DALLAS - This week dozens of people who were going to be kicked out of their West Dallas homes are signing contracts to buy them.
The lobby of HMK Limited was busy Thursday morning. It was packed with some of the company’s tenants. The families were waiting to sign mortgage documents to turn them from renters into home owners.
”Welcome to my new home,” said Linda Freeney as she stood on the porch of the house she is buying on Morris Street. Freeney has been renting from HMK Ltd. for the past seven years. She says the place needs some work and repairs.
”I need roofing and windows,” Freeney explained.
Many HMK tenants are now jumping at the chance at buying their low rent homes. The families were in jeopardy of being kicked out this week due to an ongoing conflict between the landlord and City Hall over new housing standard rules.
Khraish Khraish is managing partner for HMK Ltd.
”These sales are not contract for deed," he said. "These are legitimate traditional mortgages, which include a special warranty deed and deed of trust.”
During a press conference on Thursday, Khraish said he'll be working to help the buyers, over 65, apply for home repair funds from the city and other agencies.
Ronnie Mestas, chair of Los Altos Neighborhood Association, said neighbors are also organizing work crews to help families with home repairs.
”Any house that is sold by Mr. Khraish, we are going to make sure they are going to be brought up to standard," Mestas said.
West Dallas is booming with development. The tenants buying HMK homes are entering into a 20-year loan agreement. There’s no money down. Mortgages for the households will be about $575 a month.
HMK says tenants were given 10 days to review the closing documents.
Khraish says so far 60 homes in South Oak Cliff have been sold. Seventen of the properties in West Dallas went under contract on Thursday. There are 80 additional homes expected to be sold to HMK tenants in the coming weeks.
Khraish says he expects 10 families will close on homes each week.
”I like my house,” Freeney said. “Even though it needs some work, it’s mine.”
Freeney says she's walking out on faith buying a home.
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