Rent to own homes in West Palm Beach, FL are homes where a buyer is allowed to rent a home for a specified amount of time and then he or she has the option to purchase it. Before the signing of the contract, there will be negotiation between the buyer and the seller. This also involves the purchase price as well as the other important terms.
Why It Can Work
The housing market in West Palm Beach is not performing well right now. This is why many buyers and sellers turn toward rent to own homes. For buyers, this is a viable option because they may not have enough money to pay down the house they want to buy. Instead of continuing to rent a home, this option provides them the chance to become homeowners and begin building equity sooner rather than later.
As for the seller, rent to own homes in West Palm Beach, FL are a great option because the demand is often very high for this kind of property. The seller is offering something unique to buyers, which is difficult to find elsewhere. With this option, you do not have much to lose as the seller even if the buyer decides not to purchase the home at the end of the specified leasing period.
It is common for the expenditures of the home to be lower than the monthly rent in this part of Florida. Some of the expenses I am talking about here are debt payment (mortgage), property taxes, home maintenance, and insurance among many others.
Let’s take a moment and discuss this type of selling tactic works. The key steps involved here are the following:
Step 1: Agreement on Purchase Price – Both the buyer and seller will have to agree on the final price. Once there is an agreement, the terms on the price can no longer be changed.
Step 2: No Other Buyers – When the seller finds a potential buyer of the house, he or she will ask for the option fee. Once again, this can be negotiated before the signing of the contract. With this fee, the buyer is given the security that there will be no other buyers for the house. This is true even if someone else approaches the seller, offering a much larger amount for the property.
Step 3: Renting Period – Once there is a final price already and the fees have been paid by the buyer, the renter can now move into the house. Typically, the renting period lasts for three years.
As you can see, there is not much to rent to own homes in West Palm Beach, FL. They are becoming increasingly popular and experts say this will continue since the housing market is in the muck. I believe though that this can be a win-win for everyone involved. But if you’re a seller, why not just contact us as we purchase homes that are for sale. If you’re a buyer, we also have affordable homes which you can find here: http://rescuerealestatellc.com/looking-for-a-home/.