You can rent this house with a deposit of $900 and a monthly payment of $985. In order to rent-to-own, you deposit $2,600 and pay a monthly payment of $1,085 for the next 36 months. Although you pay an extra $100 per month, I actually give you a $120 per month credit toward the purchase. The extra $120 per month and the deposit of $2,600 all goes as a credit toward the purchase of the house so that you will have $6,920 at the end of the 36 months to apply toward the purchase. There are also other options such as $1,400 deposit with $1,125 monthly payment. If you are not sure you are ready to start the rent-to-own, you can rent for the first six months and then decide. See the following information: Rent-to-Own Options: Initial Deposit: $2,600 Monthly Rent-to-Own: $1,085 Monthly Credit: $120 Credit After 36 Months:$6,920 or Initial Deposit: $1,400 Monthly Rent-to-Own: $1,125 Monthly Credit: $142 Credit After 36 Months:$6,512 Or other options available upon request. How long does it take? In the above example, you will have at least $6,512 credit toward the purchase in two years. But, you can buy the house anytime you are ready. Lets say, for example, you get a large income tax refund next year or a bonus at work that you could put toward the down payment. You can exercise your option to purchase as soon as you are ready. If you have had credit problems in the past, you have some time while you are building up your purchase credit to get your credit history stabilized. I will be one of your best references if you make your payments to me on time. I recommend you begin working with a mortgage company immediately to see what criteria they need to approve your loan. I can recommend one if you are ready to get started. What is the purchase price? The current fair market value of this house is $135,900. During the next two years, this price will be locked in and even though the house can appreciate in value, you are guaranteed that this price will not go up if you purchase within the the years. What if it takes longer than three years to get approved for a loan? My goal is to help you eventually buy the house. That is how I get my money back on my investment. At the end of the two years the option to purchase will have expired. But, I will work with you as long as it takes if you are otherwise a good resident. With mutual agreement of both parties, the rent-to-own can be renewed by adjusting the rent and purchase price to reflect current market conditions while preserving your purchase credit. What if I change my mind? This is the biggest risk to you. If you change your mind, you are obligated to rent for one year, but the additional deposit and extra money you paid each month is non-refundable. It is only a credit toward the purchase if you eventually buy the house. In other words you wouldn't want to get into a deal like this unless you fully intend to someday purchase the house. What about maintenance? After the first 30 days, you will be responsible for any minor maintenance up to $200 per incident. I will be responsible for the amount over $200 until the house is yours. For more information contact Henri Pousardien at (501) 753-6577, 772-0447 www.zillow.com Available October! Price: $135,900 at this time or Rent $985 or Rent-to-Own Original built 1972; addition built sometime later Low traffic street Large—2510 square feet Four bedroom/3 bath Den with wood burning fire place Formal dining room Washer & dryer (gas or electric) hookup 35 year (2005) architectural roof shingles with ridge vents Lot Size 100’ x 135’ with woods in the back Two-car garage with remote opener Sliding glass doors from dining room leads to a large wooden deck on back of house Approved pets allowed with an additional $200 pet deposit which also goes as a credit toward purchase of the house.
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