It is hard to pick up a newspaper or log on to a computer these days without hearing something about the housing market. Everyone seems to have an opinion as to when the market will recover, and most people do not believe that that will be any time soon.
Housing inventory has increased and with this increase the time that it takes to sell a home has gone up. Rather than hold on to a home that is not selling, many homeowners decide to lower their asking price so that they can attract a buyer.
Lowering you asking price can certainly help you sell in a competitive market, but many people do not want to lose money on their homes. For those that have the ability to hold on to the home until values recover, selling with a lease option or lease purchase may be a good choice.
When you sell with a lease purchase, you can sell fast and get full market value from your home. This doesnt mean that you can sell it for more than it is worth, but it does mean that you dont have to lower the price below the value just to be competitive in the market.
There are several benefits of selling with a Lease Purchase. Unlike renting, when you sell with a lease purchase, you get someone who is serious about owning a home. This typically means that they will take better care of your home than a renter would. After all, someday it will be their own!
The ability to set the contract up on a triple net lease is also very attractive. With a triple net lease, the buyer accepts full responsibility for repairs on the house. This saves the hassle of being called every time the slightest thing in wrong with the house.
One key thing to check is the tenant / landlord laws in your state. Many states will hold you accountable for major issues with the home, regardless of what your contract says. The best way around this is to purchase a home warranty and provide the tenant / buyer with the information.
If you are currently trying to sell your home yourself, selling with a Lease Option may be a good way to avoid paying Realtor commissions. Even if you choose to go with a Lease Purchase company, most take their fee upfront from the tenant and there is no sharing of your monthly payment or commission on the back end. This can save you thousands when your home finally does sale!
If your home is currently listed with an agent, utilizing a lease option or a lease purchase can be a win for both of you. Rather on letting you home sit on the market for months without so much as a low-ball offer, you can sell quickly. Your agent will still be paid when the seller closes and will usually receive the same upfront payment the would have if they had rented the home for you.
By utilizing creative solutions in today’s economy, you can sell your home quickly and avoid having to lower the price!