How much does everyone here know about this company? Their usual model is "lease with the right to purchase" when you find a home and have them buy it on your behalf (after they determine that it fits within their program and negotiate a purchase price with the seller). This is "a" path to home ownership, though the renter/buyer ends up paying more overall due to the required 3 year (Texas - my location) to 5 year (everywhere else) lease minimums before purchase eligibility.
Here's our strange situation. We were looking for places to rent at the beginning of the pandemic and landed at the house we're in now. It's managed by Pathlight and I think at the time it was owned by another entity. Then we got a letter about a year ago saying the property had changed hands (to Home Partners) but that nothing would change on our end (and indeed nothing did).
We have now been in the home for two years (just signed on for another year) and are really interested in buying the place. The house has its small issues, but is a much nicer property than we could likely get in to conventionally, with the way the market is today and competition of cash buyers and people offering over asking. The neighborhood is great, and we haven't seen any big issues with the house that would steer us away. However, we recently reached out to Home Partners to see if it was a property we could buy and they responded in a seemingly generic email that the property was not for sale at this time. It seems that their normal program doesn't work the same way when they owned the property already. But on the other hand, it doesn't seem like Home Partners is really the type of company that wants to sit on a property indefinitely.
My question, for anyone with some knowledge of this company or ones like it, is whether there is a selling freeze at the moment or if they are likely to just sit on it forever. I would think that in this market, they'd prefer to sell while it's high. This home is on the larger side (3095 sf) and it was built in 1999 - so likely the maintenance costs are only going to rise. I'm not scared of this but I would think that a corporation would rather avoid that drama with future renters. I've joked about waiting until the HVAC breaks down and offering to buy it then... After all, the system is over 20 years old and likely has few summers left.
No, I'm not going to sabotage anything. Just not-so-secretly hoping the property becomes kind of a pain in the butt for them to deal with (I might call in that dripping faucet rather than fixing it myself like I usually would).
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source https://www.reddit.com/r/RealEstate/comments/uaoxdl/home_partners_of_america/
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