Lease option offered by Schwab Property Solutions
By CHRIS CASHMAN – ccashman@shawmedia.com
RICHMOND – Schwab Property Solutions of Richmond specializes in helping McHenry County homeowners find solutions to combat rising mortgage payments and losing their homes.
Using hybrid techniques of renting and selling, owner Brandon Schwab said SPS helps homeowners facing hardships by lease optioning homes quickly for top prices.
“The housing crisis has fallen upon our entire country and the families affected are left bewildered on what to do next” Schwab said. “We help people in our community that have nowhere else to turn.”
Founded in 2008, Schwab said SPS is able to convert homes with underwater mortgages into rental homes with an option to purchase.
“Our company gives an awesome solution for banks, but buyers and sellers, as well.
Our company works with many different types of deals.”
For a homeowner owing more on a home than it’s worth, a lease option may be a solution. “Rent to own is a great avenue for people who may be under water but they just want to sell the home for what they owe on it,” Schwab said. “It’s a 10-year option which gives the buyer time and plenty of opportunity for appreciation of the home to come back, which is good for both the seller, the buyer, also the bank because the bank doesn’t have to have the property come back to them.”
A rent credit goes toward the future purchase price of the home. If the tenant/buyer does not exercise his option to buy the home, all the rent credit proceeds go back to the seller. SPS uses a third party escrow company to make sure the monthly payments are used to pay for mortgage, taxes and insurance.
Prospective tenant/buyers are screened. “I cannot ethically put a person in a home that I know he can’t afford,” Schwab said.
Tenant/ buyers are responsible for all the maintenance and upkeep of the home. “Tenant/buyers have an ownership mentality instead of a typical renter mentality,” he said.
“Some have bad credit, but they’re not bad people,” Schwab added.
Schwab said he has more tenant/buyers than he has inventory. “The need for quality inventory is through the roof right now,” he said.
Schwab said the company works with Realtors, especially on houses that are “tough sells” or must sell fast. “Realtors are also used in the selling process when an affordable purchase price makes it possible, we do use agents.
“We help protect sellers with a in-demand hybrid option that helps another family in need,” Schwab said. “I view rent to own as a stepping stone back into homeownership.”
For more information about Schwab Property Solutions, call 224-333-6266, or visit http://www.schwabpropertysolutions.com.
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