Walnut16, Home Seller in Franklin Heights, Mi...

Rent with an option to purchase till the market picks back up?

Asked by Walnut16, Franklin Heights, Milwaukee, WI Fri May 22, 2009

Are there rental price guidelines or limitations? Where can I research this?

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Answers

3
This is NOT advised. "Renting to own" is ill-advised because there is no one form to clearly contract both parties expectations. There has to be a rental agreement for certain reasons and also an offer to purchase would be required. Both of these have different rights and expectations and should be prepared by an attorney not a Realtor. Not to mention that usually there's no way to pay a realtor and that will make it difficult to ever sell.
0 votes Thank Flag Link Mon Oct 19, 2009
You must find the right renter/future buyer. Rent to Own is a Purchase contract that gives the buyer an out after a period of time for a specified premium which is non refundable. We have done hundreds of these in last 25 years. If done properly expect about a 70% conversion rate.
Web Reference: http://homeownersmke.com
0 votes Thank Flag Link Fri May 22, 2009
It depends on the the size of your home, there are no guidelines but you can look at other rentals in the area. A rent with option can get a better rent than a standard rent, with part of the rent going towards the purchase price. Good luck in finding a buyer.
0 votes Thank Flag Link Fri May 22, 2009
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