Price: $119,900 or Rent $920 or Rent-to-Own (See Below)

• Available now!
• Across from Boyle Park—surrounded by wooded area
• Built 1971
• 1725 square feet
• Sliding glass doors open to a huge two-level wood deck on back overlooking the woods
• 3 bedrooms; 2 bath
• Converted garage can be 4th bedroom or office or family room
• Central heat and air
• Gas water heater and gas heat
• Washer and dryer hookup (both electric and gas)
• Kitchen has electric range, dishwasher, and garbage disposal

Note: The next step, after looking at the house and you are still interested, is to pick up a Rental Application from me and turn it in on a first come first serve basis. Priority is given to a potential buyer (ready to buy now over a rent-to-own) or one who has the largest deposit. However, after I offer you the house, you will have 24 hours to decide before I offer the house to someone else. I also need $50 before I can process your application. Twenty-five dollars is nonrefundable. The remaining $25 is refundable upon the following conditions: 1. Prospective tenant is not approved. 2. If approved, $25 is applied to rental deposit. I keep the $50 if I offer you the house and you decide not to take it. Deposits must be made with cash, money order, or certified check at the time we sign the agreement. The first month’s rent is also due at the time of the agreement, but no later than the date you take possession of the house. A partial month is prorated. My houses do not sit long so call me and let me know what you have decided to do.

For more information contact

Henri Pousardien at (501) 753-6577

Rent-to-Own

Why rent-to-own? It is the American dream to own your own home. No one likes paying rent, knowing that you never get any of it back. But, in order to buy a home you may think you have to have a large down payment and near perfect credit history. Although that is the ideal, it is not absolutely necessary.

How does it work? You can rent this house with a deposit of $800 and a monthly payment of $920. Or you can to rent-to-own with a deposit of $3,100 and pay a monthly payment of $1,020 for the next 36 months. Although you pay an extra $100 per month, I actually give you a $110 per month credit toward the purchase. The extra $110 per month and the deposit of $3,100 all goes as a credit toward the purchase of the house so that you will have $7,060 at the end of the 36 months to apply toward the purchase. There are also other options such as $1,300 deposit with $1,080 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 chart:

How long does it take?  In the above example, you will have at least $6,448 credit toward the purchase in three 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 $119,900. During the next three 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 three years.

What if it takes longer than two 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