Understanding LOP Process
Properties available through the traditional Lease Option Purchase program offered by Vision are typically sold in an as-is condition. Many of these homes are fixer-uppers, offering potential home owners the opportunity to truly create their dream home while working towards ownership. Due to the nature of these properties certain preparations are required of the potential customer before an LOP contract can be approved.
One of the most important tasks necessary before beginning and LOP contract is due diligence. VPM manages thousands of properties nationwide from a central location and may not always have the most up-to-date information on balances left on the property by former owners. These balances may have been updated to the property after purchase by VPM or may build up over time. Performing due diligence before going under contracts ensures that you won’t have any surprise balances once you are in the home. For in-depth information on the importance of due diligence and how to complete this task refer to our blog posts on the subject.
The other major item to complete before leasing is a plan of action for the necessary repairs to be completed on the property. During your contract approval process you will be provided with a template used to review the necessary work. We want to see our customers be successful in the endeavor of becoming a home-owner. Given the as-is nature of our property we need assurance that you are comfortable with the necessary work and repairs on your new home. Providing a thorough plan of action helps to assure that you are not in over your head and that you will become a successful home-owner.
These steps assist VPM in assuring that contract purchase will go smoothly and be successful. Successful LOP will convert a former renter into a homeowner. Check out the testimonials page and google reviews to see stories from proud homeowners who were once grinding their way through traditional rent and felt trapped in the rental lifestyle. If you are interested in becoming another success story please reach out to VPM today!
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If you have started on the path to owning your home through Vision Property Management’s Lease Option Purchase program you may have some questions on the application process and the lease contract.
In today’s market renters are paying a premium without ever having the option to own the home they pour the years and funds into.