Step One: The Rent to Own Application
The first step is to apply for the program. To begin the application process, first review the qualification requirements here on this website. Once you have done that, complete the pre-qualification application which will let us know if you are a good candidate for the program. If you are a good fit, we will ask you to complete the full application which costs $75 and covers all potential residents 18-years old and above. Your full application is processed within 1-2 days. If approved, the investor will notify us of the maximum rent amount that you qualify for.
Step Two: The Home Search
Now that you’re approved, we will take the max rent that you are approved for and put that into a calculator to see what the budget is for the home purchase. You will meet with the 1st Premier International Properties team and begin your home search! Here is the cool part! Any home for sale in Sarasota County is a potential candidate for the program. Of course, you have the things you want in a home and the investor has some minimum requirements as well. Once we find the home you want, your 1st Premier REALTOR will submit the home for approval. Included with the property submittal is a “renovation checklist” that you will complete and details what, if any, repairs or upgrades you would like done to the home. Home approval generally takes less than 8-business hours and once you sign off on the rent amount, we will prepare to submit an offer to the seller.
Step Three: The Home Purchase and Lease Agreement
Your 1st Premier International Properties REALTOR will work closely with our investor to negotiate the cash purchase of the home that you selected. This is where patience comes in. The seller make take our first offer or may chose to negotiate which could take several days. Once a purchase price is agreed upon between the buyer and seller, our investor will ask you to sign the lease, right to purchase agreement, and ask for the security deposit within 48-hours. The security deposit will be placed in escrow until closing and will be returned to you in the event the sale is not finalized.
Step Four: Exercise Your Exclusive Right to Purchase The Home
Once the home is purchased and you are renting from the company, you will have the right to purchase the home back at anytime during the next five years at a pre-set price. The process is simple and transparent. There are no hidden fees or non-refundable deposits. If the home value appreciates above this price each year, you realize a financial benefit. If the value of the home declines, you can choose not to renew your lease and walk away with out a penalty.