Home Buying Solutions
Welcome To Our Buyer’s Program!
We Can Help You Own Your Dream Home, Right Now, Regardless Of Your Current Financial Circumstances!! Bravo Real Estate has properties in all shapes & sizes.
We are local real estate investors and we have a very exciting promise for you. You can stop flushing away rent money every month which just makes your landlord rich, and buy a home of your own from us right now. Imagine … a home of your very own! A fenced yard for the kids, a garage for your car, enough room for all your things, all on a quiet street! Privacy! How about Comfort?
Texas: 713-574-7011 or 713-701-1810 Kansas: 316-247-9003 or 316-361-8848
Buyer Frequently Asked Questions
How does your Buyer Program Work?
It’s simple. Select a house listed from our inventory. You lease your new home from us with the exclusive right to purchase it at a later date. Our tenant-buyers love our program because it gives them the time they need to save up for a larger down payment, clean up past credit problems, sell another home, and even try out the neighborhood before buying. Some or all of your “option consideration” money is credited toward the purchase price of the home. PLUS, you may be eligible to receive a monthly credit towards reducing the purchase price every time you pay your rent on time.
What happens when I apply for a home?
Here is a summary of our process:
- You will complete an application & pay an application fee.
- Your application will be processed, and if you are approved…
- We will sit down with you and review your options. You then get to select a home from our inventory.
- We collect your “option consideration” money and your first month’s rent.
- We give you the keys, and the home is yours!
- We help you during your lease option period to repair your credit and tell you what you need to do to get a mortgage as soon as possible, hopefully in 1-2 years, or longer if that is your preference.
How long does the process take?
If we have a home you like, it could take only 1-2 weeks to move you in.
What are my out-of-pocket costs?
There is an application fee to qualify you. Other costs like “option consideration” money and rent will vary from home to home.
How can I buy a home when I have bad credit?
You can’t through conventional lenders, but you can with our help. Through our Owner Financing Program, we can help you improve your credit over time. We are not extremely interested in your past credit status. Your ability to make reasonable monthly payments and your desire to be a homeowner are important to us. We work with fantastic mortgage brokers and banks who will help arrange a loan for you. It is absolutely critical that you pay your rent on time every month in order to get approved for a mortgage.
Can you help me if I have a foreclosure, short sale, or bankruptcy on my credit record?
Yes, we can help you if you have experienced a bankruptcy, foreclosure, or a short sale. In fact, we can help you if you have any type of negative credit history or even no credit history at all. There is also a loan program called “Back to Work” that enables qualified buyers to purchase a home in only ONE YEAR after a hardship event, such as a foreclosure or bankruptcy! We will put you in touch with mortgage brokers and banks that we work with
Do I have to ‘qualify’ for this program?
Not in the usual sense of having to meet certain income and debt ratios or achieving a certain credit score as would be necessary for most mortgage companies. Your credit and finances are not the restriction they would be with a conventional mortgage company. Although it actually makes sense to buy a home this way even if you could get a loan today, many of our buyers do have some issues that need some time to be resolved.
I am renting now. How is this different?
This is a way to help you get started toward BUYING your own home. In some instances, part of your monthly payment goes towards the purchase! Instead of throwing your money away each month on rent and having nothing to show for it at the end of the year, with our Owner Financing Program, each month a portion of your monthly payment could be credited toward the purchase of the home. For example, if you were paying $1,750 a month in rent, you might have at least $200 a month going toward reducing the price of the home. That’s a $2,400 price reduction after 12 months!
How much money do I need for a down payment ("option consideration")?
We do our best to be very flexible with your down payment. We can offer you many options, and we always do our best to work with whatever funds you have available. The more option consideration you put down, the lower your monthly payment may be. And the more monthly payment you can afford, the less your down payment requirement may be.
What other methods of down payment are accepted?
Unlike some banks, we accept borrowed funds or gifted funds for your down payment. If you have a close friend or relative willing to lend or give you money for your option consideration, you can use that with our programs. You may also be eligible to withdraw or borrow from your 401K to purchase a home without penalties. We may also be able to accept items in trade. Boat? RV? Furniture? We think outside the box in our efforts to help you become a homeowner.
How long is the Owner Financing period for?
We do our best to work with your specific time period, both as it relates to your preferred time to buy and also as it relates to when you will be able to get a loan to buy the home. It may be as short as a few months and maybe even 10 years. Sometimes when tenant buyers are qualified to purchase the home, they still decide to wait while they try out the neighborhood or schools for a bit longer. Or maybe they would like to save for a higher down payment or work on getting their credit score up a little higher. Most of our tenant-buyers would like to buy the home and are qualified to buy it in 12-24 months. Each property is treated individually, and we do our best to accommodate your own situation. Also, remember that you may buy at ANY TIME within the length of the agreement. You do not have to wait until the end of the agreement.
How flexible do I need to be?
You need to be flexible in your terms. There are a lot of people looking for quality owner financed homes. If you’re looking for an owner-financed home, we recommend you be reasonable in your expectations.
Is the price of the home established in advance?
In most cases the exact price of the home is decided at the time you sign the Lease Agreement and is not affected by the local market conditions.
Do you arrange for owner financing?
Yes, sometimes we sell homes with owner financing. We also work closely with licensed mortgage brokers who work with many lenders to find the right loan for you.
Who pays the property taxes and insurance during the Owner Financing period?
Not you! The homeowner does! You pay the monthly ‘rent’ and utilities, etc., until you actually complete the purchase.