Why can’t the Association rent the homes out themselves?
The Association can definitely rent the homes themselves.
Ryestone simply takes the burden and cost of rental property
management off of the Property Manager and the Board of
Directors. This includes initial and ongoing repairs. Ryestone
properly screens tenants while ensuring maintenance
assessments are paid regardless if the home is rented or not.
Having renters in the community is a concern to the Association.
How do you handle that?
We certainly understand the concerns. However, we can
assure that not only will our company adhere to and enforce
the guidelines set forth on the Association bylaws, but we can
also establish a screening criteria that it agreeable to the Board of Directors and in accordance with fair housing laws.
What if the Association documents do not allow renters?
The Board of Directors, on behalf of the Association is allowed to do what is in the best interest of the owners. Turning non-performing homes into homes that will pay every month and recovering a portion if not all of the debt associated with them is certainly in their best interest.
The bank will eventually foreclose on the homes anyway. Why not just wait for that to happen and save all of us the headache?
When and if the bank does foreclose on the home, their liability to the Association will be limited to the lesser of 1% of the original mortgage or the previous 12 months of assessments. Rather than waiting, Ryestone’s proposal is for you to receive that money today and start receiving your monthly assessments immediately. Clearly, because the bank can start foreclosing at any moment, time is of the essence on this deal.
How do you improve the community’s income?
Simply put, Ryestone invests money in Association owned homes and starts making payments to the Association immediately. Through a careful selection process, our office identifies opportunities that are beneficial to the Association and Ryestone.
Will you meet with the Board of Directors.
What is Ryestone doing with the units they purchased?
Our goal is to simply provide a paying tenant with a fantastic home. The banks are going so slow and it may be years before the Association gets them back as paying homeowners. Our solution gets the Association paid today!
What if the condition of the unit is really bad?
We have professional contractors capable of restoring any home. Good, bad or ugly, if it’s mutually beneficial we can make it work.
Will Ryestone buy just 1 or all Association owned units?
Can Ryestone provide a proposal?
Yes. We will provide a proposal to all parties.
What happens when the bank takes title to this unit?
This is a good thing for the Association. The Bank will now sell the unit to a new family and the community will have a new resident. The bank or the new owner are now responsible for any dues from the day they take title. Ryestone will no longer own the home.
What happens if Ryestone does not pay going forward?
Ryestone has the same responsibilities as any owner. We have to pay or else you can foreclose on us. We can assure you that after writing the Association a check, then putting money into the home, we will have all the incentive to pay the assessments on time.
Why shouldn’t the Association wait for the bank to foreclose?
The banks are going so slow and it will be years on many of these units before the Association gets them back as paying homeowners. Our solution gets the Association immediate and ongoing payments.
Can I see your contract?
Of course. Our contract consists of two, one page documents. The first is a simple purchase agreement explaining what we are buying and what we are paying. The second is the quit claim deed, signing the rights and responsibility of the home over to us.
What if our Association wants to rent the home ourselves?
We encourage this for all Associations. However, if the community doesn’t have the money, the time, or the patience to restore a home, find a renter and deal with maintenance requests then we may be able to help. We take all the hassle away from you. You have no risk, only upside.