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 Trying to sell your house can
at the very least be a hassle. People
who've never tried to sell a home
themselves just don't understand all
that's involved: The details, the time,
the waiting, the no-shows, the haggling,
the expenses,
etc.
The purpose of
these questions and answers is to provide you
with a better and easier way, an alternative
that eliminates the stress and frustration that
is normally associated with selling a
house.
That alternative
is:
Rent to Own (also known as Lease
Purchase)
Q:
Why
should I consider Rent to
Own?
A: There are
several advantages for you to
consider:
-
Top sales price
for your property (no
haggling).
-
Stops the money
hemorrhage of mortgage
payments.
-
All maintenance
is delegated to us the tenant
buyer. This eliminates 2 AM phone
calls. That means someone is living
on-site to watch your property
guard against vandalism, fire
danger, etc. That's like having a
security guard living in your house
who pays you - rather than you
having to pay
them!
-
You remain on the
deed - it's still your property
until the option is
exercised.
-
You continue to
enjoy all the tax advantages (check
with your tax advisor on
this).
-
It puts a new
occupant (tenant buyer) into the
property in days or weeks, rather
than having to wait 45, 60, or 90
days, which is typical with
conventional
financing.
-
It saves you a
lot of money by not having to
advertise the
property.
-
There are no fees
to pay (especially the six to seven
percent realtor
commissions).
-
It helps you to
qualify for new financing on your
next
home.
-
We don’t care
what kind of mortgage you have
(assumable, non-assumable
etc.).
-
Your insurance
could be canceled if you home sits
vacant for more than 30
days.
Q: What
is lease
purchase?
A: A lease
purchase is essentially a rental agreement
combined with a purchase contact with
pre-negotiated terms. The buyer leases the
property for a specified period of time and
then purchases the property before the end of
the lease agreement. Sales price, length of
rental, any credits, and escrow instructions
are predetermined by you. The buyer would
retain the right to sublease to a tenant buyer,
giving them the right to purchase from you.
This is commonly referred to as a “sandwich
lease.”
Q: When
will you sell my
house?
A: I can't give
you an exact date. It will be up to the tenant
buyer to make that decision within the time
frame they have. I can tell you I get paid when
they buy, so obviously I'll be pushing them to
do so...quickly! In the meantime, your payments
will be made, which relieves you of the
financial burden while we're
selling.
Q: How do
I know I can trust
you?
A: We are part of
a Real Estate Investment Group that has been
buying, selling, and leasing homes in the
Seattle area for over 11 years. Our group and
affiliates have bought, sold and leased
literally hundreds of
homes.
Q: How do
I know you'll make my mortgage
payments?
A: First of all,
I am a professional governed by regulations in
the state of Washington. Secondly, I
value my ethics. Third, I can pay you
directly and let you forward it to the mortgage
company yourself. Or, we can set up a third
party escrow company to collect from me and pay
it to you. You can also choose for me to pay
your lender directly. If I don't pay, the
lender would immediately notify you. You're
always aware of the situation, whichever method
you choose.
Q: Why
don't I just list with a
Realtor?
A: That's
certainly an option, but obviously a realtor
won't make your payment for you while they're
attempting to sell your house. If you
want to sell your house using a rent to own or
lease option we will be glad to work with you
by either listing for you or we may even lease
it from you ourselves.
Q: What
if the tenant tears up my
house?
A: There's no way
I can guarantee you a tenant won't damage your
house since you or I won't be living with them.
But under the agreement I have with you, if
that happened, we would repair it at our
expense. My objective is to find a buyer who
will eventually qualify for a loan, not a
tenant. Damages are rarely a problem. Again, if
it does happen, we'll fix it, and I put that in
writing.
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Provide
us details about your
Rent to Own
home
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