A rent-to-own agreement can be a mutually beneficial solution for both buyers and sellers when selling a property. There are two primary types of rent-to-own agreements: an option to buy or an agreement to buy. With the option, the buyer can test the property as if they own it. They can either choose to purchase the property or walk away at the end of the agreed-upon period. With an agreement to buy, the buyer is required to follow through with the contract. As the seller, you hold the property, which gives you an advantage in negotiations. Want to know more? Keep reading to learn about the five advantages of using a rent-to-own agreement to sell your house in Belleville.
Different Sector of Buyers
Despite fierce competition for buyers on the MLS, buyers who do not qualify for conventional loans are waiting for a chance to own a home. Rent-to-own properties are in high demand due to limited opportunities in this market sector. Therefore, such properties rarely sit for long periods. This makes rent-to-own a seller’s market, which is one of the great perks of using a rent-to-own agreement to sell your house in Belleville.
Speedy Sale
Selling your house quickly is a money-saving benefit of using a rent to own agreement in Belleville. As the property owner, you won’t have to worry about paying holding costs while waiting for the right buyer to come along in the traditional market. By utilizing a rent to own agreement, you become the financier, which eliminates the need to wait for lengthy processes associated with conventional loans.
Collect a “Down Payment”
One financial benefit of using a rent-to-own agreement to sell your house in Belleville is that you can receive a substantial down payment to secure the deal. One of the best things about using a rent to own agreement to sell your house in Belleville is that if the option buyers choose not to buy the property or the agreement buyers are unable to secure financing, you get to keep all the money collected during the term of the agreement, including the significant down payment.
Confidence in Your Tenants
A rent-to-own agreement can provide you with the peace of mind that your tenants will not leave the property without a good reason before the contract expires. Since the tenants are treated as owners, they are usually responsible for maintenance and repairs. By using a rent-to-own agreement to sell your house in Belleville, you can avoid worrying about the upkeep of the property. The tenants who act as owners are typically responsible for the maintenance and repairs, giving you peace of mind.
Get Market Value +
As the seller, you have the power to set the terms of the rent-to-own agreement. By keeping your home off the market for a specified period, you can estimate its future value and set a sale price higher than the current market value. You can also charge a higher monthly rent and collect additional amounts toward the purchase, which can serve as an extended part of the down payment. This immediate gain in value is another advantage of using a rent-to-own agreement to sell your house in Belleville. Additionally, if the market value drops, you can avoid an equity loss.
If you’re looking for a fast way to sell your house in Belleville, consider using a rent-to-own agreement with Cardinal Creek Properties. There are many benefits to this type of agreement, including attracting buyers who may not qualify for traditional loans and receiving a substantial down payment. Plus, you can set the sale price higher than the current market value and avoid equity loss if the market value drops. Contact Cardinal Creek Properties today to learn more about how we can help you sell your house fast in Belleville. Call us at (314) 467-8137 or send us a message now!