Have you found it difficult to sell your house in Chicago? Selling your house via rent to own contract will help you find more buyers and get your asking price! Find out if it’s right for you in our latest post!
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, with not so much as a bite. It can be frustrating living this way. Not knowing when the house will close can be frustrating for people who need to sell a house in Chicago.
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 onto 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
There are great people all over the country who want to buy a house, however, 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. Maybe these people are ready to put down roots today, but who also still need some time to get their down payment together. By entering into a rent to own agreement with you, they will have 2-3 years to get their finances in order.
Quality Buyers Who Have A Blemish on Their Credit
Many people made a mistake or found themselves a victim of circumstance. Erasing something from your credit isn’t always easy. 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 but would no trouble paying you each month.
Benefits For Sellers
Using a rent to own contract to sell your house in Chicago offers several benefits to home sellers. People will often look over a rent to own agreement because they don’t want to be landlords. However, the people interested in your property are much different than an average tenant. 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…
- The ability to greatly increase the number of potential buyers
- You will receive a down payment upfront to help fund a new property or move onto something new however you see fit
- 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
- The rental income you receive each month will likely be greater than what other properties are renting for in the area
- If the tenant defaults on their agreement, you can foreclose on the property, while still keeping the down payment and increased the rent
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 downpayment and increased rent payments are yours to keep. You may be back at square one, but you may be further ahead financially.
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.
There are many benefits of using a rent to own deal to sell your house in Chicago. CNBC states that “rent-to-own arrangement can yield positives: steady monthly income while moving toward the promise of a sale.”