SELLING YOUR HOUSE WITH A LEASE PURCHASE
What are some of the benefits to selling my house using a lease purchase?
1. Tenant/Buyers rather than tenants. This means better quality tenants in your house. They treat the property as if it’s theirs, because one day it will be.
2. Large available market of tenant/buyers at all times. In fact, we usually have many more tenant/buyer prospects than we do houses available to offer them.
3. No T’s and T’s, (Tenants and Toilets). Tenant/buyer is responsible all day to day maintenance and repairs.
4. Seller retains all benefits of home ownership until the house is actually purchased and the title is transferred.
5. No realtors commissions to pay when the sale is completed. We are not realtors.
6. No closing costs to pay. Buyers pay all closing costs.
What can you tell me about the marketing of my house? I need something done quickly.
We handle every aspect of marketing your house. This includes advertising in local and regional newspapers, signs in and around the neighborhood and on the property (with your permission), flyers, word of mouth, and use of our network connections, such as mortgage brokers, title company personnel, etc.
We handle all phone calls from prospective tenant/buyers, and arrange all showings of the house.
In short, we handle every detail of securing a qualified tenant/buyer who is seriously interested in purchasing your house.
Wouldn’t it be advantageous to try and sell my house using a Realtor?
I certainly don’t think so! In addition to having to pay commissions and closing costs that will amount to perhaps ten percent of the purchase price, you’ll also have to deal with a multi month vacancy while the house is being marketed and the pain of making mortgage payments on that vacant property. Maintenance and repairs are also a factor with vacant properties, as can be insurance considerations.
How long a period is the lease purchase agreement for?
While there is no standard length, our preference is longer is better. This assists us with the marketing of the property. Many people need to “buy time” before they can buy the house. We work with many mortgage brokers that are often able to get most people financed after they have paid for 6 months or more on the lease purchase. Since everyone’s credit history varies, that time period can be shorter or longer for the tenant/buyer, so we cannot guarantee when, or if, our tenant/buyer will secure new financing. It is also in our best interest to get our tenant/buyer a new loan, so we work aggressively to get our tenant/buyer financed as soon as possible.
What if the tenant/buyer does not purchase the house?
Our tenant/buyers are carefully pre-screened to ensure that they want to buy the house, and are able to buy it at some point in the future. However, circumstances can change in someone’s life, such as an unexpected job transfer, divorce, etc., that make it necessary to move.
Finally, it is our goal to ensure that the process of selling your home is a smooth and easy one for you. Please don’t hesitate to contact us with any questions you may have. Thank you for your interest.