How it Works
Our company, Sturm Properties has partnered with a Lease Purchase Program that allows you to work with one of our licensed agents to select the right home from all qualified homes on the market for sale. The company purchases the selected home, leases the home to the resident with pre-determined rents and provides a right-to-purchase at pre-set prices for a defined future period. While the resident's only financial commitment is to lease the house for one year.
Our clients like the simplicity of the lease option best plus they get to choose from many homes, not just one. Residents who participate could benefit from features and requirements that include:
- If the home goes up in value during the rental period, the resident could receive the benefit of appreciation when it comes time to purchase the home;
- Residents may qualify for a mortgage using as little as their security deposit as a down payment or towards closing costs;
- The rental period gives residents time to prepare for homeownership, repay other debts, such as student loans, or save for closing costs; and
- Residents are positioned for long-term success by being required to complete homeownership education or counseling.
The Lease Option provides potential first-time homebuyers with the flexibility to prepare for homeownership while renting a home and the potential to reduce their down payment requirements. Residents have 3 options after the 1st year.
- Walk away and get a full refund of their deposit
- Sign another year's lease at the pre-determined rent amount. No surprises!
- Purchase the home through their preferred lender.
