I see you are looking to sell your home. It also seems as you would do a rent to own contract. In todays market the lease option or land contract may be a viable solution. I would caution you on a few things first. If you are doing a rent to own you need to make sure the buyer will qualify to buy in the time frame you set up. There are no guarantees but you want a reputable lender to review their qualifications and give you an honest assesment. here is nothing worse than doing this again and again because you choose the wrong person.
Also, it is very important to have a real estate attorney who understands, rent to own, lease options, land contracts, and articles of agreements. hey need to understand which is in your best interest and which will allow for ease of financing.
Let me give you and example: If you allowed someone to rent your home with an option to buy it in one year for $200,000.00 and after a year the value of your home went up to $220,000.00 based on the market and improvements they made. the buyer would have to come up with a down payment and qualify for financing as if they never had an agreement because in reality you are renting to them, not selling to them.
This options gives you the greatest protection because in essence you are just a landlord renting to a tenant.
If you chose to sell to them under a land contract or articles of agreement they have an ownership interest and for financing purposes would not have a down payment.
As I am not an attorney nor am I giving you legal advice. I am suggesting you get an attorney and to work with a lender who fully understands what you are getting into and that can best advise you from the beginning.
If you have further questions feel free to contact me at 708.299.3244 or check out my website.
Is your home in Jeffery Manor?
Give me a call 773-842-6101, send me an email Tim@TimHaywood.net. I will be more than glad to give my expert opinion.
I Forgot to mention if you are just wanting to list your townhouse on a free site then you can click on the link below. By far your best resource for selling a home is to use a realtor.
Please let me know if I may be of assistance to you.
I have a lot of clients that are interested in townhomes and renting to own. I was curious to find out where your townhome is and what you are asking for this townhome. Please give me a call or write me an e-mail and we can discuss details.
Have a great day!!!
Sarah Egan Melaniphy
I am glad to see you are open to more than just listing your home for sale. I deal regularly with people who can't buy right now today but don't want to have to move again in 6-24 months. Make certain when you do list your home it is obvious to buyers/renters that you will do this. I have heard some Realtors won' t even do this for their clients and I don't think that is right, but many agents out there don't know how to do a lease option/rent-to-own. Whose site would you like to list your home for sale on?
If you truly need to sell, now is the time to work with a Realtor (I take it you're not) that knows how to market your home through traditional channels but also incorporates web 2.0. Listing your home in the MLS is vital to reaching the agent community but it doesn't end there. The web has become a great platform for showcasing homes but it's popularity has made it difficult to know which websites are effective and will ultimately yield results. A good Realtor will know how to guide you in pricing your home but just as critical is the marketing of your property through a multitude of new channels that didn't exist a couple of years ago. Real estate isn't just selling, it's selling and marketing. If you don't market correctly, you won't have anyone to sell to.
Good Luck, Ken.
From what I gather, you are a "for sale by owner" correct?
click on the link below to get free information that tells you how to sell your home without an agent: