If you are looking to sell your own home in this market, you may not being having much success. That’s no surprise! Even top real estate professionals are having a hard time moving inventory due to the real estate market slump. If you have already moved or have an important reason why you need to move, you may be panicking because you feel like you have run out of options. Why not get creative and offer your home as a rent to own house?
This non-conventional way to sell a home offers many benefits for you as the seller. Not only does widening your pool of potential buyers mean that you can move your property quickly, but you can also expect to get your full asking price for the home. The incoming tenant buyer is not like someone who qualifies for a mortgage that expects a steep discount. They know that in exchange for you essentially carrying the note for a period of time, they will have to pay full fair market value.
In addition to this, you can expect to receive a rent payment that is a little higher than you would with a standard rental. It should be in line with what they would pay were they to get a mortgage on their own. This can mean cash flow for you today!
Another benefit of offering your home for rent to own, is that you can avoid having to pay the 6% realtor commission when the tenant finally qualifies for a mortgage. Regardless of the value of your home, this is a very significant savings to you.
Finally, renting to own makes sense because you get a tenant with a homeowner mentality. This means that they will care for your home and maintain it as if it were their own.