So. Everett / Mill Creek Rambler - Standard Lease Terms

 

Standard Lease Terms:

 

The monthly Lease Amount will be determined based on the combine average of all three credit scores from the three major credit bureaus, Trans Union, Equifax and Experian.  If application is approved First and Last month’s rent plus a partially refundable security deposit will be due upon lease signing. See table below:

Credit Rating

Score Range

Lease Amount

Deposit

Required at Lease Signing

Excellent

760 +

$1600

$775

$1600 x2 + 775 = $3975

Good

660 – 759

$1650

$775

$1650 x2 + 775 = $4075

Fair

600 – 659

$1700

$775

$1700 x2 + 775 = $4175

Applicant scores below 600 will not be considered for Standard Lease

 

* Please Note: Pets are allowed on a limited basis and will require additional non refundable pet deposit of $350.

 

Lease Option Terms:

 

Lease Option requires 2 year minimum lease. The monthly Lease Amount will be determined based on the combine average of all three credit scores from the three major credit bureaus.

If application is approved Lease option Deposit and First month’s rent will be due upon lease signing. Please see table below:


Credit Rating

Score Range

Lease Amount

Deposit

Required at Lease Signing

Excellent

760 +

$1550

$7155

$1550 + 7155 = $8,705

Good

660 – 759

$1600

$8348

$1600 + 8348 = $9,948

Fair

560 – 659

$1650

$9540

$1650 + 8400 = $11,190

 

Applicant scores below 560 will not be considered for Lease Option

 

* Please Note: For the Lease Option Purchase, Pets are allowed on a limited basis. There is no pet deposit required for the Lease Option Purchase.

 

Lease opton purchase price will be 3% below market value at time of lease option exercise.

 

Lease Option Example:

 

Based on todays market value of $238,500 and assuming a moderate 10% market increase year over year for two years, market value at time of Lease Option exercise would be aprox $288,585*, with a sale price to the buyer of $279,927 giving the buyer aprox. $8,658 in instant equity.

 

In addition to the instant equity of 3% off of market value, buyer will also receive 50% of the Lease Option deposit credited towards purchase price, or down payment (aprox. $3,578) at closing, giving the buyer total instant equity at closing of approx. $12,236. The remainder of the deposit will be used to pay for transaction and sales related costs at time of purchase.

 

* It is understood that market value is dependent solely on market conditions. Actual market value may be more or less depending on the state of the U.S. Economy at time of Lease option exercise. This is simply an example based on a moderate interpretation of historic market performance.

 

Note: If buyer fails to exercise the Lease Option at time of maturity (2 Years), the buyer will forfeit any applicable Lease Option Deposits. Lease Option may be extended at sellers discretion, but is not guaranteed and may require re-negotiation of the Lease Option Terms.

 

Standard Market Sale Price : $280,000.00

 

This home is also available for sale on a standard purchse for $280,000 (as of June 2014).