We Buy Houses In Dublin, Ohio. Selling via rent to own can be an excellent option that many Dublin homeowners fail to consider. We are homebuyers in Ohio and in our latest post, learn more about how the process works and what benefits you will receive!
A rent to own agreement can be an excellent way for Dublin area homeowners to sell their house fast. The financial benefits are very rewarding as is the security of a regular income from the property. That said, there are some things a seller should be aware of when using a rent to own agreement to sell a house fast in Dublin. Keep reading to learn what they are and how you can create a rent to own agreement that will protect your best interest while helping you to sell your house fast in Dublin OH!
1) Handling Default In Dublin OH
While the odds of your potential buyers defaulting on the agreement is relatively low, you’ll need to know what to do if it happens. Until your potential buyer is able to get a traditional loan and pay off their debt to you, the property will still be in your name. Much like a bank, if your tenant isn’t paying, is causing damage to the house, or is somehow defying the agreement set in place, they are running the risk of foreclosure, while you will be able to retain full ownership, holding on to the down payment.
2) Creating A Legal Contract In Ohio
A rent to own agreement should be very comprehensive to protect both the buyer and the seller. It should contain clauses highlighting who is responsible for what, important dates, and penalties for violation of the agreement. You don’t want to leave room for any discrepancy or disagreement between you and your potential buyer. To ensure your agreement is legally binding, reach out to a local real estate attorney or call Homesmith to help you facilitate the rent to own process.
3) Finding The Right Tenants In Dublin OH
Using a rent to own agreement opens up a whole new world of potential buyers. People who couldn’t quite qualify for traditional funding due to a low credit score or lack of down payment may be able to meet the qualifications set forth in your agreement. There are many great buyers out there who are being held back due to a blemish on their credit report. The key is to find the buyers of genuine character who will follow through on their obligation to you. Once the right tenants are found, you will create a win-win situation for all parties involved. Keep in mind that there is a reason traditional banks had denied them in the past, so be sure to do your homework on your potential buyer before entering into an agreement.
4) Being Back Where You Started In Ohio
While it may not happen often, you do run the risk of your tenant being unable to buy at the end of the lease term. This means you will still be the owner and can either try to list at this point or enter into another rent to own agreement. While this may seem frustrating, you can actually come out ahead from a financial standpoint. Sure you didn’t sell the house, but you were able to collect a higher than average rent plus a non-refundable down payment for your troubles. Who knows, the market may rise dramatically during this time and you may be able to sell for even more than you would have before the agreement!
Sell My House In Dublin OH
Selling via rent to own in Dublin can be very beneficial to homeowners looking for a way to quickly make money off of a property they own. If you want to avoid having to do any of that and just want a quick and effective sale so you can walk away, you can sell your house in Ohio to Homesmith. We’re professional Dublin area home buyers and we offer cash for houses in Ohio. Just reach out to us or fill out the form on this website so we can quickly look at your situation and make you a fast-fair cash offer on your Ohio property.