As you know, selling your home traditionally doesn’t always work, and often it can be extremely difficult. Securing traditional financing for a home is also very challenging for many, which can make for a trying combination.
And that is why The Property Masters exist. They bridge the gap. They offer creative ways for people to enter into—or exit—home ownership.
The Property Masters owner, Richard Provost, has been buying and selling homes for 10 years, five of which have been in the Okanagan, and he said he saw the current landscape coming.
“I’ve met with and have spoken with many couples and families who were being turned away for financing over the past few years,” Provost said. “I realized there was a way we could help bridge the gap. It’s a vicious cycle and a huge challenge for prospective homeowners.”
Qualifying for financing is very challenging for many Okanagan families. However, the desire for home ownership in the Okanagan remains strong. Thousands of hard-working, self-employed buyers are finding themselves in a dilemma, where they have good income and good credit, but they don’t have 15 to 20% to put down. They are left with the only alternative—the rental market.
Jared Waldroff, The Property Masters’ acquisitions manager, said approximately 80% of their buyers are self-employed and have trouble securing traditional financing. Those who use The Property Masters don’t have to go to the bank right away, they don’t need perfect credit and they don’t have to put down 20%.
“We have close to a hundred interested buyers for every home at any given time,” Provost says. “Our goal is to ensure a successful purchase. It must be beneficial for all involved. We do require money up front. We help people get into our homes without having to go to the bank right away.”
The bottom line is it’s becoming more difficult to secure financing for couples and families, and Provost foresees this will become only a bigger issue as the local economy continues to transform.
That means it may take longer to sell your home the traditional way. The Property Masters offers excellent solutions to overcome these hurdles, and they get it done quickly.
“Simply put, we help homeowners sell their homes by buying them,” Provost says.
Our typical seller is someone looking to downsize, relocate for work, they’ve outgrown their home, they’re experiencing financial difficulties or there’s been a change in their personal relationship status and they need to sell now.
Many times The Property Masters can purchase homes for full market value, even sometimes helping the sellers with move out costs, sometimes utilizing the pre-existing financing the sellers have in place.
The Property Masters can purchase homes in less than seven days. It’s a very attractive alternative than having your home potentially sit for months, sometimes years. Buyers are given the opportunity for home ownership, and sellers don’t experience any uncertainty.
There are multiple ways in which The Property Masters will buy your home:
• Lease with an Option to Purchase: A purchase price is mutually agreed upon, and then the property is leased between one and three years. The Property Masters will then buy your home outright at the end of the term. This allows the seller to receive the price they want with a higher than average rental payment over the term. During the term, the seller’s mortgage continues to decrease, often resulting in $20,000 to $50,000 more for the seller. This will also allow the seller to move on now rather than waiting with uncertainty on whether a sale may or may not happen.
• Owner financing: Essentially, you sell your home and carry back the financing. You’d be collecting monthly payments from your equity and not dealing with tenants.
• Cash offer: You’d sell your home to The Property Masters and be compensated for the home in a timely manner.
• Vendor Takeback Mortgage: This allows for the seller to receive the highest market value sale on their home. This also gives them most of the purchase price in cash while leaving a smaller piece of their net equity in place on the title of their home. The seller would receive a monthly payment with interest, while being fully secured with their remaining equity which will be paid off in a couple short years.
This article is written by or on behalf of the sponsoring client and does not necessarily reflect the views of Okanagan Edge.
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