So youve tried to sell your home the usual way. Unfortunately, its been on the market longer than youd like to admit without so much as a low-ball offer.
Like millions of other homeowners, you cant bear the thought of making another mortgage payment on a home you either dont live in or dont want to live in! Youve decided to try to sell with a Lease Option or Rent to Own contract, but arent sure if you should go it alone or enlist the help of a Lease Option company.
You could simply work by yourself. Several things you could do are post your home are on free websites, and put signage in the yard. The advantage of keeping all the upfront money is clear. You would have no commissions to pay when the home finally closes and would get to keep the option fee now.
There are a few things to take into account prior to going down this path.
A lease option may not be something you have used previously. Educate yourself to understand the wording of the contracts so you do not get left unprotected. Key Verbiage is required in order to simply evict versus having to go through the whole foreclosure process if they tenant were to default.
Considering your goals, do you have the know how in order to achieve them? How vital is it that the tenant purchases the home at the end of the term? Are you financially able to carry a long term note?
If the goal is to pay off your mortgage and move on, you should consider if you know enough or even care to steer the tenant toward repairing their credit and then ensuring they stay on that track to credit worthiness.
At the end of the day, while you can certainly make more money by going it alone, it just may not make sense for you.
If that is the case, a Lease Option company is an excellent solution. They typically have large databases of clients and can help you sell your home quickly and for full fair market value.
These companies focus on this type of transaction, unlike a regular realtor. Realtors usually do not have the experience in completing Lease Options and may not be using the best documents that will be for your benefit. When utilizing a lease option company, they normally collect their fees from the buyer upfront, leaving all the end profits for you.
A key advantage is that the buyer is required to be in a supervised credit repair program.
Whatever your decision, using a Lease Option or Lease Purchase can be a great way to sell your home quickly in a down real estate market!
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