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Basic Home Loan Terms Explained
The wonderful world of home buying can sometimes overwhelm the first time homebuyer. They are inundated with information riddled with terms of art. ARMS, points, interest rates, good faith estimates, pay-downs, lock-in dates, so on and so forth. ...
Commercially viable commercial mortgages
Commercial mortgages are similar to residential mortgages. Usually taken by businesses, commercial mortgages are secured against business property. Businesses have to make an important decision regarding the premises where the operations are to be...
Do you have a picture of YOUR customer?
I was recently working with a retail client and was discussing their merchandise strategy with their display manager. I asked the person about two products on the same display and who would buy them. The display manager mentioned that one of the...
Getting A Solid Internet Marketing Foundation
As we look at building our online businesses, many of us acknowledge, early-on, that we don't know it all. Those who don't, are almost certain to fail because they often attempt to apply techniques that simply don't work online - to their...
Time Poverty
There is a misguided thought that being busy is the same as making progress. With shorter deadlines, competing priorities, interruptions and even higher quality expectations, it brings today’s time challenges to another level. Yet the number of...
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How to Sell Your House By Lease Options
How to Sell Your House By Lease Option
Many people buy a house then have to move within a few years, due to divorce, relocation or financial difficulties. Without any equity though, it can be nearly impossible to find buyers and you still have realtor fees to contend with. There is a simple, easy way to have your payments taken care of for you and find a buyer, so that you can move onto your new life quickly and easily.
Homeowners can sell their homes by lease option.
What are the benefits of selling my house on a lease option?
When you lease option your house, you sell the right to purchase your home at a set price within a predetermined period of time. During that time, the purchaser of the lease option pays you a set monthly fee. They pay what amounts to their “rent” to you with the provision that they can purchase your house within a certain period of time and have part of the rent that they have paid you applied to their final purchase price.
Q What are the advantages of selling my home by lease option over listing it with a Realtor?
By selling your home in this way, you avoid realtor fees and some other closing costs. You also have a tenant who intends to purchase your property. They will take better
care of the home than a renter would and may even fix it up a bit for you. You also, naturally, have your payments taken care of and keep the tax benefits of owning your home, until the final sale.
Q How long does it take before your tenant/buyer cashes me out?
A That depends on a number of different factors. Many people with less than perfect credit can rebuild their credit and receive a mortgage from a mortgage broker within 6 consecutive payments.
Q Why don’t I just sell the house myself? If you have little or no equity in your home, it will not be considered a good investment by most buyers.
Q What if my tenant/buyer doesn’t buy the house? A It is important to pre-screen buyers to make sure 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, that make it necessary to move. In situations like that, a new tenant buyer would have to be found.
About the Author
Caterina Christakos is an independent real estate investor and facilitator. For more information or help setting up your lease options and screening buyers email Caterina at Cchrist896@aol.com
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