I've always told my clients that if their house don't move, they should sell it on a Lease with Option. This protects them because nothing is being record at the county, so the eviction process is easy unlike a land trust or contract for deed.
I've always told my clients that if their house don't move, they should sell it on a Lease with Option. This protects them because nothing is being record at the county, so the eviction process is easy unlike a land trust or contract for deed.
All forms of owner financing have their pros and cons. Which is best really depends on the individuals involved and the situation.
Foreclosing a land contract can actually be pretty quick and easy if the buyer's equity is low (less than 20%).
Even with a lease option I'd recommend they use an escrow company so that all parties have assurance the bills are getting paid.
Yes, I would wholly agree on using an escrow company - it just makes the transaction cleaner for everyone.
What do you mean by not having anything recorded by the county? Of course, it is not going to show up as a foreclosure if the owner is still able to make payments in full... presumably you are talking about the income they would receive from the tenant...
Renting your property is a simple thing to do and I wish more people felt confident that they could do it on their own (without using a property management company)
Before determining if lease-to-own arrangements make sense, home sellers need to understand the basics of how they work. Under such an arrangement, sellers rent out their homes. The renters, after the lease's term ends, have the option to purchase the house. If they decline this option, they can either negotiate another rental lease or move out of the home. While renting, tenants pay a certain amount of money extra each month. These dollars are used to reduce the eventual purchase price of the home if the renters decide to purchase when the lease ends.
Before determining if lease-to-own arrangements make sense, home sellers need to understand the basics of how they work. Under such an arrangement, sellers rent out their homes. The renters, after the lease's term ends, have the option to purchase the house. If they decline this option, they can either negotiate another rental lease or move out of the home. While renting, tenants pay a certain amount of money extra each month. These dollars are used to reduce the eventual purchase price of the home if the renters decide to purchase when the lease ends.