Have you ever thought of selling your Savannah home through a rent-to-own arrangement? As more people work from home and homeschooling becomes more popular, the real estate market is going through a transitional period. Since so many are not yet in a position to be approved for conventional financing, many prospective buyers are also working to improve their credit standing in order to get ready to become homeowners in Savannah. You have two options when creating this contract: either make it so that they can opt-out freely at the end of the term or make it so that any default would result in legal action. If the purchasers are not quite ready to buy at the conclusion of the initial term, you might also offer them the option of an extension.
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The home defaults back to you if the purchasers are unable to secure approval for a conventional loan after the two or three years specified in the rent-to-own agreement. Then, you’ll have the choice of renting or selling the property, keeping the deposit and any additional rent fees specified in the contract added to the rent each month as a credit toward the down payment.
Because you are in control, you can specify in the contract terms who is responsible for paying taxes, maintenance, repairs, and homeowners insurance. Continue reading to find out more about creating a rent-to-own arrangement that will help you sell your Savannah home for the greatest possible price.
Get Your Asking Price
Working with buyers who have less-than-ideal credit exposes sellers to danger. You have the additional danger of seeing property values soar well over present projections. You can set the asking price at the potential value the property could have in the future as your sales price right now because you are providing a benefit that would otherwise be inaccessible to these buyers. On the other side, since the sales price is fixed, you will benefit if home values decline. Providing this chance will help sell your Savannah property to interested purchasers for the greatest price feasible because there is a far larger demand than supply of properties available through a rent-to-own deal.
Potential Buyers
The traditional younger renter pool, which would ordinarily look for short-term housing options, is now shifting its focus to a more permanent dwelling, preferring the advantages of homeownership. More purchasers may be interested when sellers offer to set up a rent-to-own agreement. These buyers are very motivated to see the agreement through successfully because they are acutely aware of the opportunity that has been presented to them. These elements work together to add value, which enables you to get the best price when selling your Savannah home.
Protection
There is no need to take unnecessary risks, even when working with buyers who are restoring their credit entails some hazards. As a result, you ought to think about having your rent-to-own contract reviewed by a real estate lawyer with experience. Both the seller and the buyer gain from avoiding legal disputes resulting from a badly written contract. When you sell your Savannah home with a rent-to-own arrangement for the maximum price feasible, it helps to make sure both parties have legal safeguards and that conflicts will probably not arise.
32Homes LLC makes it easy! At 32Homes LLC, our process is simple and straightforward! We make it easy and fast, working with experts from every walk of the real estate industry. Our team at 32Homes LLC can help guide you through setting up a rent-to-own agreement. Our goal at 32Homes LLC is to help you sell your Savannah house for the highest price possible. The professionals at 32Homes LLC are happy to answer any questions or concerns you may have about rent-to-own agreements with no obligation. Send us a message or call 32Homes LLC at (912) 421-9907.