Many homeowners think there’s only one way to sell a home without an agent. They believe that one way is to sell their home “for sale by owner”.
The great news is there’s an alternative; a smarter way. That smarter way is to sell your home with a lease option.
What is a lease option?
A lease option is also known as a rent-to-own. Simply put, it’s a lease agreement with the option to buy at a later predetermined date and price. The typical lease period is from 1-3 years, sometimes less.
Why is a lease option a smarter approach to selling your home?
You can get top dollar for your home
You can get your asking price or close to it, as long as it’s reasonably within market value range of comparable sales.
Market rent is typically higher than a mortgage payment. This is when you can get cash flow: monthly payments that go straight to you. This is extra money for you that you wouldn’t get in a for sale by owner sale.
No commissions or fees
Many choose the For Sale By Owner route because they don’t want to pay commissions or fees. Selling with a lease option allows you to not only avoid fees and commissions but in many cases, you end up making more over all. Combine getting top dollar for your home with monthly cash flow and you could get more money in your pocket.
No headaches. Your maintenance and repairs are taken care of for you.
Some of you might be thinking “No, I don’t want to rent my house. Too many hassles”. In a traditional rental, yes, there can be hassles and headaches, but with a lease option, your maintenance and day to day repairs are taken care of for you. We assume the responsibility for that. You will not get any calls asking you to unclog a toilet.
Higher quality tenants.
Tenant buyers are rigorously pre-screened and are coming into this situation with a strong interest in purchasing the property. They will take better care of your home than the usual tenant.
Can be done with a lot of equity or no equity.
Whether you own your home free and clear or if you have a mortgage, you can sell your home with a lease option. In some cases, you can even sell your home with a lease option if you’re home value is less than what you owe (negative equity).
If your house has been sitting on the market for months or if you’re just looking to sell your house hassle free, a lease option is a great choice. We handle everything for you: we make sure the process is quick, stress-free, and set up properly.