Question Details

Frank76, Home Seller in New Mexico

If I place my home on the market as a rent to own with a 1 / 2 yr timeframe, whats the normal % charged above the going rate in this scenario?

Asked by Frank76, New Mexico Tue Mar 8, 2011

Im amazed on the answers Ive received to this question. They didnt even address what Im asking! The answers actually reflected the norm for realtors, they worry about their commission than even addressing clients concerns or questions. Guys it goes without saying that a broker gets his/her commission, thats not the question. PLEASE read the questions and address the answers accordingly.
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I have no mortgage on the property I own in Rochester NY currently, and want to get the most return as possible in this transaction. I understand that if the prospective buyer decides not to want to purchase it he/she will loose their "investment" of the portion going towards to down payment plus any down payment if provided as well. Would an agent be willing to work with a 1 or 2 year option that I’m offering, thus allowing me to get some interest out of the deal as well? And what is the normal interest % rate above the going national rate that is charged? Is it 1,2, or 3% above the rate?

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Answers

1
There isn't a set answer to your question -- "all things are negotiable". There are many variables to consider when coming up with a fair number that is affordable to the buyer. It sounds more like you want to set up the transaction to fail right up front and maybe you should rethink your scenario altogether.

You should seek legal advice in structuring your contracts and or find an agent in your area who specializes in lease purchases to avoid the pitfalls of these sometimes sticky deals.

Sandy Farmer
Realtor, GRI, CSSN
John Hall & Associates
homesales411.com
0 votes Thank Flag Link Tue Mar 8, 2011
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