Rent to Own Agreement | Sell a House
Have you ever considered using a rent to own agreement to “sell my house” in Philadelphia? The real estate market is transitioning as more people work from home, and homeschooling is rising. Many would-be buyers are also transitioning their credit standing to prepare for homeownership in Philadelphia, as they are not yet in a position to qualify for conventional financing. You can either create this agreement as an option to 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 opportunity 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 home maintenance, repairs and who pays homeowners insurance, and even the taxes in the contract terms. Read on to learn more about setting up a rent to own agreement that will help maximize profit on a home sale!
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 home 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 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 Pennsylvania house to eager buyers for the highest price possible.
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 rather than the rental property route. Therefore, when sellers offer to set up a rent-to-own agreement, this opens the door to more potential buyers. These buyers understand the chance they have been provided and are highly motivated toward a successful agreement outcome. These factors combine to bring added value, which helps you sell your Philadelphia house for the highest price possible.
While some risks are involved in working with buyers to repair 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 agreements. Avoiding legal conflicts over a poorly constructed contract benefits the seller and the buyer. Ensuring both parties have legal protections and disputes will likely be avoided is helpful when you sell your Philadelphia house with a rent-to-own agreement/contract for the highest price possible.
Our company makes it easy! At [Buying Property 215], our process is straightforward! We make it easy and fast, working with experts from every walk of the real estate industry. Our team can help guide you through setting up a rent-to-own contract. Our goal at [Buying Property 215] is to help you sell your Philly house for the highest price possible. The professionals at “Buying Property 215” are happy to answer any questions or concerns you may have about rent to own agreement with no obligation. Please send us a message or call [Buying Property 215] at [215-359-6090]