Are you planning to move soon or relocating to another area and need to sell your home fast? Sometimes it just takes looking at something from another perspective. Selling a house with a rent to own arrangement may be a solution if you cannot sell your home fast enough the traditional way.
Why Sell with a Rent To Own Contract?
If you need to sell your home fast, selling a rent to own house is sometimes easier than selling directly with a traditional sales transaction because it opens the door to more buyers. Some buyers do not have the credit rating or financial standing or resources to borrow money or get financing from a bank. Offering a rent to own contract gives them more options to purchase where they do not have to commit to immediate purchase.
Another reason you may want to consider this option is that it allows you to purchase your home back from the renter if they decide not to purchase or if you decide not to relocate after all. A rent to own contract is actually a rental agreement or a lease with an “option to buy.” This means that it is treated like a rental agreement until the person decides to purchase the house in full. This buys some time for both you and the buyer to try out the deal to see if it fits.
What is Special About a Rent To Own House?
Some people think that there is something unique about a rent to own house that is not present in other types of houses. Actually, it is not the house that makes the deal unique. The contract is the difference. You can take any house that you previously had on the market and turn it into a “rent to own” house simply by changing the terms of the contract.
This means that you may try to sell your home using traditional methods. But, if you are unsuccessful, simply tell your real estate agent that you want to add a rent to own arrangement as an option for the buyer.
People who don’t have the best credit may be attracted to such a deal because it gives them a way to purchase a home with a no-risk contract that makes them feel more comfortable to take the plunge.
Tips for Selling a Rent To Own House
If you have a house you’ve decided to sell with a rent to own contract, here are a few tips to keep in mind that might make it more successful.
- Focus on the house first. When trying to sell a home, you should always focus on the house first. Don’t talk money until you establish that the buyer is interested and when you believe it would be a positive transaction for both of you.
- Ask them what they want. It’s always a good idea to find out what it is that your buyer wants to accomplish from the deal. By asking them what they want, you may be able to find out whether they are in it for the long-term and plan on purchasing the house or if they are just looking for a rental agreement.
- Find out what they can afford to pay. If you need to sell fast, you’ll need to find out how much your buyer can afford to pay. When you are ready to talk money, ask them what they can afford and work from there. If you mention the amount first and it’s too much for them to afford, you may lose the potential buyer over cost.
- Save the rent to own option for last. Remember that if you are the seller in a rent to own deal, your primary goal is to sell your house. Ask them if they can work out the financing first to purchase the house outright. Then offer the rent to own option as a last resort if they cannot work out the traditional bank financing.
Rent To Own in Chicago
When you are selling a rent to own house in Chicago, you should try to find out what the buyer wants and how you can come to an amicable arrangement that will be mutually beneficial. Selling a home outright will always be preferable if you need to sell fast. But a rent to own agreement can work fine if you need the rent money while you are waiting to see if they will purchase.
If you need help selling a rent to own home,
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