The list of the repairs will be forwarded to the seller for negotiation. This 2% downpayment will be placed into an escrow account to serve as a part of the future downpayment.ĭivvy Homes will identify the repairs that need to be done, create a list, and discuss that list with you. The home inspection is usually done the next day, and you will be provided with the results of the home inspection.ĭivvy will expect you to wire 2% of the home price to them within 24 hours after going under contract, so have that cash readily available. Once Divvy’s cash offer is accepted, Divvy will immediately order a home inspection on the house. For that reason, Divvy prefers to purchase homes in like-new condition with as few repairs and flaws as possible.
In that case, Divvy will re-calculate your rental costs and the downpayment needed for that home. It is possible that in order to win the home, Divvy might need to go above the asking price (for example, if the asking price of the home is $300,000, Divvy might need to offer the seller $325,000 in order to outbid other buyers).Elena will work with Divvy Homes purchasing team to place a cash offer on the home and perform all the negotiations needed to win the house.You will be asked to pay $500 to start the offer process.Once you confirm the budget for the home, Divvy will ask you to sign a Home Occupancy Agreement that will ask you to confirm that you wish to rent that home with the intention to purchase.Divvy will provide you with detailed rental cost and buy-back cost calculations for your chosen home.Elena will start the process of purchasing the home. Visit each person with Elena or her team and discuss the pros and cons of each home.Once you have chosen your budget, you can now start visiting homes that you see online and want to check out in person.You enjoy the fruits of their hard work by getting the prettiest home in the area – with little personal effort involved. Being a cash buyer, Divvy often easily wins the most intense bidding war on the house that their customer wants. You can pick any home, in any neighborhood, usually within the $500,000 range, just like you would if you were approved for a loan.ĭivvy Homes will outbid all other home buyers competing for the same home. Divvy Homes will allow you to bid on fully updated homes that might have been outside of your price range until now.ĭivvy will purchase you any home you want, usually up to $500,000, as long as it has few maintenance issues, and turn that home into a rent-to-own situation for you. You can get the prettiest homes with the most upgrades and least maintenance – at a very small upfront cost. Other rent-to-own companies (or, worse yet, individual owners running rent-to-owns) often try to offload the most overpriced and problem-ridden homes to the renters Divvy Homes is a nationwide, well-established program that has been around for many years. Rather than doing a hard credit pull that can temporarily drop your credit scores by a few points, Divvy does a soft pull. Soft credit pull does not affect your credit score as much as a hard pull. If your family can assist you with those up-front costs, so much the better! Watch a video with more details here.
DIVVY HOMES REVIEWS PLUS
Typically, you will need 2% of the cost of the home plus 2 months’ worth of rent in order to get the keys to the home of your dream. Low up-front cost of getting into the house. Start now and enjoy your new home in 2 weeks! No need to wait years to save for the downpayment, or for your bad credit items to fall off your credit report. You could be settling into your future home in 2 weeks. All you need to do is to point to a house that you want, ask Divvy to buy the home for you, and sit and wait for the keys to the house to become available. To start on your homeownership journey, you do not need to understand real estate purchase contracts, underwriting requirements, negotiation strategies, inspection outcomes, interest rate fluctuations, etc.
Application takes about 48 hours to process, assuming that you have all the documents documenting your income ready to be uploaded.Įase and convenience. No need to wait for 2 years of tax returns or wait to save up for a large downpayment.
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