Have you found it difficult to sell your house in Kansas City ? Selling your house via rent to own contract will help you find more buyers and get your asking price! Find out if it’s right for you in our latest post!
As a home seller in Kansas City , you may have found that your property has been listed with an agent or For Sale By Owner for longer than you’d like. Selling a house in the Kansas City area doesn’t always go as planned, and some houses will sit on the market for months, with not so much as a bite. It can be frustrating living this way. Not knowing when the house will close can be frustrating for people who need to sell a house in Kansas City .
Using a rent to own agreement to find more buyers will open your property to a whole new market of buyers. You’ll be able to sell the house, get your asking price, and have the funds in your pocket to move onto something new. It can be a very beneficial agreement for both buyers and sellers in Kansas City . Keep reading to learn more about what makes this method of home selling so great for homeowners in the Kansas City area!
How To Find More Buyers
There are great people all over the country who want to buy a house, however, frustrating circumstances have kept them from living their dream.
Quality Buyers Who are Self-employed
Self-employed people or those who work on commissions can bring in a good income that can support buying a house. However, since it is not guaranteed income, a bank may not want to count it towards qualifying for a mortgage. Maybe these people are ready to put down roots today, but they need some time to show the bank their income is stable. By entering into a rent to own agreement with you, they will have 2-3 years to do just that.
Quality Buyers Who Have A Blemish on Their Credit
There are many people that made a mistake or found themselves a victim of circumstance. Erasing something from your credit isn’t always easy. It can take some time to repair your credit and get into a place where you’re able to qualify for a loan. If they have the income to pay the rent every month, there are things that they can do to build better credit.
Benefits For Sellers
Using a rent to own contract to sell your house in Kansas City offers a number of benefits to home sellers. People will often look over a rent to own agreement because they don’t want to be landlords. However, the people interested in your property are much different than an average tenant. They have a personal interest in the property. They will want to keep the property maintained and will always pay their rent on time. Not doing so can put them in violation of their lease. They have much more to lose than an average tenant, and they realize this going into the deal. Some of the other great benefits of a rent to own agreement for Kansas City home sellers include…
- The ability to find more buyers
- You can get the price you want
- You will instantly turn your property into an income producing investment. You can usually count on the rent being paid on time each month out of fear of default
- The rental income you receive each month will likely be greater than what other properties are renting for in the area
- If the tenant defaults on their agreement, you are able to foreclose on the property, while still keeping the down payment and increased rent
If your tenant/buyer should not keep up with their end of the deal, you have every right to foreclose. Sure, it may be a bit of a hassle, but in the long run, you will have likely profited as the downpayment and increased rent payments are yours to keep. You may be back at square one, but you may be further ahead financially.
When Is Rent To Own Not a Good Option
If you need the cash from the sale right away, a rent to own contract may not be the best way for you to sell. Keep in mind, that using a rent to own contract may ultimately get you more money when all is said and done. A person with poor credit or little capital for a down payment will likely pay your asking price in order to get a shot at homeownership.
There are many benefits of using a rent to own deal to sell your house in Kansas City . CNBC states that “rent-to-own arrangement can yield positives: steady monthly income while moving toward the promise of a sale.”