![]() ![]() ![]() ![]() With Divvy, they’ll cover the cost of any maintenance/repairs required to ensure the home is safe and habitable. One nice thing about Divvy is the hybrid set of responsibilities involved.Īs a homeowner, you deal with anything that happens to your home, such as equipment breakdown or unexpected damage. Then Divvy will work with the home seller to purchase the property on your behalf. The purchase price must work within your approved budget.Īssuming everything checks out, you’ll receive a proposal that breaks down payments and your commitment to Divvy, along with a deposit request toward your down-payment (kind of like earnest money). Once fully-approved, you can shop with a real estate agent to find a home. You’ll also need to provide proof of down payment, generally deemed to be the greater of $1,250 or 2% of purchase price. #DIVVY REAL ESTATE FREE#Want a fast, free rate quote? Quickly get matched with a top mortgage lender today! They also don’t allow for the purchase of foreclosures, pre-foreclosures, short sales, bank-owned, county-owned, and Fannie/Freddie-owned properties. Additionally, the deed must be “fee simple.” However, the price must fall between $60,000 and $300,000, and the acreage cannot exceed two acres. Condos don’t qualify unless title is “fee simple.” Like a normal home purchase, you use a real estate agent to look for a suitable home that fits within your budget, once you are fully approved with Divvy.ĭivvy says nearly all listed homes fit their fairly wide criteria, including single-family homes and townhomes. Cannot be a bank-owned property or foreclosure.Purchase price must be between $60,000 to $300,000.Single-family homes and townhomes (condos only if fee simple).If you go that route, Divvy will only share 8.5% of the home’s final sale value, as they need to deduct 1.5% to cover selling costs.Īt any time, you can see how much you’ve accrued via the Divvy portal, assuming you plan to apply for a mortgage and purchase the place. You can also choose not to buy the home after your three-year lease ends, at which point Divvy will sell the home and cash out your equity credits. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |