Residential Homes

[heightsfan]

Good Afternoon All,

hope your day goes well !

Any input,advise,comments, or experiences are greatly appreciated !

Is it possible to own some older property (residential homes) and instead of continuing to rent out

to set up a rent to buy option ? If so what is the process ? What are some pros and cons ?

Its my understanding this process can delay the tax instead of selling the home upfront.

Thank You

[nmainguy]

Good Afternoon All,

hope your day goes well !

Any input,advise,comments, or experiences are greatly appreciated !

Is it possible to own some older property (residential homes) and instead of continuing to rent out

to set up a rent to buy option ? If so what is the process ? What are some pros and cons ?

Its my understanding this process can delay the tax instead of selling the home upfront.

Thank You

It depends on who's holding the strings-which is normally the seller. A "rent to buy" contract will almost always benefit the seller. If you are hell-bent on ownership but can't quite get past the requirements of the traditional lender you may want to go to the rent to buy option. Just make sure you've investigated the seller-get a credit report for starters- so you are confident enough to sign the bottom line with el diablo (Personnaly I'd hang loose and wait out a clean buy before hanging my hat on a wobbly hat rack-not that all sellers are bad but they seem to be far and inbetween.)

Sorry I couldn't offer a better "rent to own" scenario based on the owner's rep, but I just can't see it. Never forget you are the boss of you...and act accordingly.

[realestatesavvy]

I would suggest to keep it rented so you can have some income continually coming in, but to put it on the market also. It costs you nothing to list with a good realtor. You will need to coordinate with your realtor and your renter the details to keeping the home viewing ready. Once you get an offer, you can write into the contract the extra time to allow your renter to find another place and move as long as the buyer is aware of the situation. This would be my suggestion to keep you from losing any money while it is on the market. The rent-to-buy option can work in some situations, but it is very tedious and can pose problems in the future.

[jm1fd]

It costs you nothing to list with a good realtor.

Right...costs nothing to list, but costs, at the very least, 6% to sell. It could end up costing you much, much more if the realtor cons you into accepting a lowball offer from one of his/her buddies.

[heightsfan]

Good Afternoon,

hope your day goes well !

What major challenges could one face if offering the "rent to buy " ?

Also would a seller need to use a realtor , title company , or attorney ?

Thank You