Should You Use a Lease/Purchase (Rent to Own) arrival to Sell or Rent Your Home?

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Have you ever dealt with bad renters? Late payments? Stains on the carpet? Calls late at night about a stopped toilet? Sometimes being a Landlord is not a fun game, especially when you have a nice home and bad tenants.

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Have you taken advantage of the new low interest rates and refinanced your home to the maximum? What about a home equity loan or other form of second mortgage? Do you know how much you can walk away with from the closing table after paying all mortgages and associated costs, like realtor fees? Many people walk away with very itsybitsy or nothing. Some even have to pay. If this scenario applies to you, it may make sense to delay the sale of your home. It may be possible to generate sure cash flow and lock in a higher selling price with a Fsbo (for sale by owner) lease/purchase agreement.

Here's someone else scenario: You want to sell your own home, but it's not absorbing as fast as you would like (or as fast as the "fast-talking" realtor who convinced you to list it). You've concept about renting it to cover your mortgage payment, but nobody wants a short-term rental with no idea when they have to move out. And what if the tenant Won'T move out when you have it sold? A Fsbo lease/purchase business agreement could be a solution.

So you determine to leave it vacant. You make two, three even four mortgage payments. Your guarnatee enterprise cancels your homewoner's course because it has been vacant for more than 30 days (it's true, they can do it so read your policy!). You don't want to severely reduction the price, yet you need to do something Now! Here's a Fsbo clarification - lease with option to buy or lease/purchase (also referred to a rent to own).

What does the Fsbo lease/purchase of a home mean?

Lease + purchase Offer = Lease/Purchase Agreement

At some time in your life, you have rented a house or apartment, so you are familiar with a lease agreement. If you have ever bought or sold a house, you are familiar with a purchase offer. The lease/purchase business agreement is a hybrid of the two - a lease business agreement combined with a purchase offer (sometimes called "rent to own" or an "option," or that is, the right to buy at an agreed upon price).

Here's an example of how lease/purchase works. Let's say you have a house worth 0,000. The "going rent" in your store for that house may be about 0 per month. A lease/purchase business agreement would read essentially as follows:

Lease Term: Two Years Monthly Rent: 0

Purchase Price: 0,000 Rent Credit: 0/month

Usually, part of the monthly rent will be credited towards the price of the house. In the above example, 50% or 0 per month is being credited. So if the tenant decides to buy after one year (lawyers call this "exercising their option to buy"), they would pay 0,000 - ,800 = ,200. If the tenant/buyer does not purchase the property, the owner would keep all of the monthly rent. The best part is, the 0/month is carefully "option consideration" by the Irs and does not have to be reported as earnings until the house is sold or the lease/purchase business agreement expires!

As you can see, there are many benefits a lease/purchase can furnish you, including:

Immediate relief from mortgage payments

Fast clarification to the "Nice House in a Slow Market" scenario

Guaranteed no vacancy

No need to severely reduction the purchase price

Tax deduction (since the property can be treated as "rental" for tax purposes)

Why Don'T I Just List It With A Realestate Agent?

It can't hurt to list with a realestate agent or broker. However, most realestate brokers naturally "list" your property. This means they stick it in the multiple listing computer and wait for a bite. The first question with this recipe is that there are thousands of other homes in the computer that read just like yours. If you want to move your house Fast, you have to offer something different. The lease/purchase is that special something that makes your house attractive.

The second question is that most Realtors don't know what a lease/purchase is, how it works, and how to store such a deal. Most Realtors will not get complex with a lease/purchase, because they naturally want a higher fee (after all, they have to make enough money to pay for those large display ads with their photo on it!).

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