A rent-to-own agreement can be a lucrative option for property sellers who plan to hold onto their property for an extended period. With this agreement, buyers have the chance to experience the benefits of homeownership while they repair their credit or save for the required down payment percentage. As a result, sellers can ask for a higher price, as they offer buyers the opportunity to become homeowners in the future.
Upon the expiration of the rent-to-own agreement, you can include specific terms in the contract to allow the buyers to terminate the agreement or hold them legally responsible for defaulting on the contract. To ensure that your documents are legally binding and error-free, it’s essential to have a real estate lawyer review your contract. This extra step can help prevent legal disputes and provide a smooth and hassle-free transaction.
Let’s rephrase that: “Keep reading as we examine five compelling reasons to contemplate selling your house in Belleville using a rent-to-own agreement.”
Set Your Price
By selling your Belleville house through a rent-to-own agreement, you can set a higher sales price than the current market value, which is one reason to consider this approach. This is because you’re taking a risk of setting the price lower than the future value, which is usually two years later.
Listing Costs
Selling your Belleville house via a rent-to-own agreement can also help you save costs associated with traditional listings. With a rent-to-own agreement, you won’t have to pay real estate commissions or other fees associated with listing on the MLS. You can also save on costs such as professional photography, drone videos, property preparation, and even professional staging to get the best possible sales price on the market.
Buying Pool
Selling your Belleville house via a rent-to-own agreement expands your potential buyer pool beyond those typically found on the MLS. It allows you to include people who are in the early stages of improving their credit and saving towards their goal of becoming homeowners. With the evolving societal norms, more and more people who would have been renters in the past are now looking to become homeowners. Rent-to-own agreements offer an opportunity to tap into this previously untapped buyer pool.
Generate Cash Flow
Selling your Belleville house via a rent-to-own agreement can earn you a higher monthly rent than the average, including an additional payment towards the downpayment at the end of the contract term, in addition to the downpayment itself. This is one of the reasons to consider a rent-to-own agreement. As per the contract, the buyers take on ownership responsibilities, including the expenses for maintenance and repair, which reduces your burden of those costs.
Faster Sale
One compelling reason to consider selling your Belleville house via a rent-to-own agreement is the speed at which you can begin earning cash flow. With this type of agreement, you can quickly enter into the arrangement and receive a downpayment without going through the lengthy process of qualifying for conventional loans, which can take weeks or even months before closing. This means you can take your downpayment straight to the bank and start enjoying the benefits of your investment right away.
Let Cardinal Creek Properties help you explore the possibility of selling your Belleville house through a rent-to-own agreement. Our team of experts can provide you with detailed information on what you could earn through this type of sale. And if rent-to-own is not the right fit for you, our direct buyers can lay out what you could earn through a traditional listing with an agent and compare it to our offer, which we guarantee is fair. Working with Cardinal Creek Properties to buy or sell real estate means never paying any commissions. Contact us at (314) 467-8137 to find out what option is best for you with absolutely no obligation.