Have you ever considered using a rent to own agreement to sell your house in Chicago? The real estate market is in a period of transition as more people are working from home, and homeschooling is on the rise. Many would-be buyers are also transitioning their credit standing to prepare for homeownership in Chicago, as they are not yet in a position to qualify for conventional financing. You can either create this agreement as an option, where they can walk away voluntarily at the end of the term or as an agreement that would bring legal action for default. Or, you could have an option for an extension if the buyers are not quite ready to buy at the end of the original term.
Failure on the part of the buyers to gain approval for a conventional loan at the end of the two or three-year period set out in the rent-to-own agreement means that the home defaults back to you. You’ll then have the option to rent or resale the property while keeping the deposit and any extra rent fees in the agreement added to the monthly rent as credit towards the down payment.
Because you are in the driver’s seat, you can set the terms for maintenance, repairs and who pays homeowners insurance, and even the taxes in the contract terms. Read on to learn more about how to set up a rent-to-own agreement that will help sell your Chicago house for the highest price possible
Get Your Asking Price
Sellers are taking a risk in working with buyers with less than perfect credit. You also risk home values jumping far beyond current expectations. Because you are offering a benefit that is otherwise unattainable to these buyers, you can set the asking price at the potential value the property could have in the future as your sales price now. On the other hand, you’ll come out ahead if home values drop because the sales price is predetermined. Because there is far higher demand than supply of homes available through a rent-to-own deal, providing this opportunity will help sell your Chicago house to eager buyers for the highest price possible.
The typical younger rental pool that would typically seek temporary housing solutions is now turning its eyes towards a more permanent residence, desiring the benefits of homeownership. When sellers offer setting up a rent-to-own agreement, this opens the door to more potential buyers. These buyers understand all too well the chance that they have been provided and are highly motivated towards a successful outcome to the agreement. These factors combine to bring added value, which helps you sell your Chicago house for the highest price possible.
While some risks are involved in working with buyers who are repairing credit, there is no need to take needless risks. Therefore, you should consider using an experienced real estate lawyer to review your rent-to-own agreement. Avoiding legal conflicts over a poorly constructed contract benefits both parties, the seller and the buyer. Ensuring both parties have legal protections and disputes will likely be avoided is helpful when you sell your Chicago house with a rent-to-own agreement for the highest price possible.
Illinois Property Solutions makes it easy! At Illinois Property Solutions, our process is simple and straightforward! We make it easy and fast, working with experts from every walk of the real estate industry. Our team at Illinois Property Solutions can help guide you through setting up a rent-to-own agreement. Our goal at Illinois Property Solutions is to help you sell your Chicago house for the highest price possible. The professionals at Illinois Property Solutions are happy to answer any questions or concerns you may have about rent-to-own agreements with no obligation. Send us a message or call Illinois Property Solutions at 800-931-9928.