Experience with rent-to-own companies like Hyperion and Mack? (Naples: short sale, real estate)

[HouseHuntingIL]

Cinema and thehappygrl, can you share your lender info with me?

[anneviolette]

I'm just joining this or reading about this for the first time. Our family has been looking to move to the Houston area (near Friendswood or Clear Lake) because of the high crime in FL and not being an ideal place to raise our small children. The schools, economy and housing market is all better in TX. However, it has been challenging finding a place because it seems like many other people have the same idea, so every rental we've seen online gets a ton of applicants before we even get a chance to apply.

So, I was looking into other options and now spotting Hyperion Homes and their program, which looks fair and looks like a great way to "try it before you buy it" if you are not from the area originally. I sent in the app a few days ago before reading this thread.

MY QUESTION to you - whether you've had a good or bad experience with Hyperion - is how long does it usually take IF you do get approved? The reason I ask is because we did finally find a rental that is available and approved us, but obviously if given a choice of renting something or having an opportunity to buy - I would rather buy and give my children the stability of a "home" and not having to move again. So, I have to make a decision. They have not replied yet as to whether or not I meet the approval, but which would you do if you were in my shoes? I will have only a few days to decide whether to just take this rental that I am already approved for, save up some more money and perhaps buy or build something the traditional way in a year after I fix a couple of things on my credit - OR if Hyperion says yes next week, should I go that route? What would you do?

[Cinema]

That's hard to say because I don't know your full situation, I can only answer based on my experience so I would take the rental because you said rentals go quick in the area. And right now you have a place that has approved you and I assume works for your family. Also, I guarantee you that whatever you'll pay in rent now will be $200-400 higher if you rent through Hyperion, but if the Hyperion rent still meets what you can afford, then you'll have to weigh that option, keeping in mind that extra rental cost could be going to a down payment savings. Also, your search with Hyperion might be longer than you want.

The upside is that if you're approved the house they purchase for you to rent will be in good shape if you later choose to buy since they do all the repairs/renovations for you. Sorry I can't be of more help, but maybe base your decision on (1) am I fine with the higher rent I'll pay through Hyperion; and (2) am I okay with buying a Hyperion house at the amount it will be when I'm ready to buy it.

To answer your initial question, couldn't remember so I went back through my emails and saw that once I filled out the initial application online (but I don't know when I did the online form but I'm sure it was all in the same month), they sent the full one on June 11 to be docusigned and approved us on June 13, so took 2 days for that portion of the application. So hopefully you'll hear back before you have to decide on the rental.

I wish you all the luck, I really do because like you, we started this journey so our kids could be in a better school district. Please update when you've decided.

[georginao]

I'm a Florida Realtor and we were just visited by a Hyperion Homes Representative so I've been doing my homework to check them out. My understanding is that my brokerage has a good relationship with them.

They are an investment company and as such, they are in the business to make money, however, as they explained, they will not purchase a home over market value and will usually try for 10% under market value which is beneficial to the future purchaser/Renter. The renter criteria is not based on credit. The household income must be over $50k, Any bankruptcies must be discharged and no felons are accepted under any circumstances. They will not purchase any Short Sales. The home must be move-in ready although it can need updating. In my opinion, it's best to not request any improvements unless one can't live without that improvement prior to purchase. The homes are accepted based on high school district.

The benefit I see is that the renter will get to live in the home of their choosing until they can qualify for a mortgage and have housing secured housing for 5 years. The lease is renewed in 1 year increments up to 5 years but as soon as the renter can be approved for a mortgage, they can purchase the home anytime. If the rental in the area is $1,000.00 then they will charge $1,000.00 and none of the rental amount will go towards purchase. The value must be between $100k - $500k.

