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The pathway to homeownership is truly simple and the Kenneth G. Lee Real Estate Team of REALTORS are here to guide you and help you along every step of the way. No other real estate agent or team in Atlanta can bring the level of expertise that our team has to the table.
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, then complete the pre-qualification application which will let us know if you are a good candidate for the program. If you are, 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 applications department will notify you of the maximum rent amount that you qualify for.
Step Two: The Atlanta (metro) Area 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 R2o Realty team and begin your home search! Here is the cool part! Any home for sale in Georgia is a potential candidate for the program. Of course, you have the things you want in a home and the program has some minimum requirements as well. Once we find the home you want, your style, your preference, your choice, R2o Realty team will submit the home for approval. Included with the property submittal is a “reno checklist” that will be completed 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 the paperwork.
Step Three: The Home Purchase
Your R2o Team Realty will work diligently to negotiate the purchase the home that you selected. This is where patience comes in. The seller may 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, you to sign the paperwork, (aka) right to purchase agreement, and send in the security deposit within 48-hours. The security deposit of 2 months will be placed in escrow until closing and will be returned to you in the event the sale is not finalized.
Step Four: The Closing & Move In
Once closing has occurred, finalization will take a few days to get the home “move in ready” which will include fixing anything noted on the home inspection report along with any other necessary items that are required for the property. Typically, this can take anywhere from 10-days to several weeks depending on the extent of the work that needs to be done. Don’t worry though; you’ll know your move in date before we place an offer on a house.