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6 Reasons Why You Should Sell Your Fort Myers House Via A Rent To Own Contract

6 Reasons Why You Should Sell Your Fort Myers House Via A Rent-To Own ContractThere are many great reasons why you should use a rent to own contract when selling your house in Fort Myers. Learn more about what selling your Fort Myers house in this manner can mean for you! 

Using a rent to own contract is often overlooked by homeowners looking to sell a house in Fort Myers. Many people fear becoming a landlord, however, the rewards can be much greater than that of a standard rental property. The tenant is more likely to treat the property with respect. You are more likely to get your rent on time. And you are more likely to get your asking price for your house in Fort Myers. Don’t write off a rent to own contract when selling your house in Fort Myers until you run the numbers and find out what selling this way can mean for you.

A Fast Sale

Employing a rent-to-own contract to sell your house in Fort Myers broadens the spectrum of potential buyers for your property. Many individuals keen on homeownership may face obstacles in securing a traditional mortgage. These hurdles may range from financial constraints hindering a down payment to credit issues impeding loan eligibility. However, numerous factors beyond financial limitations can influence a person’s ability to purchase a house through conventional means. For example, someone might have recently started a new job, and while they have a stable income, they haven’t yet built up the work history needed for a mortgage. Additionally, self-employed individuals often face challenges in proving their income stability, which can make securing a mortgage difficult. The flexibility of a rent-to-own contract allows these potential buyers to start the path to homeownership while addressing these challenges.

  • They are recently self-employed and unable to qualify for a mortgage
  • They were forced to spend their down payment on something else, but they still want to buy right away
  • They have another mortgage, making it more difficult to obtain a second
  • They have other debts, making them look bad on paper
  • They are haunted by a previous bankruptcy or eviction

Everyone gets into a difficult spot at one point or another. By selling your house via rent to own contract, not only will you receive many great benefits for yourself, but you will also be able to help someone reach their dream of homeownership.

Cash Upfront

A down payment or option fee is often required by the home seller to secure the transaction and demonstrate the buyer’s commitment. This fee, which can range between 2-7% of the purchase price depending on the contract terms, acts as a financial safeguard for the seller. It’s important to remember that if a buyer is struggling to gather funds for a traditional mortgage down payment, they might also find it challenging to come up with a substantial down payment for you. Therefore, setting a lower fee can make your property more appealing and accessible to a wider pool of potential buyers. Nonetheless, including an option fee is crucial as it serves as a security deposit, ensuring that buyers are serious about the purchase and are less likely to back out without consequence. This balance between affordability and security helps facilitate smoother transactions and attracts committed buyers.

Get Your Asking Price

In rent-to-own contracts, sellers typically hold a stronger negotiating position compared to traditional home sales. Buyers pursuing this option are often willing to meet the seller’s asking price for the opportunity to eventually purchase a home. This dynamic stems from the unique nature of rent-to-own agreements, where buyers pay a premium each month towards the purchase price, providing sellers with a steady income stream and assurance of a future sale. Conversely, properties sold through conventional means frequently sell for significantly less than their initial listing price. After factoring in repairs and negotiations, homeowners often realize their anticipated profits fall short of expectations. This contrast highlights the appeal of rent-to-own agreements for sellers seeking a more secure and potentially lucrative selling option.

Consistent Income Each Month

Selling your house via a rent-to-own contract can offer you a steady, predictable income stream every month. The lease terms will outline the specifics, but you can expect a reliable rental income for the agreed-upon period. Tenants in these arrangements are typically more inclined to pay promptly since they have a vested interest in the property. Moreover, the monthly rent in such agreements often exceeds standard rental rates in the area. In many cases, a portion of the rent is set aside for the buyer’s future down payment. However, if the tenant/buyer defaults on the agreement, you get to keep the option fee and the increased rent, providing a degree of financial protection.

Low Risk

A rent-to-own contract carries minimal risk for homeowners. Tenants under this arrangement typically have a vested interest in the property, which incentivizes them to maintain it properly and avoid damage. Their intention to eventually become the rightful owner further motivates them to keep the house in good condition. In fact, tenants are more likely to enhance the property rather than deteriorate it. Even in the event of payment default by the buyer, while you may lose the potential buyer, you will have earned income instead of letting the house remain idle on the MLS. All payments made toward the house belong to you, and the property reverts back to your possession. While you may find yourself back at square one, you won’t have incurred any financial losses.

Use a rent to own contract to sell your house in Fort Myers! Contact us today for more information!

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