Who is Wigwam?

Wigwam is a Company founded on the principal of goal setting. We believe that the home you want can be within reach & we want to help you get there! We are a fully accredited brokerage and our team of experienced real estate and underwriting professionals are experts at brokering lease to buy deals that are custom tailored to fit your financial needs while potentially saving you thousands of dollars in the process.

How Do We Do It?

To start we will need to know a little bit about your financials, budget, and purchasing aspirations. We will have you complete a short form with a few questions aimed to get a sense of your financial picture, where you want to live, and how much you want to spend.

Once we have some information about you we can begin sending you properties listed on our website that may fit your preferences & budgetary constraints. If you already have a property in mind let us know! We will reach out to the property owner on your behalf to see if a lease to buy option agreement is a viable option.

What Happens Next?

Once we match buyer (“you”) and seller, we structure a lease to buy option agreement that suits your needs and budget. We typically aim to broker lease to buy options that have a lease term of 5 years or less. Remember, it is a lease to buy option agreement. You will be under no obligation to purchase the property at the end of your lease but you will be beholden to the lease terms.

While leasing the property we will collect both rent & deposit escrow from you on a monthly basis. In addition we will collect a deposit handling fee from you each month (1% of escrow deposit payment processed). The fee is how Wigwam makes money.

The deposit escrow is your money. This money will be used to finance closing costs of the purchase at the end of the lease term. If you decide you don’t want to move forward with the purchase, the money held in escrow will be returned back to you. Think of it as your literal nest egg!

What Happens at Closing?

The closing process will commence roughly 3 months before the end of your lease. At this point we will begin referring you to different lenders to try and secure you the best mortgage rate possible! If you prefer to secure your own mortgage you can do that too but our mortgage brokering services are free. Once a mortgage is secured and the lease has reached its finalization we will use the escrow deposit to fund the down deposit & closing costs on the property and then it’s yours! Going forward you’ve swapped rent for a mortgage payment.

What if you Change your Mind?

While you will be responsible for rent payments in accordance with the lease term on the option to buy agreement, you are under no obligation to purchase the property. If you change your mind or something in your life changes that requires you to opt out of the purchase we understand! We have structured contracts in place to make sure that the landlord does not force you into a purchase you no longer want.

If for some reason you can no longer meet the terms of the lease requirement let us know! We will do our best to try and negotiate a lease termination on your behalf with the landlord. Keep in mind that you may be required to pay early termination fees to your landlord in order for them to accommodate the request. However we will also list the lease to buy option on our website. If we find a potential buyer who can pick up the tail end of the lease to buy option we will swap them into your lease free of penalty!