Blog post by Sylvia Walker:http://www.irvinehousingblog.com/blog/comments/tic-rent-equity-program
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[IHB] Is the Irvine Company?s Rent Equity Program a Good Home Buying Strategy?
- Thread starter zovall
- Start date
NEW -> Contingent Buyer Assistance Program
It's better than a sharp poke in the eye. The credits are from the time you move in until the time you sign the sales contract. The big question is finding an IAC property that you can tolerate to live in. I am at my boiling point with the one I am currently in. The leasing office does nothing to make the current renters more comfortable. They are always giving you notice that "someone" is going enter your apartment for maintenance. The management of the property supercedes the privacy of the renter. Once you move in, you will notice that the leasing off staff turns over a lot. They think their primary job is collect the rent and to lease out units.
One time, my wife went to Northwood Place and put down a deposit. Due to a foul up on their part, we decide to look at another IAC Community. The people in the leasing office tried to steal her money claiming it was not refundable. I called them and ask them on what basis was the deposit non-refundable. Their response was that she signed paperwork that stated the deposit was non-refundable and they had it right in front of them. I called their bluff and said, "BS, I know for a fact she didn't sign anything and if you don't give me the deposit back, I am driving down there right now and getting my money back plus more."
They agreed to make an "exception" this time and issue me a refund check.
Think of this program as a bonus that may never be used. "Someday, I may buy a cookie cutter Motor Court home from Irvine Pacific."
One time, my wife went to Northwood Place and put down a deposit. Due to a foul up on their part, we decide to look at another IAC Community. The people in the leasing office tried to steal her money claiming it was not refundable. I called them and ask them on what basis was the deposit non-refundable. Their response was that she signed paperwork that stated the deposit was non-refundable and they had it right in front of them. I called their bluff and said, "BS, I know for a fact she didn't sign anything and if you don't give me the deposit back, I am driving down there right now and getting my money back plus more."
They agreed to make an "exception" this time and issue me a refund check.
Think of this program as a bonus that may never be used. "Someday, I may buy a cookie cutter Motor Court home from Irvine Pacific."
buylowsellhigh
New member
It basically means that in the 6 months that it takes for them to construct your home, you will NOT be getting anymore equity even though you are still paying rent. They give you the impression that all of your rent dollars can be converted to the equity only for you to find out that this line is buried somewhere in the T&C..