Experience with rent-to-own companies like Hyperion and Mack? (Ina, Atlanta: apartment, leasing) - Chicago Suburbs - Illinois (IL) - Page 14 - City-Data Forum

CaliDreaming01 · 07-28-2015, 10:36 AM

tsworld, well that is definitely progress. It can take a few days before you get the house under contract although some people get lucky. For us, it took 5 business days to get under contract for the first house (over a week if you count the weekend) and it took about 3 business days for the second, but on that house the seller was VERY motivated. A lot depends on how much back and forth there is between HP and seller. You will get little to no info until the home is under contract but there is a lot of back and forth going on behind the scenes.

Judging from this thread it seems like HP has a good track record with getting the homes under contract so it could be the end is near for you in this hellish home buying process! And since you're looking at newer homes, you probably won't have to worry about anything torpedoing it all during the inspection/due diligence period. Maybe by the end of this week you will be getting ready to move!

mkat321 · 07-31-2015, 02:28 PM

Quick non update. Inspection was last Monday? No word on that. Realtor says she won't know anything until they send her the inspection response.

I called HPA on Monday to verify a few things and asked about the tracking on the cashiers check and document s. They said to email the tracking info to docs @ homepartners and I did that. Recieved a reply the next day that they had received the check and funds. Thamks to the pp who shared the difficulty getting their deposit credited correctly, that is what pushed me to call them and aak about tracking.

The home purchase opinion? Was yesterday. Nothing on that yet either.

If I had it to do all over again? I would probably call them directly and get a list of particpating realtors in my area. The one who told me about the program has been a bit off putting. She went along on the inspection, and initially told me she thought the older windows on the back of the house might be a red flag. On thursday when I mentioned that when inquiring about the inspection she tried to make it sound like she didn't mean it or at least didn't mean to say it out loud. T hat it was her personal opinion. Ugh

Will update when I hear more.

mkat321 · 08-03-2015, 05:01 PM

Inspection response has been sent. Realtor won't tell me anything.

mkat321 · 08-04-2015, 10:49 PM

Got the inspection report finally. Well the inspection department called. House needs a new roof and an upgrade to the electrical. Will only add $4500 to our right to purchase price which is kind of weird to me. I forgot to ask when I had them on the phone if they were replacing the air conditioner. Closing is scheduled for 19 August and move in on 01 September

CaliDreaming01 · 08-05-2015, 08:10 AM

mkat321, I think the realtors must not be allowed to comment on anything relating to the inspection or something. Mine went radio silent immediately after the contract had been accepted and once the due diligence period was underway. I know they don't share any details of the appraisal either.

Congrats on getting a closing date and getting all that stuff fixed for only a nominal increase in the purchase price right. I guess the $4000 must be the amount over the $6000 they already allot for make ready costs. I really feel that with HP you do come out of it with a house in good condition after all is said and done.

CaliDreaming01 · 08-05-2015, 08:17 AM

Big news on my front. Our house closed yesterday so we are just waiting on the property management company to contact us. We are so excited!

Apparently the sale of our house was big news in the neighborhood we're purchasing in because it was the highest recorded price in the neighborhood's history. The seller's agent had a party in the neighborhood to celebrate--I guess she's trying to get some of the neighbors to list their houses. The subdivision we're buying in has mostly small 3/2 ranches, with a few 2 story 4BR houses like ours. Very few of the 4BR houses in the neighborhood have been put up for sale, so I guess our house was a test case.

I was not entirely happy that the purchase price was a cause of celebration since we're already wondering how the house will appraise when we exercise our purchase right. If they were happy over HP's purchase price, then they will be over the moon if we exercise our option at a price over $20K higher.

We are still pleased with the house though and are hopeful the appraisal will work out. Though it's the highest price in the subdivision, it is on the low end for similar houses within a 1 mile radius. I think the house could have sold for higher but the home didn't have all the fancy updating other houses had.

mkat321 · 08-05-2015, 05:38 PM

Quote:

Originally Posted by CaliDreaming01

mkat321, I think the realtors must not be allowed to comment on anything relating to the inspection or something. Mine went radio silent immediately after the contract had been accepted and once the due diligence period was underway. I know they don't share any details of the appraisal either.

