For those positioned to hold the property for an extended time, a rent-to-own agreement can be profitable to sell your property with buyers willing to pay a higher price. A rent-to-own sale earns more because you offer the buyers an opportunity to experience all of the perks of homeownership while repairing any credit issues. Or perhaps they need the time to save for the required percentage the lender requires for their downpayment.
At the end of the agreement, you can set the terms to allow the buyers to walk away or that they will face legal action should they default on the contract. Sellers should contact a real estate lawyer to review their documents and ensure smooth sailing ahead. It’s well worth taking this extra step to avoid legal conflicts over the exact wording of your contract.
Read on as we explore five reasons to consider selling your Chicago house via a rent-to-own agreement.
Set Your Price
One reason to consider selling your Chicago house via a rent-to-own agreement is the ability to set your sales price at a higher value than the current market. You can name the price because you’re risking setting the price lower than the value in the future, typically two years.
Saving the costs of a listing is another reason to consider selling your Chicago house via a rent-to-own agreement. You won’t be paying commissions or other fees associated with listing on the MLS, including professional high-quality digital photography and drone videos, prepping the property for buyers, and even paying a professional stager to realize the best possible sales price on the market.
You increase your buyer pool by selling your Chicago house via a rent-to-own agreement beyond the typical buyer on the MLS to include those in the early stages of preparing their credit and increasing their savings towards their goal of owning their own home. Additionally, as societal norms have evolved over the past few years, more and more would-be renters are opting to move towards homeownership; rent-to-own agreements open the door to this untapped potential buyer pool.
Generate Cash Flow
Along with the downpayment, you’ll be earning a higher than average monthly rent, typically including an extra payment towards the down at the end of the contract term, which is another of the reasons to consider selling your Chicago house via a rent-to-own agreement. You won’t be paying the expenses for maintenance and repair because the buyers also assume ownership responsibilities in the contract.
The speed at which you can enter into the agreement and start earning cash flow is a great reason to consider selling your Chicago house via a rent-to-own agreement. Then, you can take your downpayment straight to the bank without all of the hoopla and fanfare of qualifying for conventional loans that can take weeks or even months before closing.
Let We Buy Houses Chicago help you learn about selling your Chicago house via a rent-to-own agreement. A direct buyer from We Buy Houses Chicago will detail what you could earn by selling rent-to-own. Let the pros at We Buy Houses Chicago make it easy! With experts from every walk of the real estate industry, We Buy Houses Chicago can handle it all! If rent-to-own doesn’t suit your circumstances, our direct buyers will lay out what you’d make with a traditional listing with an agent and then lets you compare this to our offer, which you’ll agree is fair. When you work with We Buy Houses Chicago to buy or sell real estate directly, we never charge commissions. So why not find out what is in your best interest with absolutely no obligation? Contact We Buy Houses Chicago at 312-584-2633.