What happens when your great property sits on the market for a long time? Has your home gone old and stale? Have your property previews dwindled? Are you considering a fourth price drop and another open house? You’re starting to feel as though everyone on your block is selling faster than you but yours is a nicer home in outstanding condition. Where’s the perfect buyer?
If you’ve checked the market conditions and your property price is still highly competitive, it could merely be a slow market. Perhaps there are too many shiny penny homes on the market and your home isn’t ranking up there with “Dream Home” status.
Maybe it’s time for a reboot on your options. If you have time on your side, sellers like you can use it to your advantage. A super flexible closing date may entice a renter to put roots down and give the price the sellers want.
Consider using a “lease to own” or Rent To Own option.
More attractive to more buyers: Rent to own deals entice more buyers in who have less than perfect credit or difficult securing a traditional mortgage. By offering a flexible option to rent now, buy later, the renters may be able to improve their credit sufficiently to make the purchase down the road.
More rental income: Another plus for a seller is the additional income a rent to own option offers. Instead of just a monthly rental check a rent to own option allows for a higher payment. the extra funds are put towards the eventual purchase price on the home. You can earn rental money on top of the option purchase money.
Bumping up the purchase price: Many renters desire greater flexibility over a cheaper deal. Bumping up the purchase price as part of the rent to own means waiting longer for the transaction, but getting a better offer when at the closing table. Asking for a higher price to offset the wait time to sell is very common. Even if they never use the option to buy, many renters will prefer to pay the higher amount for the greater flexibility.
Invested renter: A rent to own buyer is very likely a better renter because they see themselves more as a caretaker or a future owner of the property, and as such, are more likely to take better care of the property.
Not all home sellers will want to consider this as their option for Plan B. But if you’ve already invested months of time and your patience has not paid off, a Rent To Own option could work out to your greatest advantage. Becoming a temporary landlord for a 12 months lease could find you a perfect renter, who can turn into the ideal buyer.
Get it Sold!
Did you know?
Fox Valley Homes is full of great marketing tips and ideas. In addition to helping owners with distressed homes and foreclosures, Fox Valley Homes offers full broker service for regular listings, rentals, buyers and home sellers, as well as investors in residential properties across the northern Illinois and Chicago region. We coordinate real estate transactions effectively and retain the full skills and expertise of fully licensed Realtors®, including access to the resources of the local Illinois MLS database.
For more information, about Fox Valley Homes, please contact Jennifer Kinzle, e-PRO, SFR, (630) 854-4360. Email me direct firstname.lastname@example.org.