Congrats on getting a closing date and getting all that stuff fixed for only a nominal increase in the purchase price right. I guess the $4000 must be the amount over the $6000 they already allot for make ready costs. I really feel that with HP you do come out of it with a house in good condition after all is said and done.

Our contract prior to the new roof & electrical showed the make-ready at $8,500. Which per the contract is 'typical for the area'. Considering the house is immaculate I seriously doubt that. But it is what it is.

Word from the appraiser is they are "not replacing it at this time" with regard to the air conditioner. Which would bother me a lot more if the a/c weren't listed as their responsibility during the rental period. That gives me some peace of mind. [COLOR="rgb(255, 0, 255)"]

[/color]

Quote:

Originally Posted by CaliDreaming01

Big news on my front. Our house closed yesterday so we are just waiting on the property management company to contact us. We are so excited!

Apparently the sale of our house was big news in the neighborhood we're purchasing in because it was the highest recorded price in the neighborhood's history. The seller's agent had a party in the neighborhood to celebrate--I guess she's trying to get some of the neighbors to list their houses. The subdivision we're buying in has mostly small 3/2 ranches, with a few 2 story 4BR houses like ours. Very few of the 4BR houses in the neighborhood have been put up for sale, so I guess our house was a test case.

I was not entirely happy that the purchase price was a cause of celebration since we're already wondering how the house will appraise when we exercise our purchase right. If they were happy over HP's purchase price, then they will be over the moon if we exercise our option at a price over $20K higher.

We are still pleased with the house though and are hopeful the appraisal will work out. Though it's the highest price in the subdivision, it is on the low end for similar houses within a 1 mile radius. I think the house could have sold for higher but the home didn't have all the fancy updating other houses had.

[COLOR="rgb(255, 0, 255)"]I have the same concerns. The comps in our new neighborhood are $98,500 average. Even with a new roof, updated electrical and possibly a new central air unit, I don't see it appraising for the RTP in year one of $117k. It's still a 3 bed 1 bath on a bit over a quarter acre. It is brick, which is a plus but doesn't change the comps. And since we're using USAA to obtain a VA backed loan, it has to appraise for the purchase price or over to get the loan. But as my husband and I talked about last night, even if we have to walk away, we walk away clean at the end and use our VA loan to buy something else in the same neighborhood if we like it that well, and if not, to buy something elsewhere that is better suited to our long term needs. Which will suck, but after having rented for most of my adult life {lived with parents after my first marriage blew up and with friends for a bit after a housemate situation went sour} I'm used to moving. I was just kind of hoping this might be the last time.[/color]

Closing is scheduled for the 19th, though the inspection department thought it might be possible to move it up a bit so we can gain possession a bit earlier. Which would be nice because I am going to have to paint one of the bedrooms because lime green isn't an acceptable color for the person gaining the room or for me having to walk by it a million times a day. I know we will have to pay for them to re-paint it if we don't purchase but I'd rather cough up their fees for that than deal with that color. Everything else is move in ready so I'm not too worried, would just like more time to make sure the move is done right kwim?

CaliDreaming01 · 08-06-2015, 08:47 AM

Lime green! Yuck. Did you ask to have the room repainted when you submitted to HP? I thought they approved that on a pretty routine basis.

mkat321 · 08-06-2015, 10:10 AM

Quote:

Originally Posted by CaliDreaming01

Lime green! Yuck. Did you ask to have the room repainted when you submitted to HP? I thought they approved that on a pretty routine basis.

I read on this thread that they only do white. With teenagers white would not go over well.

mkat321 · 08-06-2015, 10:28 AM

I just realized today is the 6th. Harbin moves into his new home today. Can't wait to read the update.

Nothing new today. I imagine I won't hear anything else until closing on the 19th? Pathlight will contact me shortly after that to setup my account to pay my first month's rent on their portal and give me the key code, if I"m reading correctly?