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The current market may not allow you to sell your home or you may not want to sell at current market values. Of course, you can rent it, but that only delays having to list and sell at some point in the future. There is a high demand for properties where sellers are willing to "Rent-to-Own." The more formal term for this is a "Lease Option." In a Lease Option, the Buyer and Seller agree to a price at which the buyer may buy the home within a certain term, typically one to two years. They then further agree to rental terms during that period and the Buyer occupies the property as a Tenant. The monthly income for the seller is higher than a normal rent because a portion of that rent will go towards the purchase price of the property should the Buyer choose to purchase it within the agreed upon time period. If the Buyer chooses not to purchase the property, that amount is retained by the Seller as payment for giving the Buyer the option to purchase. Buyers who may need to repair minor credit issues, need to save for a down payment, are expecting a positive change in their life or financial situation, or who desire to wait and see what the market is going to do are great candidates for Rent-to-Own agreements. We typically have a pool of active Rent-to-Own candidates who are searching for the right home. Rent-to-Own is a great way for Sellers and Buyers to benefit in a challenging market. With the tightened credit market, even more Buyers are turning to Rent-to-Own properties as a way to work towards owning their own home. Our Agents are trained and experienced with Lease Options for Buyers and Sellers and in our program, the goal remains to sell the home at the best possible price and terms. For more information or to get started, please complete our Seller Information Form, or to speak with an agent directly please Contact Us now. |
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