Have you ever considered using a rent-to-own agreement to sell your house in Raleigh? 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 Raleigh, 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.
If the buyers are unable to obtain conventional loan approval by the end of the two or three-year period specified in the rent-to-own agreement, the home will be returned 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 Raleigh house for the highest price possible.
Get Your Asking Price
Working with buyers who have less-than-perfect credit puts sellers at risk. 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 as high as the property’s potential future value. On the other hand, you’ll come out ahead if home values drop because the sales price is pre-determined. Because there is far higher demand than supply of homes available through a rent-to-own deal, offering this option will help you sell your [market city] home for the highest possible price.
The typical younger rental pool that would typically seek temporary housing solutions is now turning its eyes towards a more permanent residence, desiring the benefits of homeownership. When sellers offer setting up a rent-to-own agreement, this opens the door to more potential buyers. These buyers understand all too well the chance that they have been provided and are highly motivated to see the agreement through to completion. These factors add value to your [market city] home, allowing you to sell it for the highest possible price.
While some risks are entailed in working with buyers who are repairing their credit, there is no need to take needless risks. Therefore, you should have your rent-to-own agreement reviewed by an experienced real estate lawyer. Both the seller and the buyer benefit from avoiding legal disputes over a poorly written contract. Ensuring both parties have legal protections and disputes will likely be avoided is helpful when you sell your Raleigh house with a rent-to-own agreement for the highest price possible.
Present Day Properties makes it easy! Our process is simple and straightforward! We make it easy and fast, working with experts from every walk of the real estate industry. We can guide you through setting up a rent-to-own agreement.
Our goal at Present Day Properties is to help you sell your Raleigh house for the highest price possible. We 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 Present Day Properties at 984-689-9785.