Rent to own agreements may be a viable option for you to sell your house in Knoxville. With more people working from home and homeschooling on the rise, the real estate market is in a period of transition. As they are not yet in a position to qualify for conventional financing, many would-be buyers are also transitioning their credit history to prepare for homeownership in Knoxville. This agreement can either be drafted as an option so that they can walk away at the end of the term without consequences or it can be drafted as an agreement that will result in legal action for default. If the buyers are not ready to buy at the end of the original term, you could offer an extension.
The home defaults back to you if the buyers fail to obtain a conventional loan at the end of the two- or three-year period set out in the rent-to-own agreement. Your deposit will be kept and any extra rent fees in the agreement will be added to your monthly rent as credit towards the down payment if you decide to rent or sell the property.
With the contract terms, you can set the terms for maintenance, repairs, who pays homeowners insurance, and even taxes. Find out how a rent-to-own agreement can help you sell your house at the best price in Knoxville by reading on
Get Your Asking Price
When sellers work with buyers with less than stellar credit, they are taking a risk. It also increases the risk that home values rise much more than expected. You can set the asking price at the potential value the property might have in the future. This is because you are offering a benefit that is otherwise out of reach for these buyers. Alternatively, if the value of the home drops, you’ll gain from the drop because the sales price is predetermined. A rent-to-own deal can help your Knoxville house sell at the highest price as there is far more demand than supply for these homes.
Potential Buyers
Younger rental pools, which would usually seek temporary housing solutions, are now turning their attention to a more permanent residence in order to enjoy the benefits of homeownership. A seller who offers a rent-to-own arrangement opens up the door for more potential buyers. These buyers realize the opportunity they have been provided and are highly motivated to achieve a successful conclusion to the agreement. Together, these factors help you sell your Knoxville house for the highest price.
Protection
Even though there are risks involved in working with buyers who are repairing their credit, it is not necessary to take unnecessary risks. For this reason, you should consult an experienced real estate lawyer before signing a rent-to-own agreement. It is in everyone’s long-term interest to avoid legal conflicts over a poorly drafted contract. If you are trying to sell your Knoxville house with a rent-to-own agreement for the highest price, it is helpful to ensure that both parties have legal protections and that conflicts will likely be avoided.
East Tennessee Home Buyers LLC makes it simple! There is no complexity in the process at East Tennessee Home Buyers LLC. By working with experts from every facet of real estate, we make it easy and fast. Our team at East Tennessee Home Buyers LLC can assist you in setting up a rent-to-own agreement. Our goal at East Tennessee Home Buyers LLC is to make sure you get the best price for your Knoxville house. Any questions or concerns regarding rent-to-own agreements can be addressed without obligation by the professionals at East Tennessee Home Buyers LLC. Send us a message or call East Tennessee Home Buyers LLC at (865) 935-8680.