Have you ever considered using a rent-to-own agreement to sell your home in California? As more people work remotely and homeschooling is becoming more popular, the real estate market is experiencing a period of transition. Additionally, many would-be buyers are transitioning their credit standing to prepare for homeownership in California, since they are not yet qualified for conventional financing. The agreement can either be a voluntary walking away clause or a contract that can be enforced if the parties fail to meet their obligations. Alternatively, you might have an option for an extension if the buyers are not ready to buy at the end of the original agreement.
Should the buyer fail to qualify for a conventional loan at the end of the two- or three-year period stipulated in the rent-to-own agreement, the home defaults back to you. Then you could rent or resell the property with your deposit, extra rent fees, and any down payment as credit toward the down payment.
Since you are in control, you can set the terms of maintenance, repairs, homeowners insurance, and even taxes, in the contract. Find out how to set up a rent-to-own contract that will help you sell your California home for the highest price.
Get Your Asking Price
When sellers work with purchasers who do not have perfect credit, they run the risk of losing money. Also, you run the risk of home values rising far beyond current expectations. Due to the benefit you are offering, you can set the asking price at the potential value the property could have in the future as your current sales price. The sale price is predetermined so you’ll profit if home values decrease. Rent-to-own deals are in higher demand than supply, which helps you sell your California home for the highest possible price.
A typical younger rental pool that typically sought temporary housing solutions is now turning their attention to a more permanent residence, desiring the benefits of homeownership. Rent-to-own agreements opened the door to more potential buyers when sellers offered them. The buyers are very aware of the chances they have been provided and are highly motivated to make the deal a success. When these factors are combined, your California house will sell for the highest price possible.
When working with buyers who are repairing their credit, some risk is involved, but there is no need to take unnecessary risks. You should therefore consider hiring a real estate lawyer to review your rent-to-own agreement. The seller and the buyer benefit from avoiding legal disputes over a poorly drafted contract. Ensure that both parties have legal protections and disputes will likely be avoided when selling your California house with a rent-to-own agreement for the highest possible price.
This article on How to Setup a rent to own agreement in California applies to all cities in California State including, Lodi, Modesto, Stockton, Sacramento, Turlock, Valley Springs, Salida, and Oakdale.
MCB Homes Inc. makes it simple! MCB Homes Inc. offers a simple and straightforward process! Our experts from all walks of the real estate industry make it easy and fast for you. We at MCB Homes Inc. can assist you in setting up a rent-to-own agreement. At MCB Homes Inc., we strive to help you sell your California house for the highest price. If you have any questions or concerns, MCB Homes Inc. would be happy to assist you. Send us a message or call MCB Homes Inc. at (209) 743-0602.