Property Q&A in Clintonville>Question Details

Holister, Home Owner in Clintonville, WI

I own a home in WI and am re-locating to FL. Should I sell or Rent-to-Own? I would like to re-locate asap and sell asap. I need help!

Asked by Holister, Clintonville, WI Sun Feb 6, 2011

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The first thing will be to determine what your home will bring in the current market conditions. When deciding if you want to rent-to-own or just sell your home you have to look at all the angles. Being in Clintonville you are more of a rural market that may have some opportnuities to find that type of buyer. However, you may have a hard time getting a decent amount of rent to cover your current mortgage and taxes.

Clintonville is in my market area and I would be able to let you know how your home would compare to other homes in the area. I also have handled many relocations and would be able to help guide you on how to sell your home fast even in todays market.

Feel free to give me a call at 920-993-7234 or send me an email to dmurphy@coldwellhomes.com

Best Regards!!
Duane Murphy

Murphy & Associates Real Estate
Coldwell Banker The Real Estate Group, Inc.
http://www.duanemurphy.com
Web Reference: http://www.duanemurphy.com
0 votes Thank Flag Link Sun Feb 6, 2011
Good Morning Holister,

You will definitely get some activity if you market your home as a potential rent-to-own. There are some definite pros and cons to this style of sale. With a rent-to-own, you are basically renting the homes to a person who you are also giving an option to purchase. Let me explain - this is only one scenario; I could create many: Normal rent on your home would be $700, but the potential buyers are willing to pay you $800 per month plus they are willing to put down $5,000 of non-refundable option money. One hundred dollars of their rent goes toward principal reduction. The $5,000 is to "hold" the house for them. If during the first 2 years, they can buy your home for $100,000 minus the $5,000 and the total of their rent ($100 per month). If they do not decide to buy the home within the 2 year term, they lose the money and you can sell it to someone else. All of these deadlines and dollar figures are arbitrary in my scenario.
Why would a buyer enter into this arrangement - because they can not get financing elsewhere. So, they are a huge financial risk. Advertise your home on Craigslist and the local paper for one week and you will have buyers (real and some fake) coming out of the woodwork.
0 votes Thank Flag Link Sun Feb 6, 2011
You need to find out what your property is worth on the market versus what you owe. You can do this through a real estate agent or an appraiser. You really need to talk to a local agent that can guide you through this process. Make sure you have a title company that can handle both closings if you have to sell and buy at the same time.

If you are going to rent to own, you will want to have a real estate agent who is familiar with land contract, options et cetera or a real estate attorney.
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Sun Feb 6, 2011
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