We Buy Houses In London, Ohio. There are many great reasons why you should use a rent to own contract when selling your house in the London area. We are homebuyers in Ohio and learn more about what selling your London house in this manner can mean for you!
Using a rent to own contract is often overlooked by homeowners looking to sell a house in London. Many people fear becoming a landlord, however, the rewards can be much greater than that of a standard rental property. The tenant is more likely to treat the property with respect. You are more likely to get your rent on time. And you are more likely to get your asking price for your house in London. Don’t write off a rent to own contract when selling your house in London and Central Ohio until you run the numbers and find out what selling this way can mean for you.
A Fast Sale In London OH
Using a rent to own contract to sell your home in London opens up your property to a whole new pool of buyers. There are tons of people out there who are eager to buy, and who will have no problems paying you. However, something is holding them back from obtaining a traditional mortgage. While some people simply lack the funds for a down payment or the credit to qualify for a loan, there are many other situations that can affect a person’s ability to purchase a property in the traditional manner. For example:
- They are recently self-employed and unable to qualify for a mortgage.
- They were forced to spend their down payment on something else, but they still want to purchase right away.
- They have another mortgage, making it more difficult to obtain a second.
- They have other debts, making them look bad on paper.
- They are haunted by a previous bankruptcy or eviction.
Everyone gets into a difficult spot at one point or another. By selling your house via rent to own contract, not only will you receive many great benefits for yourself, but you will also be able to help someone reach their dream of home ownership.
Cash Upfront For Your Ohio House
A down payment or option fee is often required by the home seller. This fee varies by contract, but it can be anywhere between two-to-seven percent of the purchase price. Remember that if your buyer is having trouble coming up with a down payment for a traditional mortgage, they might have trouble coming up with a large down payment for you. Keeping this fee low will help you attract more potential buyers to your property. That said, you do want to include an option fee as a sort of security deposit to make sure your buyers don’t simply walk away from the property.
Get Your Asking Price For Your London House
While a traditional home sale price is often negotiable when you work with a buyer using a rent to own contract, the seller will often have the upper hand. Most buyers will be willing to pay what you’re asking in order to get a chance at buying a home. Properties that sell in the traditional manner are often sold for much less than they were originally listed for. Once the repairs and negotiations are completed, homeowners will often find they aren’t making anywhere near as much as they had hoped.
Consistent Income Each Month From Your London Property
Selling your house via a rent to own contract will provide you with consistent, guaranteed income each month. Your lease will specify the terms of the agreement, but for the next couple of years, you will have a guaranteed rental income that you can rely on. Your tenant is much more likely to pay their rent on time as they have a genuine interest in the property. In addition, the rent charged each month is often greater than standard rental properties in the same area. While in many contracts a portion of the rent is designated to the buyer’s future down payment, if your tenant/buyer defaults on the agreement, the option fee, and the increased rent are yours to keep.
Low Risk For Ohio Homeowners
A rent to own contract carries very little risk for homeowners. Tenants have a genuine interest in the property, helping them to refrain from damaging the house or skipping required maintenance. They want to keep the property as nice as possible as they will eventually be the rightful owner. If anything, you are likely to find your tenants fixing up the property as opposed to wearing it down. If the buyer defaults on their payments, you may lose the seller, but you will have gained income as opposed to just letting the property sit on the MLS. All monies paid toward the house will belong to you, and the house will be back in your hands. You might be back where you started, but you won’t have taken any hit financially.
Sell My House In London OH
If you want to sell your house in Ohio fast, give the team at Homesmith a call! We are London OH home buyers and we offer cash for houses in Ohio. We can handle the paperwork for you, making the process a breeze! Find out what we can offer you! There is never any obligation!