Do you need to sell your house in Chicago? There are many alternative options to consider, that will lead you away from the costs, the time, and the waiting of the MLS. In this post, we will explore how selling via a rent to own agreement will benefit you and your current situation!
Find More Potential Buyers
A rent to own agreement will allow someone who is lacking a downpayment for a traditional loan, the ability to begin the homeownership process. For those who don’t want to wait and who are eager to become homeowners, they will jump at the chance for a mutually beneficial rent to own agreement. When you sell your Chicago house in this manner, you are opening the door to a number of new buyers who may not have been able to purchase otherwise. This gives you more options, money in your pocket faster, and the chance to get your asking price without any fuss or negotiation.
Get More Than You’d Expect For The House
Typically, when using a rent to own agreement to buy a house in Chicago, the owner will collect a down payment, a higher than average rent payment each month for the property. If the potential buyer should default, they risk losing the property along with their initial downpayment… not a place any homebuyer would wish to be in. When using a rent to own agreement to sell your house in Chicago, you assume very little risk, while collecting a higher than average rent payment each month. For sellers who don’t need the entirety of their selling proceeds upfront, collecting the cash each month with a sale date in the future can be a very prosperous situation.
Generate Routine Income
Imagine collecting rent each and every month for your house in Chicago. Now imagine, collecting even more than the average rent, along with a downpayment and severe penalties for default. Utilizing a rent to own agreement to sell your house fast in Chicago is an excellent way to create a steady income you will receive for the next several months. Unlike renting to a standard tenant, your potential buyer is very vested in the property and will likely pay their rent on time, while taking care of any required maintenance. The last thing someone with the opportunity to buy would want to do is default, losing money and their chance at the home.
A Faster Process
Listing your house for sale on the MLS in Chicago can take awhile. During this time, the holding costs will skyrocket, especially if the house is sitting vacant while trying to sell. All of the utility bills, maintenance, taxes, and insurance costs will be completely up to you until the house has sold. When you use a rent to own agreement to find a buyer fast, those costs will either be passed on to your buyer directly, or the amount they are paying you each month will cover it.
Save On Listing Costs
Yes, you will want to make sure your house looks good, but you won’t have to spend a fortune fixing it up or keeping it clean for showing after showing. When you sell your house via rent to own agreement, your buyers are purchasing not only the house but also the opportunity to buy it which they may not have had otherwise. You won’t find yourself spending money or marketing, agent fees, hefty commissions, or any of the other costs that sellers often face.
If you decide to sell your house via a rent to own agreement in Chicago, the process can be lucrative and beneficial. We are happy to answer any question you have about the process!