Selling your house in Fort Wayne with a rent to own agreement can be the best way to sell fast for the price you want. Learn more about how to do it in our latest post!
Many people don ‘t consider using a rent to own agreement to facilitate a deal when thinking about selling a house in Fort Wayne. You’ll probably find a buyer much sooner if you don’t need the full price of the home up front. You will also be able to collect the full price of them home if not more. Not to mention, using a rent to own agreement will provide you with cash from a down payment upfront. You’ll collect a higher than average rent payment each month, and be able to make money monthly. After one or two years you can collect the full price of the home. Selling in this manner can be very beneficial for homeowners who want to sell their houses fast and for a great price.
Set Your Criteria
First things first. You’ll be opening up your home to a larger slew of people in Fort Wayne when you choose to sell your home with the rent to own option. That said, you should still be careful and you should not enter into an agreement with just anyone. You’ll need to determine what you will accept as far as credit score, down payment amount, and length of the agreement.
This agreement with your potential buyer is not indefinite. There is a start date and end date, and instead of getting all your money for the home at once, they’re paying you monthly. You need to work with a potential buyer who will be able to follow through on their end of the deal. Even if they have the best intentions, being able to actually follow through on the agreement is a different story. Before setting up a rent to own agreement for selling your house in Fort Wayne, make sure you know what you will accept and what you are looking for in a potential buyer.
Agree On The Terms
Secondly, you need to find a buyer who is aware of and in agreement of the terms of the contract. You will need to agree on the rent paid each month. The down payment amount could be a percentage of the entire purchase price or a set dollar amount. Discuss with the buyer the portion of the rent that goes toward the purchase of the home. You will also need to define a time frame that works for both parties. This is not an open ended agreement. Within 1-3 years the renter must purchase the home outright or walk away, losing their down payment and option to buy in the process. What makes this nice, is that you set the terms that fit your needs the best. The buyer in Fort Wayne needs to thoroughly understand and be in agreement.
Create A Legal Contract
Thirdly, and this is a big one. Get everything in writing! When using a rent to own agreement for selling your house in Fort Wayne, it is crucial that everything is set up legally. Don’t put yourself in a situation where you may need to file a lawsuit, or get hit with one yourself. Make sure the agreement covers any and all scenarios to protect all parties involved. Make it detailed and outline your terms clearly. Sky Line Properties LLC can help you facilitate the process, of selling your house via a rent to own agreement, making sure everything is handled legally and professionally. Have the buyer sign the agreement, and make sure they are given a copy.
Having A Way Out
Lastly, give yourself and the tenant a way out. Just like a rental situation, in a rent to own agreement, you are able to evict the tenant if they aren’t paying their payments or have violated the contract in another way. You need to be versed in the eviction process, even though it’s the last thing you want to happen. Know what your rights and what the tenant’s rights are in Fort Wayne. The house is technically yours until it has been paid for in full. Until that day, you need to protect it, making sure nobody is occupying the property that will cause damage or lower the property value.