You will be the buying agent for Divvy and the leasing agent for Divvy's soon to be tenant. In essence, as the realtor, you will do two transactions within one. The lessee is NOT obligated to purchase the house. As early as 60 days after moving in, they can buy the house OR if they decide they don't want to buy it they can just not renew their lease and move on. Divvy Homes, a company that seeks to make homeownership more accessible with its rent-to-own product, has appointed a Blackstone managing director as COO months.
The lessee does not have to wait to start the purchase process. A portion of what the lessee has paid in rent goes towards the pre-determined and agreed upon purchase price. The lessee then signs on to a one year lease that can be renew each year for up to 3yrs and within that 3yrs they can buy the house from Divvy. At the end the agent earn the negotiated commission. Once the lessee finds a home (the home must meet certain DIVVY criteria, i.e., pretty much any regular single family home except NO Condos or Mobile Homes), Divvy goes into the offer/buying process like a normal transaction. The agent in turn becomes the agent for Divvy because Divvy will be the home purchaser.
One must be invited by their realtor to apply, they must meet the qualification for rental (credit scores, no recent evictions etc.) After meeting all qualifications, they're invited to shop for a home with "their" agent. The process for the applicant (your client) is pretty basic. Yes, it is similar to other Lease -To- Own programs such as Home Partners of America & TRIO.
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