• If your property does not rent after three months we will pay the rent or payment, whichever is lower, or stop promoting properties in the area until it rents.
• If your property does not rent within the stated rental range, we will supplement your rent on the first tenant.
How the Program Works:
- Our Guarantee only applies to your first tenant after all repairs have been completed.
- You must get a home inspection prior to the closing of your property to be eligible for the guarantee. Due to the fact that a home inspection helps to ensure that your home is in rent ready condition prior to closing.
- After the repairs have been completed, your property manager will begin marketing the home at the high rent range stated in your contract packet. After 30 days if the property has not rented, it will be lowered to the middle of the rent range. If after 60 days the home has not rented, it will then be lowered to the low rent range. At the end of 90 days, if the home has not rented based on the above guidelines the Guarantee will become effective.
- You will not be eligible for the program benefits if you ask Property Management to change any of the above guidelines.
Buyer Responsibilities and Exclusions:
- Buyer cannot restrict type of renter (no smokers, no pets, no kids, etc.)
- Buyer must sign & execute a property management agreement with an approved property manager before the property closes escrow.
- Buyer needs to follow property manager's advice to reduce rent if needed as long as it does not fall below the rent range quoted by the broker.
- Buyer is informed by the Broker, in writing, that property may take a little longer to rent (ex: more expensive home, closed in quiet time of the year, etc).
- Buyer understands the guarantee is null & void in the case of natural disasters and Acts of God.
- Buyer understands that hotel condos, nightly rentals, commercial properties are exempt unless otherwise stated in writing by the broker.
- The Guarantee only applies to the first property if the buyer purchases more than one in the same geographical area.
How will I be paid in the event my property does not rent within 90 days?
If the property has not been rented at the end of 90 days after closing the guarantee will take effect. It will be the responsibility of you, the owner, to notify Enterprise Realtors, that your property has not rented within 90 days of closing. Enterprise Realtors will then contact your property manager and confirm that you have followed all of the above mentioned guidelines. If confirmed, Enterprise Realtors will sign a month to month lease with the the approved property manager. The lease will start from the effective date and stay in effect until the property is rented. Our rental amount will be determined by how much your mortgage note is or the low end of the projected rent range that was advertised when you purchased the property (whichever is LOWER). The first payment made by Enterprise will be a pro-ration from the effective date to the end of that month. As soon as a tenant moves in our lease will be cancelled. Payments begin at the end of the effective month and subsequent payments are made at the end of each month as well.
*You will be responsible for paying your note even if the Guarantee becomes Effective.*
Enterprise Realtors will not be responsible for any late fees incurred if you pay your note late.
Disclaimer: One or more principles of InvestinMemphis.com is a licensed real estate agent in the states of Tennessee and Mississippi. Although this information is deemed reliable, there are no assurances, guarantees, warranties or representations of any kind explicitly described or implied from this website. Forecasts are based on assumptions about uncertain future events-actual results may vary.
