How to sell your own house with a Lease Option in New Jersey
To be clear, To sell-a-house with a lease option may be an effective solution for some; as well as generating extra income from the sale. \
Here are several key steps that will show how the lease-to-own program works: (Remember when you work with http://fchomesbroward.com/ we take care of everything! We only need to agree on terms and for you to approve the tenant buyer, and you are ready to receive your option deposit, monthly payments, until the tenant buyer is ready to cash you out!)
• Step One
First, decide if a lease option is an option that will work for you. Keep in mind; with a lease option, you will have to keep up with the responsibilities of a home such as paying property taxes and insurance. Great news the tenant buyers is responsible of taking care of repairs.
• Step Two
Place an ad in your local paper or online. Because ads for lease options often receive many responses, you may have many potential buyers to choose from.
• Step Three
The next step is to do a background check on those who have applied for a lease option. Seek out those who have good references, the ability to pay rent and a steady source of income.
• Step Four
Then, pre-qualify your lessee. Contact a mortgage broker or loan officer and discuss the potential buyer’s prospect for obtaining a mortgage once the lease term has ended.
• Step Five
The next step is to provide the potential buyer with a seller’s disclosure form. A disclosure form lists any known problems that are in your house. On this form you state, to the best of your ability, the condition of your home. It is important to give the buyer this form to help him or her make an informed decision and to protect the contract and sale.
• Step Six
This step is when you negotiate the contract and collect the option money. This contract can be obtained online; however, it is better to get one from a local real estate attorney. Money issues need to be covered with a contract; as well as those who will be responsible for repairs and other issues that often come up.
• Step Seven
At this stage, it is vital to get the right amount of insurance coverage. You may want to update your homeowner’s policy to a dwelling policy. Find out from your insurance agent what kind of insurance you need, as well as the amount of coverage. Keep in mind; your tenant should also be insured.
• Step Eight
Now, you are ready to collect the payments each month. It is important to keep track of the payments in order to have detailed records. Then, it is time to sell your home. Once the lease has ended, the lessee can choose to buy your house for the price specified or before the date it was specified. At this point, if he or she chooses to buy, it should be easier to get a loan, due to the equity of the home.
To conclude, we can buy and sell your house with a lease option. At FC Home Buyers we can work with everyone who is looking to sell a house. If You Would Like To Fill An Application Click Here: http://fchomesbroward.com/attention-renters/ Or Call Now at 786 505 8884
(Remember when you work with http://fchomesbroward.com/ we take care of everything! We only need to agree on terms and for you to approve the tenant buyer, and you are ready to receive your option deposit, monthly payments, until the tenant buyer is ready to cash you out!)