CITY GROUP PROPERTIES IS A REAL ESTATE BROKERAGE, NOT A MORTGAGE BROKER OR A LENDER.
The scope of work of City Group Properties for our clients is to help them find properties and sell properties. If you do not have financing, City Group Properties can refer you to a Third Party Lender as per the terms below. You are not obligated to use any of the third party lenders we refer you to. You are free to use any lender you choose, and once approved by your lender, City Group Propeties will help find a property for you.
This “Terms of Service” section applies to all inquirers, clients, and users of City Group Properties, without exception, in place of written fee agreements or engagement letters. These are our non-negotiable policies and terms of service. By engaging City Group Properties, you unconditionally agree to all of these. We permit no exceptions to this rule. Please note that you are not our client and we have no responsibility to advise you or act on your behalf until a representation agreement is signed. We are under no obligation to accept any particular client, buyer, or seller, which are accepted or declined entirely at our discretion.
DISCLOSURE OF THIRD PARTY FINANCING RELATIONSHIPS - MORTGAGE BROKERS AND LENDERS
USERS OF CITY GROUP PROPERTIES SERVICES UNDERSTANDING OF THE FOLLOWING:
USERS OF CITY GROUP PROPERTIES SERVICES MAY BE REFERRED FOR THIRD PARTY FINANCING APPROVAL TO A MORTGAGE LENDER.
CITY GROUP PROPERTIES USES A THIRD PARTY PRIVATE CONVENTIONAL LENDER THAT WORKS WITH CITY GROUP
PROPERTIES TO PROVIDE FINANCING FOR BUYERS. CITY GROUP PROPERTIES IS NOT PAID BY OR AFFILIATED WITH ANY OF THE THIRD
PARTY LENDERS WE MAY REFER OUR CLIENTS TO.
UNDERSTANDING OF PROCESS AND LIABILITY: USERS OF CITY GROUP PROPERTIES WILL SUBMIT PRELIMINARY INFORMATION
REQUESTED BY THE THIRD PARTY LENDER TO OBTAIN A “PREAPPROVAL”. ONCE PREAPPROVED, THE THIRD PARTY LENDER
WILL ALSO REVIEW PROOF OF INCOME, CREDIT REPORT, TAXES, APPRAISAL OF SUBJECT PROPERTY, AND ANY OTHER
INFORMATION REQUESTED BY THE THIRD PARTY LENDER THROUGH THEIR UNDERWRITING PROCESS TO MAKE FINAL
USERS OF CITY GROUP PROPERTIES AGREE AND UNDERSTAND THAT THE SALES CONTRACT WILL INCLUDE A THIRD PARTY
FINANCING ADDENDUM FOR CREDIT APPROVAL. USERS OF CITY GROUP PROPERTIES AGREE THAT THEY MUST OBTAIN FINAL
APPROVAL FOR FINANCING WITHIN THE TIME ALLOTTED IN THE THIRD PARTY FINANCING ADDENDUM FOR CREDIT APPROVAL.
IN THE EVENT USERS OF CITY GROUP PROPERTIES DO NOT MEET THE THIRD PARTY LENDER UNDERWRITING CONDITION
REQUIREMENTS FOR FINAL APPROVAL IN THE TIME ALLOTED IN THE THIRD PARTY FINANCING ADDENDUM FOR CREDIT
APPROVAL OR CANNOT PRODUCE THE FUNDS REQUIRED TO CLOSE, USERS OF CITY GROUP PROPERTIES UNDERSTAND THAT THEY
HAVE THE RIGHT TO TERMINATE THE CONTRACT BEFORE THE LAST DAY ALLOTTED PER THE THIRD PARTY FINANCING
ADDENDUM FOR CREDIT APPROVAL TO RECEIVE A REFUND OF EARNEST MONEY. USERS OF CITY GROUP PROPERTIES AGREE THAT IF
THE CONTRACT IS TERMINATED AFTER THE ALLOTTED TIME FRAME STATED IN THE THIRD PARTY FINANCING ADDENDUM FOR
CREDIT APPROVAL, THE EARNEST MONEY WILL BE NON-REFUNDABLE AND WILL BE AWARDED TO THE SELLER.
USERS OF CITY GROUP PROPERTIES AGREE TO AND HEREBY DOES INDEMNIFY AND HOLD HARMLESS CITY GROUP AND/OR
ASSOCIATES, JACQUES HANMER, AND SELLER/OWNER OF SUBJECT PROPERTY FROM AND AGAINST ANY AND ALL LOSS OR
DAMAGE RESULTING IN USE OF THE THIRD PARTY LENDER. IN THE EVENT USERS OF CITY GROUP PROPERTIES ARE NOT APPROVED, USERS OF CITY GROUP PROPERTIES WAIVE THE RIGHT TO SUE FOR SPECIFIC PERFORMANCE OR TO REQUEST OR SUE FOR ANY EXPENSES
USERS OF CITY GROUP PROPERTIES MAY HAVE INCURRED. IF USERS OF CITY GROUP PROPERTIES ARE NOT APPROVED, USERS OF CITY GROUP PROPERTIES AGREE THAT EARNEST MONEY WILL BE RELEASED IMMEDIATELY TO THE BUYER OR SELLER PER THE TERMS IN THE
SALE CONTRACT AND THIRD PARTY FINANCING ADDENDUM FOR CREDIT APPROVAL. USERS OF CITY GROUP PROPERTIES WAIVES THE
RIGHT TO PUT AN INJUNCTION ON THE SUBJECT PROPERTY OR PREVENT SALE OF SUBJECT PROPERTY TO ANOTHER BUYER.
RENT WITH OPTION TO BUY THIRD PARTY SERVICE PROVIDER DISCLOSURE
The Rent with Option to Buy Program is offered through a 3rd Party Rent With Option to Buy Service Provider that allows you to choose a property from the MLS (that meets their requirements) for them to purchase and lease to you with the option for you to purchase it at a later date and a set price.
CITY GROUP PROPERTIES WILL ONLY ACT IN THE REAL ESTATE CAPACITY OF ASSISTING USERS OF CITY GROUP PROPERTIES IN FINDING A HOME ONCE APPROVED THROUGH THE RENT WITH OPTION TO BUY THIRD PARTY SERVICE PROVIDER
USERS OF CITY GROUP PROPERTIES AGREE AND UNDERSTAND THAT THE RENT WITH OPTION TO BUY PROGRAM IS OFFERED THROUGH A THIRD PARTY RENT WITH OPTION TO BUY SERVICE PROVIDER, NOT CITY GROUP PROPERTIES, AND THE REQUIREMENTS BELOW ARE THE REQUIREMENTS OF THE THIRD PARTY RENT WITH OPTION TO BUY SERVICE PROVIDER.
APPROVAL CRITERIA** FOR RENT WITH OPTION TO BUY PROGRAM INCLUDES BUT IS NOT LIMITED TO:
- Household income must be a minimum of $60,000
- Must be able to prove income
- All applying must have 525 or greater credit score
- No broken leases or evictions
- No recent late pays
- No vicious breed animals
- Debt to Income Ratio no greater than 43%
- No major criminal history or sex offenders
**The Rent with Option to Buy Third Party Service Provider charges a $75 application fee and reserves the right to deny approval for any reason. City Group Properties does not have the authority to approve or deny any applicants. City Group Properties is not affiliated with the Rent with Option to Buy Third Party Service Provider.
PROPERTY CRITERIA INCLUDES BUT IS NOT LIMITED TO:
Approximate move in date is 45 days from executed contract of property
Sale price of house must be between $150,000 - $500,000
Cannot be a rural property
No Condos, Foreclosures, Short Sales, Fixxer Uppers
Rent is between $1,500/month - $5,000/month
USERS OF CITY GROUP PROPERTIES UNDERSTAND THAT CITY GROUP PROPERTIES HAS NO AUTHORITY TO APPROVE OR DENY ANY APPLICANTS FOR THIRD PARTY LENDER FINANCING, RENT WITH OPTION TO BUY SERVICE PROVIDERS, AND/OR SELLERS OF OWNER FINANCED HOMES. THEREFORE USERS OF CITY GROUP PROPERTIES AGREE THAT CITY GROUP PROPERTIES AND/OR ITS ASSOCIATES WILL NOT BE HELD LIABLE FOR ANY DENIALS OF FINANCING GIVEN BEFORE OR AFTER CONTRACT OF PROPEERTIES
USERS OF CITY GROUP PROPERTIES AUTHORIZE CITY GROUP PROPERTIES TO SHARE USERS OF CITY GROUP PROPERTIES PERSONAL AND FINANCIAL INFORMATION WITH THIRD PARTY FINANCE SERVICE PROVIDERS AND/OR THIRD PARTY RENT WITH OPTION TO BUY SERVICE PROVIDERS
USERS OF CITY GROUP PROPERTIES AGREE AND HEREBY DO INDEMNIFY AND HOLD HARMLESS CITY GROUP PROPERTIES AND/OR ITS ASSOCIATES FROM ANY AND ALL LOSS OR DAMAGE RESULTING FROM THE SHARING OF INFORMATION AND/OR ANY AGREEMENTS MADE BETWEEN USERS OF CITY GROUP PROPERTIES AND THIRD PARTY FINANCE SERVICE PROVIDERS AND/OR THIRD PARTY RENT WITH OPTION TO BUY SERVICE PROVIDERS
