Cash Deals? Here’s What’s New
Big changes are coming to the all-cash side of real estate! New guidelines from the Financial Crimes Enforcement Network (FinCEN) now require certain all-cash purchases, especially those made through entities like LLCs or trusts, to include additional reporting details. The goal? Greater transparency and added protection for the real estate market. While it may mean a bit more paperwork for some buyers, it’s all about keeping transactions secure and above board. If you’re planning a cash purchase, don’t worry, we’ll help make the process smooth and straightforward every step of the way.
- When you need to work on your credit. Maybe your credit score is just starting to recover, but you need more time to pay down debts for a couple of years. With rent-to-own, you could start investing in a home while you bring up your score.
- You’re close, but not quite ready to secure a mortgage. You might have a good job with a significantly bigger salary, but you haven’t been there long enough for a lender to consider it a stable source of income. Or maybe you’re self-employed and you’re still building a reliable track record. Rent-to-own allows time to build personal wealth and financial credibility while working toward your homeownership goals.
- When you know you’re going to buy when the lease expires. If you’re not ready to buy when the lease expires, then you will lose any rent credit, i.e. investment, you’ve put into the home.