Keep in mind that this program is a combination of home-purchasing and renting so like any purchase, securing a property can be a dilemma when buying with anyone. (Also the fact that it's basically a cash deal will capture more interest and make the transaction smoother than financing. Cash deals generally offer less for a property because it can close faster with less complications.) I've had regular buyers lose out on homes because many homes in Central Florida have multiple offers once again but once again, many are also over-priced and just sitting. That's typical. AND like any rental the Renter MUST qualify as well. So combining the two can be tricky but I definitely see the benefit for those is the right circumstances.

[jessicasz13]

hi< my husband and I is currently renting to own with hyperion in chicago IL, we found our dream home and 8 months later we are ready to buy it! We really do appreciate the oppurtunity they gave us after a short sale, everyone was very pleasant with us and we definitley recommend it for people who just need to buy time to save for a downpayment or repair credit but wants to move into a home already and not have to move again !

[parrishcolorado]

I've read a lot of these reviews and some are negative... and unnecessarily so. The negative reviews seem to be because of a misunderstanding of the program and facts. I wanted to offer my opinion.

We had a great experience with Hyperion from the very beginning! We knew exactly what we were getting into and nothing came as a surprise. They showed us all the numbers up front and there weren't any changes. Everything is spelled out clearly in black and white--there is nothing hidden or deceptive in any way.

They paid cash for our home in a great neighborhood and the closing went quickly and smoothly!

The customer service was great--they always responded to all of our questions promptly and everyone we worked with was kind and helpful. They truly went above and beyond our expectations. If you know that a program like Hyperion's is what you need, I wouldn't hesitate to recommend Hyperion!

Eric P.

[rp2433]

Originally Posted by jessicasz13

hi< my husband and I is currently renting to own with hyperion in chicago IL, we found our dream home and 8 months later we are ready to buy it! We really do appreciate the oppurtunity they gave us after a short sale, everyone was very pleasant with us and we definitley recommend it for people who just need to buy time to save for a downpayment or repair credit but wants to move into a home already and not have to move again !

I am currently considering using Hyperion Homes for a purchase of a property in the Chicagoland area and I was hoping that you could contact me because I had some questions maybe you can help me with or anyone that has used them please send me a email at [EMAIL="rpillow24@hotmail.com"]rpillow24@hotmail.com[/EMAIL]

[JenniferLynnifer]

In my opinion, Hyperion Homes is SCAM CITY!! A realtor referred me to their website to apply. Apparently, it's free to pre-apply BUT once you're approved through their pre-application process, then you have to actually apply again AND pay $75. They can then choose to deny you/not approve you at that point and NOT give you the $75 fee you paid them. To me, this is scamma-rama all day long. DO NOT USE HYPERION HOMES!!!

[carolyntaylor]

I would like to say this company is a SCAM they lie about the entire process of getting you approved, once they get you approved by way of prequalification then they ask you to complete the complete application for $75.00 fee. I was told that debt to ratio wasn't really a factor in the lease to purchase program only to find everything that wasn't a factor was. PLEASE DO USE THIS COMPANY THEY ARE HORRIBLE. They have a young man by the name of John who is very rude and does not take clients/customers feelings into consideration as he explains to them way they aren't approved. I have done some research with another realtor only to find he states to STAY AWAY FROM THEM they only pulled your credit which is a hard pull but they will tell you its a consumer or soft pull which is not true they also were found to lie about the actual credit scores they pulled I found out that they credit score they said I had was not even what I had they informed me of a 598 only to find out I had a 643 when I called the gentlemen back and ask him to explain where he obtained this score he couldn't even provide me with a direct answer. Whom ever out there READS THIS please pass this message along to stop this company from beating people out of their money and wasting their time to lie!!!!!!!!!

[brimacd83]

In February I posted a positive message about Hyperion Homes (now Home Partners of America). I could not figure out how to rescind those comments so I'll just write this message. I've done a several more deals with this company but I am now concerned enough about recent dealings that I no longer want to take calls from agents looking for recommendations. Thank you for not calling me about this. - Brian MacDonald.