Home Sellers use a Rent to Own for a number of reasons. The main reason to Sell My Home as a Rent to Own is that the transaction can be closed FAST. In 30-45 days the Seller can have a Tenant/Buyer living in the property and paying rent to cover an existing mortgage payment. In today’s economy, its tougher to get jobs in the same location in which you are currently living. That means relocation is often necessary for a new job, and that means that you need to sell your house and move to another area, and now you’ve got to pay rent or mortgage payments on 2 houses, one of which may be vacant.
When you sell your home with a Rent to Own sale, the Seller has something that the housing market needs, and that is existing financing. Its tough for Buyer’s to get approved for a mortgage in today’s market, and when they are approved, it can take a while to get through all of the underwriting process. That’s time that the Seller’s house is empty, and they are paying the mortgage payment.
You can compare the impact on the cash you the Seller receive when you Sell my Home with a Rent to Own against a traditional sale through a real estate broker, or a sale as For Sale By Owner (FSBO) by using our Rent to Own Calculator. Click the hyperlink.
As a Rent to Own Seller, you can get a Tenant/Buyer into your house fast by Leasing it to them and at the same time giving them an option to buy your house as a homeowner. That way, your Tenant/Buyer is making monthly rental payments to you while they are working on getting approved for their mortgage. It doesn’t really matter how long it takes, because they are paying the rent to you each month.
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