Location:
✧ Properties must be located in an approved community. Click Here to see a complete list of Eligible Communities Our investor wants to purchase homes in neighborhood communities within close proximity to centers of activity.
✧ They will not purchase homes located within close proximity to structures that could impair value including industrial buildings, high traffic roads, railroad tracks, or airport runways.
✧ Homes within a 100-year flood zone do not qualify except in Florida where a base flood elevation difference of -1.5 or higher is allowed.
✧ They will not consider homes in subdivisions or new construction phases that are less than 50% complete.
✧ They will not consider properties with tax rates including special service/community development/Mello-Roos fees greater than 4% of the property’s value.
Rental Inspections: Many county or municipal governments require a rental license inspection prior to resident move-in. Prospective residents who select homes in these areas should be aware that move-in dates could be thirty days or more after the closing date. Please check with the county and municipality in which the property is located to confirm their rental license requirements.
Property Type:
✧ Short sale, foreclosure or probate properties, bank-owned properties, or any property sold at auction or by a government agency do not qualify
✧ Sellers must be willing to use the standard state contract and not require addenda aside from a builder warranty (They will use the Pulte Homes contract in certain markets – please inquire for more information).
✧ Cannot purchase condominiums, including single-family homes or townhomes that are condominium ownership.
✧ They cannot purchase commercial, modular homes, log cabins, mixed-use or manufactured housing properties.
✧ The property must be on two (2) acres or less. Please be aware that maintenance of all landscaping is a resident responsibility.
Condition:
✧ Homes must be in good cosmetic and structural condition including any outbuildings
✧ Homes not to exceed the age of 100 years
✧ Homes that are over 30 years old that are in original condition or with obsolete floorplans, electrical, or plumbing.
✧ They will not purchase incomplete new construction homes or unfinished rehab projects.
✧ Homes with a door on a raised level must have a balcony, deck, staircase or railing built on the exterior. (commonly seen in new construction where the builder has yet to or will not add a deck)
✧ Homes with liens, open permits or unpermitted rehab work will not be considered.
✧ Homes must have central air conditioning (exceptions may apply in CO, OR, and WA). All new construction homes must have central AC regardless of location.
✧ Homes must not have any environmental hazards (e.g. mold, lead paint, vermiculite insulation, asbestos, etc.).
✧ Homes with seepage or subject to flooding will not be considered.
✧ Homes with leased solar panels will not be considered (Sellers may pay off the lease and remove the solar panels prior to sale).
✧ They will not purchase homes that use propane tanks as the primary heating source.
✧ Homes with a history of sinkholes anywhere on or near the property will not be considered.
✧ They will not purchase houses that have sunrooms with glass ceilings.
✧ They will not purchase furnished homes or negotiate for personal property aside from standard appliances.
NOTE: Prior to closing, homes must be vacant and empty of all seller’s personal belongings.
Pools:
✧ They will not purchase homes with in-ground pools outside of Texas, Georgia, Florida, Southern California, and Arizona.
✧ They will not purchase homes with above ground pools unless the Seller agrees to remove the pool and re-sod any bare potions of the lawn prior to closing.
✧ They will not purchase homes with indoor pools or large exercise spas.
Homeowner Association (HOAs)
✧ Homes must be located in HOAs that allow leasing without requirements for background/credit checks or interviews.
✧ Age-restricted communities or in HOAs that require a social, tennis, golf or country club membership do not qualify
✧ Total annual HOA dues must not exceed 1% of list price. HOA transfer fees and capital contributions must be reasonable and are considered on a case-by-case basis.
There are a few other HOA conditions that will disqualify a property from Home Partners’ consideration. These include:
✧ Minimum period of owner occupancy
✧ Maximum rental period
✧ Board approval of the lease post-closing
✧ Board requirement to be a third party beneficiary of the lease documents or the right to evict the tenant
✧ Rental caps (exceptions are considered on a case-by-case basis)
✧ Our investment partner is able to provide HOAs with basic resident information, such as name, phone number, email, vehicle information and pet information.
✧ Documentation Requirements
When submitting an HOA property for acquisition consideration, the following HOA documents will be reviewed as part of the programs' due diligence:
✧ Budget
✧ Certificate of Insurance
✧ Covenants, Conditions, and Restrictions (CCRs)
✧ Bylaws
✧ Rules & Regulations (If applicable)