Have you ever considered using a rent to own agreement to sell your house in Eastpointe? The real estate market is in a period of transition as more people are working from home, and homeschooling is on the rise. Many would-be buyers are also transitioning their credit standing to prepare for homeownership in Eastpointe, as they are not yet in a position to qualify for conventional financing. You can either create this agreement as an option, where they can walk away voluntarily at the end of the term or as an agreement that would bring legal action for default. Or, you could have an option for an extension if the buyers are not quite ready to buy at the end of the original term.
Failure on the part of the buyers to gain approval for a conventional loan at the end of the two or three-year period set out in the rent-to-own agreement means that the home defaults back to you. You’ll then have the option to rent or resale the property while keeping the deposit and any extra rent fees in the agreement added to the monthly rent as credit towards the down payment.
Because you are in the driver’s seat, you can set the terms for maintenance, repairs and who pays homeowners insurance, and even the taxes in the contract terms. Read on to learn more about how to set up a rent-to-own agreement that will help sell your Eastpointe house for the highest price possible
Get Your Asking Price
Sellers are taking a risk in working with buyers with less than perfect credit. You also risk home values jumping far beyond current expectations. Because you are offering a benefit that is otherwise unattainable to these buyers, you can set the asking price at the potential value the property could have in the future as your sales price now. On the other hand, you’ll come out ahead if home values drop because the sales price is predetermined. Because there is far higher demand than supply of homes available through a rent-to-own deal, providing this opportunity will help sell your Eastpointe house to eager buyers for the highest price possible.
While some may see this as a drawback, as sellers you can take advantage of this increased interest by offering rent-to-own agreements to potential buyers. These agreements allow the buyer to rent the home for a set period of time, with the option to purchase the home at the end of the agreement. This opens up your property to more potential buyers, who may have been hesitant to purchase outright due to financial limitations or uncertainty about their job security.
The added benefit of a rent-to-own agreement is that it allows the buyer time to improve their credit or save up for a down payment. This increases the chances that they will be able to purchase the home in the end, and can also result in a higher sale price for your property.
If you’re looking to sell your Eastpointe house, consider setting up a rent-to-own agreement with a potential buyer. This can help you get the highest price possible for your property. Contact us today to learn more about how we can help you sell your home!
While some risks are involved in working with buyers who are repairing credit, there is no need to take needless risks. Therefore, you should consider using an experienced real estate lawyer to review your rent-to-own agreement. Avoiding legal conflicts over a poorly constructed contract benefits both parties, the seller and the buyer. Ensuring both parties have legal protections and disputes will likely be avoided is helpful when you sell your Eastpointe house with a rent-to-own agreement for the highest price possible.
FastFairOffer.com, LLC makes it easy! At FastFairOffer.com, LLC, our process is simple and straightforward! We make it easy and fast, working with experts from every walk of the real estate industry. Our team at FastFairOffer.com, LLC can help guide you through setting up a rent-to-own agreement. Our goal at FastFairOffer.com, LLC is to help you sell your Eastpointe house for the highest price possible. The professionals at FastFairOffer.com, LLC are happy to answer any questions or concerns you may have about rent-to-own agreements with no obligation. Send us a message or call FastFairOffer.com, LLC at (586) 480-1541.