Sell Your Rent to Own House
in Southern California and Phoenix!
There are many methods to Sell Your Rent to Own House Southern California and Phoenix. If you want to Sell You House Rent to Own Southern California and Phoenix and you are not quite sure where to go or how to work out the contract, numbers and the process, give us a call or text us at 626-765-1039
How to Sell Your Rent to Own House Southern California and PhoenixWe can help rent to own your home – Fast!
In today’s real estate market, both qualified buyers and financing are a bit scarce. These market pressures have increased the popularity of alternatives for the purchase and sale of homes such as Rent to Own or Lease Options.
There are a lot of benefits to Selling Your House Rent to Own Southern California, Phoenix and Surrounding Areas!
First, let’s get some definitions cleared up. Rent to own, lease option and a lease purchase agreement are often used interchangeably, depending on who you ask. Not all properties are advertised this way, but technically, any property can be sold through a rent to own or lease option process.
So, a rent to own or lease option is basically a simple lease, in which a tenant rents a house from a landlord and pays a monthly rent and expenses; however, the “option” locks in certain terms for the future purchase of the home by the tenant.
Stats are way up showing that many people in the Southern California and Phoenix areas and across the country have been using the lease option method to sell their homes helping many folks who have gone through a divorce, a medical issue or a temporary job loss the opportunity to purchase a home once again. Most of these buyers are working hard at fixing a temporary bump on their credit in hopes of getting a home again and rent to own or lease option is the best way to get these folks back into the home buying game while giving a seller of a lease option home the benefits of getting the highest price possible, short term cash flow benefits and the end result of selling of their house for top dollar.
What are the steps to Sell Your Rent to Own House Southern California and Phoenix?
When you Sell Your Rent to Own House Southern California and Phoenix the price you receive for your home is often higher than if it was sold any other method including selling through a realtor.
The first step is to determine the value of your house by checking comps in the area; recently SOLD properties that are similar to yours.
The next step is to find a tenant buyer and have them fill out an application. The tenant buyer visits the property, falls in love with the house and usually moves in within 30 days.
The tenant buyer works on cleaning up their credit with a mortgage broker and as soon as they qualify to buy the house, the mortgage broker prepares the paper work with title and the transaction closes.
You just sold your rent to own house on a lease option. You can now cash your check and the buyer/tenant just bought a home they can grow their family in. A Win-Win all the way around.
When will I Sell Your Rent to Own House in Southern California and Phoenix?
Your lease option agreement (also known as a the rent to own contract) will spell out the length of time that the tenant buyer has to complete the purchase of the property – it can be any length agreed upon but usually 3 years however, it can be as short as 3 months. Most take about 6 to 15 months.
How do I know I have a good tenant buyer in Sell Your House Rent to Own Southern California and Phoenix?
Several ways, the tenant buyer is typically someone that has owned a home before and lost it due to divorce, job loss, medical issues and many other reasons. Once you own a home, you only want to stay in a home, not an apartment or renting. So, two things with that, first they are working on smoothing out the bumps in their credit to qualify for a loan again so they are motivated there. Second, they want to become homeowners again.
Also, all of our tenant buyers must go through a comprehensive rent to own prequalification process with a mortgage professional. The prequalification process is designed to determine that the tenant buyer could qualify to purchase your house by the expiration date of the agreement based on credit, income, debt to income ratio, reserves, payment history and employment history.
Third, they have what we like to call, skin in the game. They are required to put a non-refundable down that they will lose if they do not fulfill their obligation to purchase the property. Most people don’t want to throw away money.
Lastly, the purchase will be handled through traditional processes of a mortgage professional, escrow and a title company.
We help sellers and buyers everyday looking to arrange rent to own agreements so call or text us today at 626-765-1039 or fill out the quick response form to get started.