for all routine maintenance and repairs on the property. However, if a significant structural issue, not identified during the initial inspection, arises, we will provide support to address it. Day-to-day upkeep, nonetheless, falls under your client's responsibility.

• Fair Price - We offer you a fair “as-is” price for your home. Since we are direct buyers and not a middle man, we can pay a higher price with more transparency than other potential “buyers”
• Quick Closing - We will close as soon as possible so that you can pay off your loan and receive your equity. We can close in 1 to 2 weeks, after title work is finished
• Lease back - We will offer you flexibility through our lease-back program as well. Move whenever you would like.

Our program is designed for individuals and families who have a stable income and can provide a down payment of at least 10% of the purchase price. It's particularly suited for those who might find traditional mortgage routes challenging, such as business owners, freelancers, recent immigrants, or anyone with a unique credit history. We believe in making homeownership possible for those who are ready and willing to invest in their future, regardless of their past credit challenges.

Here are some examples of people who might be a good fit for our program:

• Recent immigrant with no social security number or ITIN
• Business owner with inconsistent income
• Commission based jobs with variable income
• Plenty of assets but temporarily short on income

Yes! With ResiAmerica, you'll always receive the full buyer's agent commission that the seller is offering. We don't request any rebates or credits from your commission. We believe in fairly compensating agents for their hard work and dedication in helping clients find their dream homes. You can rest assured that you'll be paid in full for your services.

Your role in helping your clients get pre-approved is crucial.

1. First, work with your clients to ensure they complete the application accurately and provide all the necessary information.
2. Or, if your client is technically challenged, you can submit the application on their behalf.
3. Double-check the application for any errors or omissions before submitting it.
4. Once the application is submitted, reach out to your agent relationship manager to discuss your client's specific situation. Share any relevant details about your client's income, credit history, or other factors that may impact their approval. Your agent relationship manager will work with you to determine the best path forward for your client.

The steps are described in more detail throughout this FAQ, but the pipeline goes like this:

1. Application submission and approval
2. Submit a potential home for review to determine if it meets our purchase criteria
3. Create an offer and submit it to the listing agent, just like a normal transaction
4. Typical escrow process including home inspection, repair negotiations, etc
5. Home closes, you get paid.
6. Client signs a long-term lease with an exclusive option to buy, pays deposit and moves in

As the agent, you play a crucial role in helping your client find their ideal home. You should show your client properties that match their preferences and budget. Once you and your client have identified a suitable home, submit the property to ResiAmerica for approval through our online portal - this is called a “Home Submission” within the “Deals” section of the portal.

While the ResiAmerica program is not a traditional mortgage, it is designed to mimic some aspects of a mortgage. Initially, a small portion of the client's rent, known as the "rent credit," goes towards building equity in the home. This rent credit increases over time. If the client decides not to purchase the home, the accumulated rent credit is refunded to them.

The option fee will be applied toward the purchase price if your client decides to purchase the home.

Absolutely. While we'd like to be informed about the changes and review any significant improvements, we're open to your client personalizing the home through renovations or additions. Your client's enhancements are encouraged as long as they align with our guidelines and enhance the property's value.

• We will buy your home as soon as possible so that you can receive your sale proceeds. We want to give you flexibility so can offer to lease the home back to you for a discounted rate for up to 3 months.
• If you would like to lease back for a longer period of time, we would be happy to perform any needed repairs and then you can sign a market rate lease.

Yes, and No. When you compare our program to buying a home with a mortgage, the costs might look a bit different. Our program is really for people who might have trouble getting a regular loan from a bank. Yes, our monthly rent might be a bit higher. This is because we offer special benefits, like making sure the price of the home won’t go up for 15 years. This means even if houses get more expensive, yours won’t. Your rent also stays pretty much the same, except for some small changes if property taxes or insurance costs go up. Think of it this way: even though you pay a little more each month, you get to live in your home right away without waiting to qualify for a bank loan. Plus, you can buy the house at the price we agree on now, not a higher price later. And you can make the house your own, fixing it up or even selling it if you want to. For many people, the chance to move into a home now and the promise of a stable price are worth the extra cost. It's a way to start owning a home when other options might not be available.

