I've been trying to sell my condo for a few months now, but the market is really slow and I'm competing with short sales/forclosures hitting the market at nearly $50K less than what I've listed at. I realize this is a buyer's market, so I'm considering just renting out my place and keeping it as an investment property instead. Or would it be wiser to do a lease option (rent to own) sale?
2007-12-12 18:49:14 · 3 answers · asked by K S 1 in Business & Finance ➔ Renting & Real Estate
Neither is an overly desirable option, but I do understand your need to derive revenue to help pay the mortgage. If you engage a 'rent to own' situation, do be prepared to attract those buyers who are not able to qualify for conventional financing. If they could afford it outright, they would not be seeking such an option.
Also, insure that you screen any potential applicant for either renting or renting to own. Nothing is worse than collecting a few months rent, then having to evict, and finding out that said tenant trashed your lovely condo. Perform the due diligence, have credit and background checks performed, and get as much security deposit as you can.
2007-12-12 23:56:51 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
My suggestion.
I would refinance it to FHA while you are currently owner occupied. Your FHA loan is assumable. You can take 95% cash out up to your appraisal. You can then let somebody assume your mortgage for like 150 bucks. They have to credit qualify but there is no down payment or closing cost per say.
Imagine the number or people that will buy your home if they only need 150 bucks. Title will be on top of that, but you can pay it. Get your money while you are owner occupied let somebody assume your great rate.
2007-12-12 18:57:25 · answer #2 · answered by financing_loans 6 · 0⤊ 4⤋
Rent-To-Own Home - http://RentToOwnHome.uzaev.com/?SNUS
2016-07-11 21:58:49 · answer #3 · answered by ? 3 · 0⤊ 0⤋