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In most real estate markets today selling your home has become much more difficult. As we watch with our own eyes our property values are decreasing rapidly. On top of that there are so many bank owned properties out there yours won’t even be noticed.
The banks typically reduce their prices about every month until the properties are sold in most cases in our current market situations. Can you afford to reduce your price every month to keep up with the competition?
Sit back in your chair and think about other ways to sell your property without taking a loss. If you are able to you could just rent out your property. In a best case scenario the rent will be able to cover a majority of your monthly costs. Then you can just sit back and wait out this storm for several years. In a worst case scenario you don’t have much time left and a renter would not pay that much for your property.
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In both good and bad situations a lease-option is another strategy you could use to sell your property. There are many different benefits to a lease-option. The most important one is that you can sell your property for higher than market value. The amount of rent received is also higher in this situation. You are going to turn this bad situation into a win-win situation for you and your potential buyer.
Potential buyers are everywhere out there! They just need a little help. They have good paying jobs, but have had some challenges in the past. Usually they have a below average credit score which impairs them from getting a loan on their own.
A lease-option is basically is a rent to own situation. You are going to rent the house out for the future purchase price’s payments. Yes, people will pay the higher rent! They are not renters they are future homeowners. You will usually sign a lease with them for about twenty-four months. It all depends on how long it will take for them to qualify for a loan to purchase your home. It will be up to you to set them up with a mortgage broker that will be able help them purchase your home in the future. Make sure that the person you choose if on the right path will be able to purchase the property in the end! They will also pay you a non-refundable option up front. The amount typically is around three to five percent of the purchase price. The option money received is yours if they purchase or not. If they do purchase, the option will be subtracted from the purchase price at closing. If they do not purchase and decide not to renegotiate then the option payment is yours to keep.
If you break it down the positives are higher rents, maintain property better than renters, depreciation, and higher purchase price. The worst thing that could happen is that they wreck the house and you have insurance for that. If they do not buy, you get to keep their option consideration and they paid your payments for twenty-four moths. Hopefully in the end they will be able to buy yours.
If a lease-option sounds good in your mind make sure to do your research. The laws are different everywhere! Make sure to be area specific in your research! Be careful & good luck!!!
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