Have you ever considered using a rent to own agreement to sell your house in Tulsa? The real estate market is in a period of transition as more people are working from home, and homeschooling is on the rise. Many would-be buyers are also transitioning their credit standing to prepare for homeownership in Tulsa, as they are not yet in a position to qualify for conventional financing. You can either create this agreement as an option, where they can walk away voluntarily at the end of the term or as an agreement that would bring legal action for default. Or, you could have an option for an extension if the buyers are not quite ready to buy at the end of the original term.
Failure on the part of the buyers to gain approval for a conventional loan at the end of the two or three-year period set out in the rent-to-own agreement means that the home defaults back to you. You’ll then have the option to rent or resale the property while keeping the deposit and any extra rent fees in the agreement added to the monthly rent as credit towards the down payment.
Because you are in the driver’s seat, you can set the terms for maintenance, repairs and who pays homeowners insurance, and even the taxes in the contract terms. Read on to learn more about how to set up a rent-to-own agreement that will help sell your Tulsa house for the highest price possible
Get Your Asking Price
As a seller, you may be working with buyers who have less than perfect credit. You’re taking a risk in doing so, as their poor credit could affect your ability to sell the home in the future. However, by offering a benefit that is otherwise unattainable to these buyers, you can set the asking price at the potential value of the property in the future. On the other hand, you’ll come out ahead if home values drop because the sales price is predetermined.
As you attempt to sell your Oklahoma City house, keep in mind that the typical younger rental pool that would typically seek temporary housing solutions is now turning its eyes towards a more permanent residence, desiring the benefits of homeownership. When sellers offer setting up a rent-to-own agreement, this opens the door to more potential buyers. These buyers understand all too well the chance that they have been provided and are highly motivated towards a successful outcome to the agreement. These factors combine to bring added value, which helps you sell your Oklahoma City house for the highest price possible.
While some risks are involved in working with buyers who are repairing credit, there is no need to take needless risks. Therefore, you should consider using an experienced real estate lawyer to review your rent-to-own agreement. Avoiding legal conflicts over a poorly constructed contract benefits both parties, the seller and the buyer. Ensuring both parties have legal protections and disputes will likely be avoided is helpful when you sell your Tulsa house with a rent-to-own agreement for the highest price possible.
Integrity Home Buyers makes it easy! At Integrity Home Buyers, 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 Integrity Home Buyers can help guide you through setting up a rent-to-own agreement. Our goal at Integrity Home Buyers is to help you sell your Tulsa house for the highest price possible. The professionals at Integrity Home Buyers 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 Integrity Home Buyers at (405) 367-6048.