Frequently Asked Questions

 

  1. What is the process for our Owner Financing?
  2.  

    • Check our local number at 748-9101 or the website to see what properties are available.
    • If you see a property you are interested in, below are the steps to purchase the property:

     

    • Fill out the deposit agreement.
    • Bring in the required down payment in certified funds (money order or cashier’s check) to take the property off the market.

    • We will do a rental and employment verification.
    • You will need landlord reference and copies of cancelled checks, money orders, or bank statements for 1 year. If you rent from a apartment complex or property management company, we can accept a print out from them. We do not take receipts or a letter from your landlord.
      1. You will need employment reference and a copy of two recent pay stubs
      2. Payment calculation is done as follows. Take the current                 amount you pay in rent multiply by 1.3 (ex $450.00 x 1.3=$585.00). Your total is what you can go up to for your payment. Some situations are different. If you have any questions, please contact our office.
    • You must have or be able to obtain a SC Driver's License.
    • If you are approved, we can have a closing in 3 weeks or less!

  3. What parts of town do you have Owner Financed homes in?
    • We have properties for sale in various parts of town such as Southeast Columbia, Northeast Columbia, Lexington, and Irmo.

  4. Is the amount I put down refundable?
    • If you are not approved, the deposit is fully refundable
    • Once a deposit is placed on a property, we take the property off the market. If you decide within the 3 business days that you do not want the property, a $250 administrative fee will be taken out of the deposit. In order to receive the remainder of the deposit, we must receive a written request and it will take 10 business days to receive the refund.

  5. What type of financing do I go through to purchase an Owner Financed Home?
    • The type of loan is known as a Lease-Option contract. Prime Financial Services will hold the deed to the property until you make the final payment or until you refinance the property. You can exercise the option of refinancing after 24 months.

  6. Does the payment I heard on the realty number or saw in the newspaper include taxes and insurance?
    • The payment amounts advertised are principal and interest. To find out how much taxes and insurances are for a property, please give our office a call.

  7. Does your office accept Section 8 housing?
    • Due to our type of financing program, we are unable to accept Section 8 housing
      

     7. How do I put money down on a property after business hours?

    • We have an overnight drop box located on the side of the building.  You will need to come back to sign a deposit agreement.
    • Please include the following information when putting the money in the drop box

      • Name
      • Address
      • Phone Number
      • Address of the Property you are putting money down on
      • Money should be a cashier's check or money order

       

 

8. If you are interested in viewing one of our vacant rental properties, we will need the following to allow you to receive the key to look at the property:

                       * Copy of Driver's License

                       *  $50 deposit (refundable once key is returned)

                       * Current phone number

9. Is there an Application Fee?

    • Yes. There is a Non Refundable $50.00 application fee per person for all Rental and Owner Financed homes. The $50.00 must be payable in certified funds or money order and submitted with your application. No application will be reviewed without the fee.

    10. Forms of payment that we accept for house payments and HOA fees (not down payments or security deposits) are certified funds, money order, personal check, Visa, Master Card, and Discover. Using your Visa, Master Card or Discover there is a 5% fee for doing so.

 

 

 

 

 

Rental Applications

 

11/2/12 mep

Prime Financial Services, 4001 Rosewood Drive., Columbia, SC 29205