The ResiAmerica program benefits clients who may not qualify for a traditional mortgage due to various factors, such as inconsistent income, limited credit history, or non-permanent resident status. Some of the key benefits include:

• Immediate access to their chosen home: Clients can move into their dream home right away without waiting for a traditional mortgage approval.
• Exclusive option to purchase: The program grants clients an exclusive 15-year option to purchase the home at a pre-determined price, providing a clear path to homeownership.
• Flexibility and control: Clients have the right to renovate the home to suit their preferences and can even sell their purchase option during the lease period if their circumstances change, giving them a high level of ownership and control.
• Rent credit towards purchase: A portion of the client's monthly rent goes towards the purchase price of the home, helping them build equity over time. With the ResiAmerica program, clients enjoy many of the benefits of homeownership from day one while having a structured and achievable plan for purchasing the home outright.

When you work with ResiAmerica, you'll be acting as the buyer's agent on our behalf, which means you'll have the typical buyer's agent responsibilities. We'll work closely with you throughout the process. Your role is to be the main point of contact between ResiAmerica and your client, ensuring that your client is satisfied and that the deal closes smoothly. You'll have a dedicated ResiAmerica representative who will be available to answer your questions, provide guidance, and help you navigate any challenges that may arise.

To get pre-approved for the ResiAmerica program, your clients will need to provide proof of income and proof of funds for the deposit. Acceptable proof of income can include:

• Recent paycheck stubs
• Bank statements showing regular income
• Tax returns (if self-employed or earning non-traditional income)
• Other documentation demonstrating stable income

In most cases, your clients will need to show proof of funds for at least a 10% deposit. This can be in the form of bank statements or other financial documentation showing that your client has the necessary funds available. If you have any questions about the specific documents required for pre-approval, don't hesitate to reach out to your agent relationship manager for guidance.

As the agent, you will make the offer on behalf of ResiAmerica or one of our related entities. In this transaction, ResiAmerica is considered the buyer. You will present (an all cash) offer with a standard inspection period, just as you would for any other buyer.

The program is set up with three year lease terms. At the end of each lease term, you can walk away and receive any rent credits back. Upon the renewal for the next three years, there will be a 5% rent increase. This is much less than a regular lease which increases 3-5% PER YEAR on average. Also, the rent will increase if property taxes or insurance rates go up. It will increase by the amount that the property taxes and insurance increase only.

We will try to work with your client as best as we can, but we will handle missed payments just like we would with a regular tenant. If the rent is not paid, we will have no choice but to file an eviction. However, any rent credit or additional payments made toward the purchase price will be refunded if your client is evicted or cancels the lease.

We will perform renovations and remodeling, and then will either rent the home or sell it to a retail buyer. We expect to make a reasonable profit for our work.

The ResiAmerica program is ideal for clients who have stable income but may face challenges qualifying for a traditional mortgage. This could include:

• Self-employed individuals
• Freelancers or those with variable or seasonal income
• Recent immigrants
• Those with unique credit situations

The program does not require a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), making it accessible to a wider range of clients. Clients who have sufficient savings for a down payment (at least 10% of the home's purchase price) and can demonstrate the ability to afford the monthly rent payments are good candidates for the program. ResiAmerica focuses on the client's income stability and reliability, even if the income is variable or seasonal, rather than relying solely on traditional credit metrics.

This is a unique transaction where you, as the agent, are representing both your client (the person who will ultimately buy the home from ResiAmerica) and ResiAmerica (the “buyer” that is purchasing the home from the original seller). It's important to understand the dual nature of this relationship. From a legal perspective, ResiAmerica is the actual buyer in the transaction with the seller. However, your client is the one who chose the home and will eventually purchase it from ResiAmerica. In this sense, you have a responsibility to ensure that your client's needs and preferences are met throughout the process.

Also, please note that ResiAmerica usually brokerage licenses in most states in which we operate. But we empower you to act as the buyer’s agent to receive full commission on the sale.

As a real estate agent, you typically have fiduciary duties to your client, known as the "Duties Owed." These duties include loyalty, obedience, disclosure, confidentiality, reasonable care and diligence, and accounting. In this transaction, you'll need to balance these duties between your client and ResiAmerica. You should work closely with your client to help them find a suitable home and ensure that they are satisfied with their choice. At the same time, you'll be communicating with ResiAmerica and representing their interests as the buyer in the transaction with the seller. ResiAmerica recognizes the importance of your role in this process and will support you in balancing your responsibilities to both parties.

We'll work with you to ensure a smooth transaction and a positive outcome for everyone involved. If you have any questions or concerns about navigating this dual relationship, please don't hesitate to reach out to your ResiAmerica representative for guidance.

You will submit the offer and negotiate on behalf of ResiAmerica. This includes drafting counter offers, repair proposals, amendments, and addendums as necessary. Throughout the negotiation process, you'll work to ensure that the terms of the purchase agreement align with ResiAmerica's guidelines and your client's needs.

Yes, the client has the flexibility to purchase the home at any point during the lease term. They can make additional refundable payments over time, which ResiAmerica holds in escrow until the client is ready to buy. Alternatively, the client can obtain a mortgage loan to pay off the pre-determined purchase price.

One important positive thing to note is that if your client decides not to proceed with the home purchase, any money they paid toward the purchase price will be refunded, with the exception of the 10% option fee that was paid to lock in their price.

The only way to ensure this is to make additional payments as your client is able to save money. Or, near the end of the lease, your client could sell the house. Or they might qualify with a regular mortgage and can finance the house with a bank loan.

• Most of our competitors are “Wholesalers”. Wholesalers won’t actually buy your home. They will have you sign a contract that allows them to sell your home to a REAL buyer, such as ResiAmerica.
• If they can’t sell your home within 10 days, the contract is void and you are back to square one. Choosing ResiAmerica first eliminates the middle man and puts real money in your pocket sooner and reliably.

To be eligible for the ResiAmerica program, clients need to have a stable income to afford the monthly rent payments and a down payment of at least 10% of the home's purchase price. ResiAmerica does not require a specific credit score or US residency status. In other words, no SSN or ITIN Number is required! The program is open to self-employed individuals and those with non-traditional income sources.

As the agent, you will handle some aspects of the transaction coordination, while ResiAmerica will manage others. Think of your role as that of a buyer's agent working with a sophisticated investor. We have our own internal processes, particularly related to repair proposals, but you should still assume the responsibilities of a full-service buyer's agent. This is why you retain the entire buyer's agent commission.

If the client chooses not to purchase the home at the end of the lease term, ResiAmerica will refund any accumulated rent credit and additional payments made towards the purchase price. However, the initial 10% option fee paid by the client to lock in the purchase price is non-refundable.

However, please note that if they do proceed with the purchase, the option fee is applied to the purchase price.

No, there is no penalty for early termination. However, please be aware that we will keep the option fee. We will refund your client's rent credits if they terminate the lease early.

No. We cover all closing costs. The price we are offering is the net amount you would receive, before paying off your loan or any other liens on the house.

Monthly rent payments in the ResiAmerica program are typically slightly higher than a traditional mortgage for highly qualified borrowers. This difference accounts for the unique benefits and flexibility the program offers to clients who might not otherwise qualify for a conventional mortgage. The slightly higher monthly cost is justified by advantages such as immediate move-in, a locked-in purchase price for 15 years, stable base rent, and the freedom to renovate or sell the purchase option.

The overall cost of the ResiAmerica program may be higher than a traditional mortgage due to the higher monthly payments and the lease-to-own structure. However, for clients who may not have other options available, this program provides a valuable opportunity to build equity and achieve homeownership. Ultimately, for clients who might not qualify for a conventional mortgage, the marginally higher monthly cost and overall program cost are a worthwhile investment in their future, providing a path to homeownership that may otherwise be out of reach.

