|Many people buy a house then have to move within a few years, due to
divorce, relocation or financial difficulties. Without any equity
though, it can be nearly impossible to find buyers and you still have
realtor fees to contend with. There is a simple, easy way to have your
payments taken care of for you and find a buyer, so that you can move
onto your new life quickly and easily.
Homeowners can sell their homes by lease option.
What are the benefits of selling my house on a lease option?
When you lease option your house, you sell the right to purchase your
home at a set price within a predetermined period of time. During that
time, the purchaser of the lease option pays you a set monthly fee. They
pay what amounts to their "rent" to you with the provision that they can
purchase your house within a certain period of time and have part of the
rent that they have paid you applied to their final purchase price.
Q What are the advantages of selling my home by lease option over
listing it with a Realtor?
By selling your home in this way, you avoid realtor fees and some
other closing costs. You also have a tenant who intends to purchase your
property. They will take better care of the home than a renter would and
may even fix it up a bit for you. You also, naturally, have your
payments taken care of and keep the tax benefits of owning your home,
until the final sale.
Q How long does it take before your tenant/buyer cashes me out?
A That depends on a number of different factors. Many people with
less than perfect credit can rebuild their credit and receive a mortgage
from a mortgage broker within 6 consecutive payments.
Q Why don't I just sell the house myself?
If you have little or no equity in your home, it will not be
considered a good investment by most buyers.
Q What if my tenant/buyer doesn't buy the house?
A It is important to pre-screen buyers to make sure that they want to
buy the house and are able to buy it at some point in the future.
However, circumstances can change in someone's life, such as an
unexpected job transfer, that make it necessary to move. In situations
like that, a new tenant buyer would have to be found.
|About The Author
Caterina Christakos is an independent real estate investor and
facilitator. For more information or help setting up your lease
options and screening buyers email Caterina at