Do you want to sell your house in Chicago? Using a rent to own agreement or owner financing can help you find buyers faster and ensure you are getting a great price for your home. Learn more about some of the perks of using a rent to own agreement in our latest post!
Providing owner financing to potential buyers is a great way to not only sell your house but to generate additional income as well. Instead of working with a bank, you become the bank for your buyers. Not only will you collect the price of the house, but you may even be able to get more than your asking price when you find the right buyers! Learn about this and more of the great benefits owner financing can offer you in our latest post!
When you use a rent to own agreement to sell your house in Chicago, you will typically be able to find buyers much faster than if you put your house on the MLS. Houses can sit on the MLS for months at a time, sometimes without any interest or offers. The listing can expire, forcing you to start over or reduce your asking price… two things nobody wants to do.
A rent to own agreement can attract more people and get your house in front of the right buyers. You will likely be able to generate interest much more quickly than just an ordinary listing. As long as you do not need the entire sale price for the house upfront, selling your house with owner financing makes sense for a lot of people.
Appeal To More Buyers
Your agreement will appeal to more people because more people will have the opportunity to buy your home. People who are ready to buy a house in Chicago but are working to save up that 20% for a loan. People who are almost ready to buy a house in Chicago as soon as outstanding debt is paid off, and people who imagined they’d rent for the time being, but saw your house and simply fell in love.
Opening your house to this whole new market of people will increase your chances of selling, faster and for the price you want. If you want to sell your house fast in Chicago, don’t be afraid to consider a rent to own offer. At Chicago Home Buyers, we can help to ensure you get a price and an agreement that will benefit you!
Get Your Asking Price
When you use owner financing to sell your house in Chicago, in theory, you become the bank. Your buyers will pay you a down payment upfront and monthly payments throughout the duration of the agreement. If they don’t make the payments, you can take the home back, evict them, and try to sell another way. People buying in this manner are more likely going to pay the amount you are after when selling your Chicago house. They will typically pay on time and will not cause you much trouble. Selling in this manner can be very beneficial to all parties involved. You will get the price you want for your house in Chicago, and they will have the ability to buy the home they have always wanted.
Create An Income Stream
Using owner financing makes you the bank in the deal. Not only will you be able to sell your house, but you will be able to collect higher than average rent payments for the duration of the agreement. Let’s say the going rate in your area is $1,200, you could charge $1,400. Keep in mind that with some agreements, a portion of the rent will go back toward the principal on the house. However, you will still be getting a rent payment each month. Your buyer isn’t going to want to be late or miss a payment as this could void the agreement altogether. They have much more on the line and will typically pay rent promptly while taking very good care of the home. After all, it will be theirs one day.
Using owner financing, a lease-option agreement or a lease-purchase agreement is a great way to sell your house in Chicago. You will be able to sell your house fast, get the price you want, and create an almost guaranteed income stream for the next couple of years. If you are worried about selling your house, afraid it will take a long time or you will have to settle for a lower price, working with our team to use a rent to own agreement can be a great option for you! At Chicago Home Buyers, we will make sure your agreement is properly prepared, while quickly finding qualified buyers for your house in Chicago.