How To Combat Increasing Competition In Home Sales
The market for homes sales is already very competitive. Sellers are forced to give incredible deals they may or may not be able to afford in order to attract qualified buyers. Today, the Qualified Buyer Is King in this market, and if things weren't fierce enough for home sellers, the market continues to swell with competition from foreclosures and other distressed sales.
A little more than ironic is that the lenders who made irresponsible loans, inflated housing values, caused millions to foreclose and suffer credit upheavals disqualifying them from new loans, are not only bailed out by their victims, but are now dumping a glutton of foreclosed properties on the market, making themselves the biggest competitor to those struggling to sell in order not to foreclose. And who can compete with foreclosure prices? Very few.
While the market doesn't appear to be getting any better in the near future, one way a seller can at least stop the bleeding is to consider selling their home as a rent to own home sale. There is a huge pool of better than average buyers in the rental market right now, and with the amount of people unable to get home loans, the price of rent will inevitably increase.
A buyer could put a hold on the amount of rent they pay for the upcoming lease to own period, and if a seller can wait two to three years, they could have a successful rent to own home sale. During that time mortgage payments would be met and the rent to own buyer would have the time to straighten out their credit issues in order to qualify for a traditional loan at lease's end.
It's one way to help increase home ownership at a time where only the very few can afford The American Dream, and as time goes by and more property is just sitting on the market, rent to own homes are becoming a more accepted way to do a home sale today. While there are always pitfalls to avoid, research and awareness can help you avoid them and as more people use this method, there are bound to be more legislature enacted to protect both parties.
While it is always a good idea to get advice and even representation if possible, it's not impossible to put together a lease and option to purchase together and even customize details to accommodate the rent to own seller or buyer's circumstances. It's basically an opportunity to come to an old-fashioned agreement - but of course, it's prudent to cover your bases and have someone who's knowledgeable of state and local laws and real estate practices review your rent to own lease agreement and option to purchase paperwork.
So if you've been watching the For Sale sign in your front yard gather leaves, snowflakes and then fade from summer sun, you might consider offering your home as rent to own home sale and see if you can't make a better deal for yourself in spite of current market conditions.
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