Realth is the new and superior version of renting. Instead of searching for a rental listing, you can choose any home on the market. When you move in, you maintain all of the advantages and flexibility of renting, but you’ll be on the path to homeownership (or at least owning some of the home you’re renting). Also, during the rental period, Realth will take care of all major repairs and maintenance while you have full freedom to make cosmetic changes to the property and really make it your home. Pretty cool right?
What’s the difference between Realth and a mortgage?
With Realth, you get to move into your home and save up to buy it. A mortgage is a big commitment and not easy to obtain. Realth gives you the benefits of the mortgage without the headache and upfront commitment. It’s the best of both worlds. Ultimately, it’s our goal to help you secure a mortgage and end up owning your dream home, but we make the process better and easier.
Does Realth own the home until I buy it?
Yep, that’s the way it works. About ¼ of your monthly payments will go towards your savings/ownership in the home. We will give you a buyout price before you move in and you are welcome to buy the home from us at that price at any time. We work for you, and we’re on your schedule.
Do you act like a normal management company?
Nope, we’re very different from a normal management company like the ones you might have rented from in the past. The biggest difference? We work for you, not the landlord. Rental management companies work for the property owner, not for the tenants, which means they don’t always do what’s best for you. You are the only customer we have, so we’re always on your team and will do what’s best for you.
What Happens When I Choose a House?
How long does it take from choosing a house to move in?
Once you choose a house and ask us to make an offer, we will immediately make an offer. Closing can be as quick as two weeks, so you could be in your new home in less than a month from now!
Will I definitely get the house I choose?
We make all cash offers, so we’re very competitive buyers and have a good chance at securing the home. However, we can’t promise that we will get every house. The seller could decide on something or someone else, or the house could fail our inspection. We can promise that we'll do everything we can to get you the house you want, though.
What do I need to get approved?
What documents do I need?
We’ll need to be able to verify your income, monthly expenses, and some other financial information. Nothing crazy, and it shouldn’t take long for you to compile it. We know everyone’s situation is different, whether you’re a small business owner, independent contractor, or W2 employee, so we look at everything. If we’re confident you can make your monthly payments, we can make it work.
What does it take to get approved?
Once your information is complete, it will be reviewed by our team and you should have an answer within a few days. Then, with your budget in hand, it’s time to go home shopping!
What is included in my rent payments?
How much is rent vs savings?
It will be different depending on your financial situation and the home you choose, but your payments will be roughly ¾ market rent and ¼ savings.
How is market rent determined?
Market rent will be determined by rents in the area for similar properties and the purchase price of the home. We do a detailed assessment to get this number and make sure it’s fair.
What happens when I miss a rent payment?
While we hope this never happens, we understand that things can get weird and tough sometimes. We’ll do our best to sort out a payment plan and work through any rough patches with you. At the end of the day, we’re here to help you and make the world a better place, which includes figuring out how to keep you in your home and make you a homeowner.
How does the inspection process work?
Home inspections are really important so we can be sure that we, and you, are buying a good property. We will take care of the inspection scheduling and cost and share all of our findings with you before we close on a property.
Who is responsible for maintenance and upkeep?
Realth will handle all major maintenance and repairs - anything that has to do with keeping the home a safe place to live. For anything else, you are free to make changes and make your dream home a reality. If you’re wanting to make any structural changes, you can; you’ll just have to run it by us first.
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