Want To Sell Your Home By Rent To Own?
- Do you owe more on your house than it’s worth?
- Are your monthly payments more than you can afford?
- Has your property been on the market without any buyers?
- Did you inherit property and want to make a smart decision?
Why Rent To Own
“How to rent to own” is the biggest search keyword when it comes to Selling a home with creative financing. There is good reason why. The rent to own option is usually thought of more often when the economy is in a period of decline. Examples of this would be during the 1970-1980’s, and the late 2000’s. Typically, the choice to rent to own your home is because when a housing downturn occurs, more regulation typically happens.
When this happens, it makes it difficult for some otherwise good owners unable to purchase a home in a traditional sense. Some people would claim that in light of the most recent housing crisis, Rent To Own could become the “new normal”
A Benefit to the Buyer and Seller
Rent to own helps the tenant/buyer who needs time to repair their credit while still allowing them the privilege of living in a home. As they have the time to take the steps to repair their credit and secure a mortgage, the contract usually has a time limit (3-5 years) in order to obtain a new mortgage.
Learning how to rent to own your own home in Tucson has benefits. Rent to own benefits the Seller who has a home that is slightly “underwater”, or perhaps has little equity. The Seller can ask for a higher than normal asking price and/or interest rate to offset any risk from the buyer. This can result in a higher than normal sales price or yield on investment.
A main concern from many potential tenant/buyers is the ability to have enough time to repair their credit. In the Rent To Own transaction, the lease option documents allow the buyer to lock in a price, and time at the time they sign a contract. This time is negotiable between buyer and seller.
Since the tenant is allowed to live on the rental property during the term of the lease and pay a portion of their rent towards the sales price, they may also be required to pay a form of non-refundable down payment. Additionally, rent credits can also be included and paid into an escrow account during the lease period. Any amounts accumulated during this time should be applied towards the ultimate purchase price or down payment.
Should the Tenant/Buyer elect not to exercise their option then they are able to walk away and forfeit their entire deposit if they are unwilling or unable to buy. Therefore, it is extremely important to check your documents with your real estate attorney or licensed Realtor® in your area. (Get an offer on your home now!)
Want to Sell Your Home Fast with Rent To Option?
Don’t worry! I can help you.
Although I am a real estate broker, I’m not looking for a listing.
I’m not an attorneys or an accountant either. Please make sure you get good legal and tax advice on your situation.
I’ll make sure you get all the right documents, fill out the right forms, and that everything is handled with the utmost respect and courtesy. I’ll get it all explained to you and make sure you understand the details.
There are a lot of guidelines and laws involved with every real estate transaction, and my goal is always to make sure that we do the best job possible, every time.
I have a great reputation in the Tucson area because of honest communication and fairness to everyone. I work hard improving communities and helping neighbors out, one home at a time.
Just fill out the form below, or call me now at 520-955-5222 to learn about the options we offer.
I’ll send you information about our company and connect with you to chat about your goals, show you what we do, and see if there’s a fit.
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