In our latest post, discover how a rent-to-own agreement can be the optimal solution for quickly selling your Columbus home at the price you desire. Find out more now!
Selling a house in Columbus through a rent-to-own agreement is often overlooked by many. However, if you’re willing to delay the full payment, you may find a buyer sooner and get the price you want for your home. Not only that, but you can also receive cash from a down payment upfront and higher-than-average rent payments each month. This way, you can earn money while waiting to collect the full price of the home within 1-2 years. Using this method of selling can be advantageous for homeowners who want to sell quickly and at an excellent price.
Set Your Criteria
By offering your house as a rent-to-own option, you’ll be opening up a fresh pool of potential buyers. However, you cannot enter into an agreement with just anyone. It’s necessary to establish your requirements for credit score, down payment amount, and length of the agreement. This will enable you to determine who is eligible to participate in the rent-to-own agreement.
If you’re thinking about a rent-to-own arrangement to sell your Columbus house, it’s vital to remember that you’re not bound to an indefinite agreement with the potential buyer until they can buy the property outright. It’s essential to identify a buyer who can meet their obligations before entering into the agreement. While a person may have good intentions, their ability to fulfill their end of the bargain can be uncertain. Therefore, before setting up a rent-to-own contract, you must determine what characteristics you’re seeking in a potential buyer and what terms you’re willing to accept.
Agree On The Terms
After identifying the type of tenant you’re seeking, the next step is to locate someone who is willing to meet your conditions. These conditions include agreeing to a monthly rent amount, determining the initial downpayment, and deciding on any portion of the rent that will be credited towards the eventual purchase of the property. Additionally, it’s crucial to establish a mutually agreeable timeframe. It’s worth noting that this is not a permanent arrangement, and the renter will be required to either purchase the home outright or forfeit their downpayment and option to buy within 1-3 years.
Create A Legal Contract
Ensuring that your rent-to-own agreement for selling your Columbus house is legally sound is essential. You certainly wouldn’t want to be sued or find yourself in a position where you need to file a lawsuit. To safeguard all parties, a detailed rent-to-own agreement should be drafted, covering every possible scenario. EASTON BUYS HOUSES can assist you in navigating this process, ensuring that everything is handled professionally and legally when it comes to selling your house through a rent-to-own agreement.
Having A Way Out
Similar to a typical rental arrangement, a rent-to-own agreement permits the landlord to evict the tenant if they fail to pay rent or breach any terms of the agreement. While it’s best to avoid such a situation, it’s essential to be knowledgeable about the eviction process and aware of both your rights and the tenant’s rights. The property belongs to you until it’s fully paid for, and until that point, you should take measures to safeguard it, ensuring that no one occupies the property who could cause harm or reduce its value.