Welcome to the Lost Boys Project Sales Team!
We’re glad you found our website. We have been overwhelmed by the positive response we have received from both agents and buyers and are confident you will feel the same way once you learn more about our program.
Our program is simple, appealing to buyers, and we pride ourselves on being creative, fast-moving, reliable, and honest. We also offer what we believe is a very straightforward and generous compensation plan in place for agents. If you have buyers that would rather own than rent in the Phoenix Arizona area, we would love to hear from you.
The ability to speak Spanish and existing access to buyers is a bonus. We often have a diverse set of homes ready to sell to a range of different buyers. Be sure to contact us below for a list of available houses.
How does your program work?
Our Seller Carry Back Program is truly unique. We believe it is one of the most buyer-fair and agent-friendly program we are aware of in Phoenix right now.
15 month lease option period:
We know a lot of people have been burned in lease-options in the recent past. Our lease option is different. It contains provisions that can help a buyer feel more secure about their interest in the property. We need to make sure the buyer will make at least 1 year’s worth of payments on time before committing to a long-term loan.
Aspects that make our lease option unique:
Our Lease Option Contract clearly identifies our obligation to sell the property to the buyer as long as they fulfill their obligations in the agreement. Here’s why:
- If the buyer cannot obtain outside financing in most cases we are able to give them a loan to complete their purchase of the property at the end of the Lease Option period.
- We use a title company in every transaction as a neutral third party to oversee the sales process.
- We use a Note and Deed of Trust instead of an Agreement for Sale.
- A portion of every lease option payment goes towards loan principle so buyer is building equity from day one.
- At the end of the option period, assuming the buyer meets all borrowing criteria, title is then transferred to the buyer.
We are willing to sell our houses:
- With owner-carried financing
- Without owner carry financing (at an even lower price). This includes Conventional, FHA, and VA loans
If we approve your client for seller financing we may be willing to be a lender for 5 years with the following terms (subject to change):
- 9.625% fixed interest rate for the first 5 years
- Minimum $4,000 down
- 20 year amortized loan
- Lease option period for first 13-24 months (See why
- our buyers are happy with our lease options below)
- Loan review (balloon) in 5 years (with possible
Our program may enable buyers to own a home for a monthly payment only slightly than rent while building equity at a rate much faster than a conventional 30-year mortgage.
How should I screen my buyers?
- Proof of income: Household combined income must be at least 3 times the monthly loan payment. (Need check stubs and/or bank statements for proof and then eventually submit this info with offer)
- Credit: Less than perfect credit is okay, but we prefer buyers that have only one or two major negative events on their credit versus a consistent history of irresponsible borrowing and bill paying.
- Term: Buyer should be able to qualify for a new conventional loan within 3-5 years.
- Background: No criminal history or outstanding judgments.
- Identification: Must have an official form of ID. Driver’s License, Passport, State issued license, Military, etc.
Where should I submit my offer?
Submit completed Term Sheets (if you don’t have this form, request it from us below) to:
Keep in mind our general parameters:
- Purchase Price: We price the properties aggressively so they usually sell for full price.
- Option Deposit: The higher the deposit the greater the agent compensation (see commission chart below). Deposits under $4,000 are not generally considered.
When do I get paid?
Credit application: After we accept the term sheet, we will email the TransUnion Smart Move link to the applicant so that they may authorize a credit report be forwarded to us for review. They will need to pay the $25 processing fee to the credit reporting agency online at that time. We will have a decision for you within 48 hours.
NOTE: Your commission is paid upon buyer approval of the 5-day inspection period. That’s right, you can potentially get paid within 7 – 10 days!
Face-to-face meeting: We want to take the time to develop a personal connection with each buyer. Once The Lost Boys Project LLC staff has confirmed credit, income, and background checks we will ask you to set up an in-person meeting with the buyer near Tatum and Cactus to finalize the loan approval.
How much do I get paid?
We have simple compensation matrix. Please contact us below to request a copy.
- As in any real estate transaction, we do not guarantee the house will rise in value.
- There is no guarantee the buyer receive a loan extension beyond the initial 5-year term.
- A portion of every lease option payment is eventually applied to the purchase price of the property as long as the buyer does not default on their obligations.
- We like to ensure our buyers fully understand how our program works and encourage every buyer to seek legal advice before making any financial commitments.
- We are a direct source, private lender and investor. We are not associated or affiliated with any regulatory agency in any state. Although we work with licensed mortgage brokers, we do not hold any mortgage broker or mortgage banker licenses and we do not subscribe to any governing policies or limitations that conventional lenders might adhere to or be restricted by.
- All funds collected from buyers need to be in the form of cashier checks and money orders.
- All sales are ‘AS-IS’ sales so be sure not to make any promises about condition, work being done, etc.
- We do NOT have a prepayment penalty for paying our loan off before our 5-year review. In fact, we encourage buyers to build their credit and enjoy a lower interest rate elsewhere
- We will give the buyer a title report upon acceptance of term sheet. We will turn on the utilities and allow for a full inspection period of 5 days. If your buyer is dissatisfied with anything on the title report they can terminate the transaction. All deposit money will be fully refunded at that time.
- Our property list is like a private MLS. Unlike other listings, we offer quick responses from the seller, who in this case, is also the owner. We would also like to build a relationship with each agent.
- We are only interested in WIN-WIN transactions. We are pleased that we have many satisfied buyers and agents at this time and look forward to your involvement. Many of our buyers have referred friends and family to us, which is the highest compliment a business can receive.
If you are interesting in learning more about our program, please use the form below or email us at: email@example.com