CITY GROUP PROPERTIES SERVICES FOR FINDING HOMES FOR USERS OF CITY GROUP PROPERTIES ARE FREE, PROVIDED THAT USERS OF CITY GROUP PROPERTIES REGISTERS CITY GROUP PROPERTIES AS THEIR AGENT WITH THIRD PARTY RENT WITH OPTION TO BUY SERVICE PROVIDER, THIRD PARTY LENDER, NEW HOME BUILDER, AND/OR LISTING AGENT. USERS OF CITY GROUP PROPERTIES AGREE TO REGISTER CITY GROUP PROPERTIES AS THEIR REAL ESTATE AGENT WITH THIRD PARTY RENT WITH OPTION TO BUY SERVICE PROVIDER, THIRD PARTY LENDER, NEW HOME BUILDER, AND/OR LISTING AGENT. HOWEVER, IN THE EVENT USERS OF CITY GROUP PROPERTIES CHOOSE TO REGISTER A REAL ESTATE AGENT NOT AFFILIATED WITH CITY GROUP PROPERTIES WITH THE THIRD PARTY RENT WITH OPTION TO BUY SERVICE PROVIDER, THIRD PARTY LENDER, NEW HOME BUILDER, AND/OR LISTING AGENT, USERS OF CITY GROUP PROPERTIES AGREE TO PAY 3% OF THE SALE PRICE OF THE HOME PURCHASED BY THE THIRD PARTY RENT WITH OPTION TO BUY SERVICE PROVIDER AND/OR THIRD PARTY LENDER ON THEIR BEHALF.
USERS OF CITY GROUP PROPERTIES AGREE AND UNDERSTAND THAT THEY ARE BEING INTRODUCED TO THE THIRD PARTY RENT WITH OPTION TO BUY SERVICE PROVIDER AND/OR THIRD PARTY LENDER AND AGREE TO REGISTER CITY GROUP PROPERTIES AS THEIR AGENT
IN OTHER WORDS, YOU AGREE TO USE CITY GROUP PROPERTIES AS YOUR REAL ESTATE AGENT (FREE OF CHARGE TO YOU) AND NOT USE A REAL ESTATE AGENT FROM ANOTHER BROKERAGE WITH ANY PROGRAMS CITY GROUP PROPERTIES INTRODUCES YOU TO OR YOU WILL BE RESPONSIBLE FOR CITY GROUP PROPERTIES COMMISSION.
FAQ's - Frequently Asked Questions about the City Group Properties system
How Long Does It Take To Get Pre-Approved from One of Your Third Party Servicers?
Typically, it takes a minimum of 3 business days from the day we receive ALL of the documentation requested.
Once we receive all of the documentation requested, we will provide it to the lender, seller (owner finance), or rent with option to buy company which will then review and either provide a pre-approval or denial. Sometimes tougher files can take more than 3 days for a pre-approval and more documentation or explanation may be requested.
How Do I Get Updates?
Once the process has begun, you will receive an email once a day (Monday thru Friday) with a status update from our Documents Coordinator until you are fully pre-approved.
*There will be no updates on weekends because lenders are not opened on weekends.
What Happens Once I Am Pre-Approved?
1. Your assigned City Group Real Estate Agent will call you to review a list of properties with you.
2. You and your assigned City Group Real Estate Agent will then schedule a day and time to view the properties you have chosen.
3. Once you have chosen a property that you would like to own, we will negotiate a contract with the seller for you.
4. Once a contract is signed, we will assist in the journey to closing on your new home!
How Long Will It Be Before I Can Move In To My New Home?
With Owner Finance options (20% down payment required), you can move in as little as 2 weeks. With lender and rent with option to buy options, it will be a minimum of 30 days.
How Much Cash Do I Need For a Down Payment?
There are several lenders that City Group Properties can connect you with, here are the estimated down payments for each (subject to change):
- FHA/Conventional/VA Loans (credit scores above 620): as little as 3.5% down payment plus closing costs
- Owner Finance Terms Sellers and Lenders: a minimum of 20% down payment plus closing costs
- Rent with Option to Buy Program: It is 2 months for security deposit and first month's rent = 3 X 1 Month's Rent
Is City Group Properties a Bank or a Mortgage Lender?
No, City Group Properties is a Real Estate Brokerage and the role of the City Group Real Estate Agent you are working with will be to assist in finding you a property once you are pre-approved.
Is City Group Properties Offering Financing?
No, City Group Properties is not offering financing, we are not a lender. We can connect you with lenders, sellers (owner finance), and rent with option to buy companies to help get you in to a home even if you have already been turned down by lenders and banks.
How Much Do You Charge For Your Services?
As long as you use us as your real estate agent, our services for matching you up with financing and helping you find the right home are FREE to you! We get paid a commission from the selling side when we find you a home, so you do not have to pay anything to us.
**Please let us know immediately if you are working with another real estate agent outside of City Group Properties.