How to Find More Buyers for Your House in Chicago with Rent-to-Own Contracts

How To Find More Buyers For Your House In Chicago

Have you found it difficult to sell your house in Chicago? A rent-to-own contract can help you find more buyers and get your asking price! Find out if a rent-to-own contract is right for you!

As a home seller in Chicago, you may have found that your property has been on the MLS for longer than you’d like. Selling a house in the Chicago area doesn’t always go as planned. Some houses will sit on the market for months without any interest. It can be frustrating living this way, especially if you need to sell quickly due to job relocation, financial difficulties, or personal reasons.

Using a rent-to-own agreement to find potential buyers will open your property to a whole new market of buyers. You’ll be able to sell the house, get your asking price, and have the funds in your pocket to move on to something new. It can be a very beneficial agreement for both buyers and sellers in Chicago. Keep reading to learn more about what makes this method of home selling so great for homeowners in the Chicago area!

New Potential Buyers

Many people want to buy a house, but frustrating circumstances have kept them from living their dream. Maybe these people are…

Quality Buyers Who Lack A Down Payment

Saving for a down payment can be tough for some people. If they are paying off other debts, supporting a large family, or living somewhere with a high cost of living, putting away extra money each month can be unthinkable. Also, unexpected expenses such as medical bills, car repairs, or rising rent costs can further hinder their ability to save. These people may be ready to put down roots today but need some time to get their down payment together.

By entering into a rent-to-own agreement, they will have 2-3 years to get their finances in order, allowing them to save up while securing their dream home. This period also enables them to improve their credit scores, which can lead to better mortgage terms in the future.

Quality Buyers Who Have A Blemish on Their Credit

Many people make a mistake or find themselves a victim of circumstance, such as medical bills, job loss, or divorce. It can take some time to repair your credit and get into a place where you’re able to qualify for a loan.

While some people are financially irresponsible, others simply look bad on paper due to past hardships but would have no trouble paying you each month. A rent-to-own agreement provides these buyers with the opportunity to improve their credit while living in the home they plan to purchase. They can demonstrate their reliability by making timely rent payments, eventually qualifying for a traditional mortgage, and achieving their goal of homeownership.

Benefits For Sellers

Using a rent-to-own contract to sell your house in Chicago offers several benefits to home sellers. People often overlook a rent-to-own agreement because they don’t want to be landlords. However, the people interested in your property are much different than average tenants. They have a personal interest in the property. They will want to keep the property maintained and will always pay their rent on time. Not doing so can put them in violation of their lease. They have much more to lose than an average tenant, and they realize this going into the deal. Some of the other great benefits of a rent-to-own agreement for Chicago home sellers include:

  • Increased Buyer Pool: The ability to greatly increase the number of potential buyers by including those who may not qualify for traditional financing.
  • Upfront Down Payment: You will receive a down payment upfront to help fund a new property or move on to something new, providing immediate financial relief.
  • Income-Producing Investment: You will instantly turn your property into an income-producing investment. You can usually count on the rent being paid on time each month out of fear of default.
  • Higher Rental Income: The rental income you receive each month will likely be greater than what other properties are renting for in the area, boosting your monthly cash flow.
  • Protection Against Default: If the tenant defaults on their agreement, you can foreclose on the property while still keeping the down payment and increased rent, offering a safety net for sellers.

Low Risk

If your tenant/buyer should not keep up with their end of the deal, you have every right to foreclose. Sure, it may be a bit of a hassle, but in the long run, you will have likely profited as the down payment and increased rent payments are yours to keep. The property will have been occupied and maintained, potentially preserving or even increasing its value. You may be back at square one in terms of selling, but you may be further ahead financially due to the income generated during the rent-to-own period.

This low-risk aspect makes rent-to-own agreements appealing for sellers looking to minimize potential losses and maximize the return on their property. The security of retaining the down payment and higher rental income provides a financial cushion, reducing the overall risk involved in the transaction.

What To Watch Out For… 

If you need the cash from the sale right away, a rent-to-own contract may not be the best way for you to sell. Keep in mind that using a rent-to-own contract may ultimately get you more money when all is said and done. A person with poor credit or little capital for a down payment will likely pay your asking price to get a shot at homeownership. However, you should carefully vet potential buyers to ensure they are reliable and capable of fulfilling the terms of the agreement.

There are many benefits of using a rent-to-own deal to sell your house in Chicago. CNBC states that “rent-to-own arrangements can yield positives: steady monthly income while moving toward the promise of a sale.

Let us help you find more buyers for your house in Chicago! Contact us today at (800)-255-8250 or fill out the form below for more information!

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