Contingencies and due diligence periods work similarly to any other real estate contract. We require an inspection period and will complete a home inspection. Based on the inspection results, we will either negotiate repairs with the seller through you or propose a repair credit. Your client should be involved in this process as well. In some cases, we can perform additional repairs before your client takes possession and add the cost of these repairs to their purchase price.

If the client decides to sell the home before completing the purchase, they can do so by selling their purchase option. The client can work with you, their agent, to list and market the home. Once a buyer is found, the sale proceeds will be used to pay off the remaining balance owed to ResiAmerica, and any excess funds will be given to the client, minus closing costs and real estate commissions.

It's important to note that the client will need to communicate their intention to sell to ResiAmerica, so we can guide them through the process and ensure a smooth transaction.

No. ResiAmerica is a licensed real estate brokerage and we will assist you with all of the closing process. You will not have to pay a sales commission because we are not acting as a middle-man.

Your role in the closing process is the same as any transaction where you act as the buyer's agent. You'll work with ResiAmerica, your client, and the closing agent to ensure that all necessary documents are signed, funds are transferred, and the transaction closes smoothly.

ResiAmerica's home purchase program is a lease with an option to purchase for a fixed price. Since a portion of the monthly rent is set aside as a "rent credit" that can be optionally applied toward the purchase price, it works similarly to a mortgage. However, there is no "interest rate", per se. If you want to think of it like an interest rate, the pricing would be roughly equivalent to 3% higher than whatever the prevalent market interest rate would be for super prime borrowers. For example, if the current rate is 6%, your client's interest rate equivalent would be around 9%. But again, this is a lease with an exclusive long-term option to purchase, *not* a loan.

• ResiAmerica charges a 4% service fee on a case-by-case basis. This fee is how we earn money because we are buying your home for market price in as-is condition, not a heavily discounted or distressed price.
• When you sell your home through a real estate agent, the customary commission is 6%. Plus, you have to handle a buyer repair list, which can be very costly.

You can use our payment calculator to get an estimate of monthly payments.

We will offer you a fair as-is price for your home based on the current market. The price will not be heavily discounted like if you were selling to a house flipper.

Additionally, we let you close whenever you would like and even allow you to lease the home back from us.

To find out more details, please visit our selling section.

Yes, we have a wide selection of homes available for lease! All homes have been beautifully renovated with premium finishes. Approval is subject to income and credit qualifications.

All of our homes are nicely renovated with granite countertops, stainless steel appliances, and more great features!

View our available listings now

If you are ready to sell your home but want to wait before you buy your next home, ResiAmerica has a wide array of homes available for lease that have been beautifully renovated. You can also sell your home to ResiAmerica and lease it back from us until you are ready to buy a new home!

When you are ready to buy, let our ResiAmerica experts guide you through the process of getting approved for a loan and finding the perfect home!

We are in the home selling business. We have many homes that are nicely renovated and move-in ready.

Please visit our Buyers Page to view our available homes.

The price we agree on for the home is set when we buy it. It includes what we paid for the house, plus a fee of 5% for the transaction, and the costs of closing the deal. Once this price is set, it won’t change, even if house prices in the area go up.

Our program isn't exactly like a mortgage, but we’ve designed it to feel similar. At the beginning, a small part of your rent—what we call a "rent credit"—goes toward owning the home. As time goes on, this amount gets bigger. If you decide not to buy the house, we give this rent credit back to you.

Yes, you can buy the home any time you want. You can pay us bit by bit in refundable payments that we keep safe until you’re ready to buy. Or, you can get a mortgage loan to pay off the price we agreed on.

If you choose not to buy, we’ll give back any rent credit or extra payments you made. But, the 10% deposit you paid at the start to lock in your purchase price won’t be returned. Also, please remember that it is possible for you to sell the home during your lease term since you have an exclusive option to buy the home.

This works like this: We will list the home for sale for any price you specify. If/when it sells, we will then receive our agreed on purchase price at closing and you will receive any proceeds, net of closing costs. This makes our program much more unique than other lease option programs.

