A B E T T E R W A Y
Selling with a Lease Purchase!
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Questions
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What are some of the benefits to selling my house using lease purchase programs? 1. Tenant/Buyers rather than tenants. This means better quality tenants in your house. They treat the property as if it’s theirs, because one day it will be. 2. Large available market of tenant/buyers at all times. In fact, we usually have many more tenant/buyer prospects than we do houses available to offer them. 3. No T’s and T’s, (Tenants and Toilets). Tenant/Buyers are responsible for all maintenance of the home. 4. Seller retains all benefits of homeownership until the house is actually purchased and the title is transferred. 5. Tenant/Buyer's fee is paid to you and offsets any initial commission payment. 6. No closing costs to pay. Buyers pay all allowable closing costs. What can you tell me about the marketing of my house? I need something done quickly. I handle every aspect of marketing the lease purchase. This includes advertising in the Multiple Listing Service (MLS), local and regional web sites, my web sites, YouTube virtual tour, social media sites, contact those in our tenant/buyer data base, signs in and around the neighborhood and on the property (with your permission), flyers, word of mouth, and use of our network connections, such as mortgage brokers, title company personnel, etc. I handle all phone calls from prospective tenant/buyers, and arrange all showings of the house. In short, I handle every detail of securing a quality tenant/buyer who is seriously interested in purchasing your house. Can you still try to sell my house as a straight purchase? Yes! Not only will your house be marketed as a Lease Purchase, but we can also market to buyers, and to agents with buyers, who want to purchase a house like yours immediately with no lease. I can sell your house with a Lease Purchase and a Straight Purchase. How do I know the tenant/buyer will pay the rent on time each month? Because the screening process of prospective tenant/buyers is very thorough rent collections are rarely a problem. Your check arrives promptly on or before the first day of every month. I offer incentives, for the tenant/buyer to pay early. And unlike renters, a tenant/buyer wanting to purchase your home, wants to pay the rent on time. How long a period is the lease purchase agreement for? While there is no standard length, the preference is longer is better. This assists me with the marketing of the house. Many people need to “buy time” before they can buy the house. We can recommend mortgage brokers that are often able to get most people financed after they have paid for 6 months or more on the lease purchase. Since everyone’s credit history varies, that time period can be shorter or longer for the tenant/buyer, so I cannot guarantee when, or if, the tenant/buyer will secure new financing. However, until the tenant/buyer qualifies for financing, they continue to pay all the expenses related to the house. It is also in best interest of the tenant/buyer to obtain a new loan, so I work aggressively to get the tenant/buyer working with a mortgage broker as soon as possible. What if the tenant/buyer does not purchase the house? Tenant/buyers are carefully pre-screened through an application process to ensure that they want to buy the house, and have the potential to buy it at some point in the future. However, circumstances can change in someone’s life, such as an unexpected job transfer, divorce, etc., that make it necessary to move. In situations like that, we can remarket the house to place another prospective tenant/buyer into the home. |
