What You Should Know About Buying Or Selling A House Fast Via Rent To Own In Omaha and Council Bluffs

What You Should Know About Buying Or Selling A House Fast Via Rent To Own In Omaha and Council Bluffs
Homes By Chris Harter: Your Local Omaha And Council Bluffs Real Estate Agent. Call: 402-378-9462 or www.homesbychrisharter.com

The average home buyer or seller has a pretty narrow concept of purchasing a home through the typical avenue of the homebuyer obtaining a mortgage from a major lender. Let’s expand our home sales and purchasing options by taking a look at what you should know about buying or selling a house fast via rent to own in Omaha and Council Bluffs.

What Is A Rent Own Agreement?

The traditional path to buying any home requires the homebuyer to apply for and then get approved for a sizable loan through a licensed mortgage lender. In rarer circumstances, the homebuyer may bypass a lender entirely by making a full cash payment. 

A rent-to-own agreement is a contract signed between the seller and the proposed homebuyer of a property that spells out the terms allowing the homebuyer to live in the property first under a lease. 

An initial reaction from sellers to this sort of arrangement is oftentimes rather negative, but just like with any real estate deal finding the right homebuyer is the key. Find the right one with the help of a local real estate agent in Omaha and Council Bluffs.

Why Use A Rent To Own Agreement When Selling A House Fast?

This is generally great for sellers but can lead to some for sale homes sitting on the market for extended periods of time depending on location, features, and market value. 

If a homebuyer is interested in buying your home but does not have the financial means to make a full 20% down payment, entering a rent-to-own agreement with them could be a mutually beneficial solution. If you need help with this, consult a local realtor in Omaha and Council Bluffs.

Rent-to-own contracts regularly contain language dictating what is called an option fee. This fee replaces the normal down payment a homebuyer would make when buying your home to instead rent it according to the agreed stipulations in your lease agreement. If you’re having a hard time selling a house fast in Omaha and Council Bluffs but a homebuyer comes along that just needs a slight boost to close the transaction, a rent-to-own agreement could be the help they require.

The Additional Details

Before everyone gets straight to signing on the dotted line, it’s incredibly important to iron out all of the details to ensure protection for everyone involved. 

The first major piece to hammer out is if this contract is meant to be a lease option or a lease purchase. A lease option means that the tenant rents the property for a given period of time and then has the option to purchase it throughout the term of their lease. 

On the other hand, a lease-purchase means the tenant has agreed to buy the home either during or at the end of their agreed lease term. This means you want to have the agreed purchase price of the home finalized and put into the lease agreement. 

Another point that should be decided upon is stating who is responsible for any maintenance of the property. 

A homebuyer who is truly motivated to eventually purchase the home may be not only willing but desiring to take on the regular maintenance of the home immediately to make sure things are handled to their standards while also helping to begin shaping the home to their liking.

Enlist A Professional

When crafting a rent-to-own agreement, it is highly advisable to hire a qualified and experienced real estate attorney to manage all the details. 

They will go out of their way to protect both homebuyer and seller from any pitfalls while helping your agreement stand the test of time and the courts, if necessary. The additional expense of hiring a lawyer now could easily outweigh the dangers of a costly court battle down the road. If you need an experienced real estate attorney, contact a local agent in Omaha and Council Bluffs.

Guidance Buying or Selling a House Using a Rent to Own Agreement

If you’re thinking about buying or selling a house fast in Council Bluffs and Omaha using a rent-to-own agreement in Omaha and Council Bluffs, contact a professional local realtor in Omaha and Council Bluffs like Chris and her team at Homes By Chris Harter today at 402-378-9462 or www.homesbychrisharter.com!

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