If you decide to sell the house, we can help. You can pick any real estate agent you like, or use our services at ResiAmerica for a lower fee. We’ll handle the paperwork and help you sell the house. At the end, the buyer pays the money to the title company, which then pays us any amount you still owe, and you get the rest, minus any closing costs.

To qualify for our home purchase program, applicants need to provide a down payment of at least 10% and demonstrate the ability to afford the monthly payments. This financial readiness can be shown through a combination of savings and/or consistent income. Importantly, our program is inclusive; we do not require applicants to have a Social Security number, ITIN, or US permanent residency, making it accessible to a wider range of aspiring homeowners.

We do not set a minimum credit score for our program. Instead, we conduct our own evaluation to ensure that applicants are a good match for our program, focusing on their savings and income levels. This assessment is tailored to understand the financial situation of each applicant, whether they earn a regular wage or are self-employed, to ensure they can successfully participate in the program.

Absolutely. Our program is designed with flexibility in mind, specifically to accommodate individuals who may face difficulties securing a traditional bank loan. This includes self-employed individuals and those with non-traditional income sources. We recognize the value and potential of every applicant, regardless of how they earn their income.

During the application process, you'll be asked to provide documentation that verifies your financial stability. This includes bank statements and proof of income, such as pay stubs, tax returns, or other relevant financial documents. Additionally, a government-issued ID, like a driver's license or passport, is required to confirm your identity. These documents help us create a comprehensive understanding of your financial background, ensuring that our program is a good fit for your homeownership journey.

Our program primarily focuses on standard homes in suburban areas that blend well with their surroundings. While we do consider homes in rural areas on a case-by-case basis, these may necessitate a larger down payment. We do not finance mobile homes or properties within communities that impose rental or age restrictions.

Prior to purchase, we conduct a thorough home inspection to ensure the property's condition meets our standards. You'll have the opportunity to review the inspection results with us, and we can negotiate with the seller for any necessary repairs or a credit for repairs, much like a traditional home buying process.

As the lessee, you're responsible for all routine maintenance and repairs on the property. However, if a significant structural issue, not identified during the initial inspection, arises, we will provide support to address it. Day-to-day upkeep, nonetheless, falls under your responsibility.

Absolutely. While we'd like to be informed about the changes and review any significant improvements, we're open to you personalizing the home through renovations or additions. Your enhancements are encouraged as long as they align with our guidelines and enhance the property's value.

Beyond the home's purchase price, a 5% transaction fee is added to the final purchase price, not required upfront. You're also responsible for all closing costs, including title company and attorney fees. After the initial purchase, there are no ongoing fees except for your monthly rent, part of which contributes to a "rent credit" towards eventual homeownership.

Your rent is slightly higher than a traditional bank mortgage, factoring in taxes and insurance. This accounts for the higher risk since our clients might not qualify for bank loans. Our model includes a rent credit system, starting small and increasing over time, designed to simulate the experience of paying down a mortgage. If you opt not to buy, this rent credit is refunded.

The program is set up with three year lease terms. At the end of each lease term, you can walk away and receive any rent credits back. Upon the renewal for the next three years, there will be a 5% rent increase. This is much less than a regular lease which increases 3-5% PER YEAR on average. Also, the rent will increase if property taxes or insurance rates go up. It will increase by the amount that the property taxes and insurance increase only.

The option fee will be applied toward the purchase price if you decide to purchase the home.

We will try to work with you as best as we can, but we will handle missed payments just like we would with a regular tenant. If the rent is not paid, we will have no choice but to file an eviction. However, any rent credit or additional payments made toward the purchase price will be refunded if you're evicted or cancel the lease.

At the end of the 15-year lease, you will have paid a lot of money into your rent credit account. But if you did not make extra payments, you will not have enough to purchase the home in full. Most people make extra payments every month. Remember, that even if you completely change your mind, these payments are refundable to you.

So you will haver three options at the end of the lease term:

1. Get a standard mortgage loan to pay us the purchase price and title will be transferred to you.
2. Pay us the balance in full out of your savings.
3. Allow us to sell the home and you will receive the difference between the sales price and the balance to purchase.