Are you planning to sell your house in North Aurora? There’s a method to sell your house without listing or settling for below-market value. You can achieve the desired price for your North Aurora property! Discover how an increasing number of sellers are utilizing rent-to-own agreements to sell their homes!
Who Should Do It?
- People who want to sell their house for a specific price
- People who don’t want to wait while their house sits on the MLS
- Anyone who wants to sell their North Aurora house for retail value
- Anyone who doesn’t need the full value of the property up front
How It Works
Simply put, a rent-to-own agreement typically involves these steps:
Firstly, you determine the final selling price for the property. Typically, numerous potential buyers are willing to meet this price, seeing it as an opportunity to secure their own home. Subsequently, a non-refundable deposit is agreed upon and paid upfront by the prospective buyer. This deposit is usually a prerequisite unless otherwise negotiated. Following this, a monthly payment plan spanning a specific duration, typically 1-3 years, is established. During this period, the aspiring homeowner pays an elevated monthly “rent” amount, with a portion of each payment contributing towards the eventual purchase price of the home.
This arrangement offers tenants the time and flexibility to save money, repair their credit, or address any barriers that previously hindered them from qualifying for a traditional loan. Upon the conclusion of the rental period, the buyer is required to settle the remaining balance to formalize the sale. They have the option to either fulfill the remaining payment or default, in which case you retain the initial down payment and any funds already applied towards the home purchase. This setup provides both parties with a structured pathway towards homeownership, offering the buyer a chance to gradually transition into ownership while providing you with a reliable means of selling your property.
The Benefits
- You will be able to sell to a large group of people who previously weren’t able to purchase your home
- You turn your unwanted North Aurora house into an income producing asset, providing you capital each month for the next few years
- You receive a lump sum payment up front, and a lump sum payment at the end of the rental term
- You are able to get retail value for your home
- You lock in the sale price from day 1, so even if housing prices fall, you will still get the original price for the home
- The tenants are much more likely to maintain the house and take pride in its condition
The Downfalls
- There is no guarantee that your potential buyer will qualify for a loan once the rental term ends
- You lock in the sale price from day 1, so if housing prices go up, you will still have to sell at the originally agreed upon price
Looking to sell your house in North Aurora? Explore the option of a rent-to-own structure with our assistance! Share your selling goals by messaging us or call our team directly at (800)-255-8250. We’re here to guide you through the process smoothly, offering personalized advice and support tailored to your specific needs. Let’s work together to achieve your real estate objectives!