Frequently asked questions

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Can I buy the house before my lease term ends?

  • Yes! You can purchase the house anytime throughout the lease period. We would never want our clients to rent longer than they need.

What price will I pay for the house?

  • If you buy your home within the first 12 months of the program, you’ll pay a buyback price that’s 4% higher than the home’s original appraised value. After 12 months, the price goes up by 1% every 3 months, reaching 8% in 24 months and 12% in 36 months.

How do you decide my home budget?

  • When we set your budget, we do our best to ensure that you will be able to get a mortgage at the end of the 1 to 3 year program. Our calculation takes into consideration your debt-to-income (DTI) ratio, savings balance, preferred rent amount, desired home price and many other such variables.

What is the re-verification process once an offer is initiated?

  • Utopia re-reviews your application once an offer on a property is made. The purpose of this process is to ensure that you are still eligible for our program and your income has not changed since the initial approval.
  • You will need to submit your most recent income document(s) to the Underwriting team who will review the document(s) and complete the re-verification process.
  • Failure to submit the document or meet Utopia eligibility requirements during this process may result in the termination of the offer.

Am I guaranteed to win the home we make a bid on?

  • Homebuying could be a very competitive process, so, one can’t guarantee we’ll always make the winning bid. Although, the odds are high with Utopia offers as they are all-cash offers.
  • As a company, We want to make sure our customers get the best possible price and a monthly payment that works with their budget. So, We’ll always ask for your approval before settling on a price, so you can make sure you’re comfortable with their payment plan moving forward.That’s why, we encourage customers to manage their expectations and be prepared to make more than one offer before a seller accepts.

How does Utopia decide what price to offer?

  • Our real estate experts offer competitive, all-cash offers based on market conditions as well as the recent sale prices of comparable properties in your area. We work with your agent to negotiate the lowest price we can, and pass on the savings to you in the form of lower rent. We’ll always take your feedback into account regarding our offer price, so, pls feel free to let us know.

Does Utopia offer a mortgage or other financing?

  • No, Utopia is not a lender. However, We are happy to connect you with our partner mortgage lenders who could get you the best rate or option possible.

Should I attend the home inspection?

  • We strongly recommend you to attend your dream home inspection. As the future owner of the home, it’s helpful to walk with our inspectors, see the home through their perspective, and learn critical features within the home like gas shut-offs, water shut-offs, HVAC filter locations for maintenance purposes, etc.
  • The general condition of the home, especially cosmetics, will ultimately be accepted by you during both the inspection and final walk-through.

Who addresses the repairs identified during the home inspection?

  • Utopia will present the list of repair requests to the Seller after the inspection. The Seller has three options:
    a) complete the repairs prior to closing,
    b) provide Utopia with a credit to complete the repairs after closing, or
    c) refuse the repair requests.
  • In many cases, the Seller will offer partial credit or repairs. Utopia and your agent will prioritize the repairs and negotiate with the Seller. Repairs are addressed before moving forward with the purchase of the home.