Home owners,
do you have a home that you want to sell on a Rent to Own basis? Here is what I do, you may wish to do the same if you have a home that is
vacant, not selling for the price you need due to the market we are in. You can
do it all yourself, however if you have a home in Pierce County, South King
County or Thurston County and wish me to
help you find a rent to own candidate, then I would receive a fee for my
services of course. Everything you see here is for Washington State real estate only. Laws
in other States vary.
Basically most people would rather own a home than rent one.., but most
simply cannot come up with the needed credit scores and/or down payment needed.
A person who has a "hope" of buying a home and is willing to pay rent with an
option to buy, can in many cases be counted on to:
1. Pay their rent on time, or loose their
option to buy.
2. Handle more of the maintenance, clean up and repairs than the average
renter. Not guaranteed, but is often the case.
3. Will often be willing to pay more of a retail price for your home than
most buyers, who would rather negotiate a better deal.
We have many people who call in or email
us and wish to buy a home of their own, but do not qualify. However they may be
good candidates for a Rent-to-Own plan, if they have;
1. A qualified job, meaning that
they have been on a job at least a year and its full time or that their co-buyer
or spouse qualifies.
2. No evictions on their records.
3. Enough cash to pay 1st + Last months rent + deposit.
(deposit should be enough to pay my $500 fee and
cleaning + damages)
4. Willing to pay a $35 basic or $75 full, credit check fee.
In order for me to bring you a qualified
Rent-to-Own candidate, you would need to sign a contract with me to pay my basic
finders fee when I find an acceptable renter of $500, then a sales commission
fee of up to 8.9% when the house actually sells to this client at a price you
set and everyone agrees to. This is paid at the time of closing by the Assigned
Escrow company out of the buyers funds. There are options you can write into
your contract where you may choose to not sell later for a valid reason,
or to charge a "Market Rate" as appraised by a Home Loan Lender if a
Lenders/Bank Appraisal is more than the original price agreed upon. We would
also need to be the Property Management Company, see
www.bci-properties.com/owners.htm
Problems that
can occur
What can go wrong? Several things, but you
have a couple means of protection once you understand how to obtain or use them.
First of all, read and become familiar with the Washington State Landlord-Tenant
Act, Laws and Regulations. It will protect you as well as your tenant. Two..,
ALWAYS have proper insurance and your insurance carrier will fill you in on
that.
I will list several things here that can
go wrong and what I may do to go about fixing them.
1. The renter does not pay the rent.
Answer: I call upon Landlord Solutions in Tacoma, a professional eviction
service. Let them do the work. You will have BCI Properties, LLC as your
Management Company to handle the hassles if they arise.
2. If the renter damages the home or property, more than normal wear and tear.
Answer: You can file suit, or you can keep their damage deposit if you
follow the Law regarding that.
3. The renter has paid the rent on time monthly, wants to buy the home after the
rental term expires but is still not able to obtain the needed financing.
Answer: You can either renew the rental agreement, plus raise the rent if
needed, or tell the renter that they must move out if you are now ready to sell
the home by Listing it.
Call today for more info. More details listed
here later.
Ask for:
