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It could work. What would need to happen in order for its viability is the host company needs to either own or have management over a number of residences. Th
by poppysan 17y ago
It could work.
What would need to happen in order for its viability is the host company needs to either own or have management over a number of residences. They would also have to have partner banks or provide the loans themselves.
It would work like this:
Company owns 250 homes in your target city. You get guaranteed for a mortgage with them in advance. Then you select from their properties one that you like. If the property does not fit your needs, you can transfer, after a year, to another one of the properties, with a small moving fee, to another home in the network.
Would take loads of money to accomplish but would be neat~!!!
- ph0rque 17y agoThat was my thought initially; however, the more I thought about it, the less I think it would be a requirement. There are condos/townhouses pretty much everywhere; as you mentioned, the only additional layer needed is the mortgage with a bank (or even a p2p lending service like prosper.com).
- poppysan 17y agoAnother option could benefit renters, but would be hard to pull off. For renters without a down payment, or that don't qualify for a loan can rent a property, and an additional amount will be added to rent. If they fulfill the terms of the lease, the good credit from the payments and the cash from the overpayment of rent will be applied to purchasing the home. Rent would be kept low with the promise of purchase after a given period. But if the renter breaks the lease, the owner keeps the full accumulated rent (so removing the discount).