If you have been planning to sell your current home and move to a larger home or a new home in a different city, everything should work properly. However, what can you do if the contract on your new home is all signed, sealed and delivered and your old home has not yet sold? Rent to own in Wichita KS can oftentimes be more financially attractive, alternatively there may be people who have expressed a genuine interest in your home but they do not have the down payment or their credit is not good enough to be considered for a mortgage. How can you sell this home?
A very good option and one that is happening more and more is Rent to own in Wichita KS. This is a scheme that is not a lot different than taking a lease car, the renter will move in your home and pay an agreed upon rent. At the end of a period, usually three years, the tenant has the option to buy the home. The monthly rental either provides additional income for the owner or is used to pay the monthly mortgage payments, and a portion of the monthly rent is set aside as a down payment for the house after the three years have elapsed.
A rent to own arrangement has advantages and disadvantages for both the home owner and the renter. For the seller who has already committed to another home, it eliminates having to pay two mortgages at the same time. In the current housing market, rent to sell may be the best option for many sellers. You are giving buyers who cannot come up with the down payment the opportunity to do so over time.
The seller must first determine how much the sale price of the house is and the rental. These amounts are negotiable just like any other commercial transaction. Once the contract has been drawn up and signed, the selling price of the house is fixed until the end of the three year rental. The risk to the seller is that the home market will rebound and the house is worth considerably more now, the price is final. Renters also have costs, first is the option fee and the second is elevated rent as a portion is being accrued as eventual down payment.
If you have not yet saved up enough to put a down payment on your dream home, then rent to own in Wichita KS may be the ideal solution. When you negotiate with Professional Home Buyers you do not need any down payment.
