Rent to Own Home Sales in Fairfax, VA
By selling your property to your tenant you may not have to hire a realtor at around six percent (this varies by location, but typically three percent goes to the buyer’s agent and three percent to seller’s agent). You also don’t have to prepare your home for showings or open houses - win win, right? Showing your home can come with many additional expenses, such as cleaning up minor cosmetic fixes, or having to spend money staying out of your house for the day.
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Since your tenant is buying the house it never goes empty, and they will be paying rent right up until the purchase closing date. Depending on your market, your house could easily be on the market for 30 days while you are looking for a buyer - that costs money! Then you might have to wait another 45 to 60 days until it closes. This could easily mean three months or more of rent that is lost when you sell to an outside buyer versus your tenant.
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The team at FIZZBOW is experienced in landlord tenant sales and lease to own sales. Contact us today and we'll get started assisting you.
What is the Process for a Tenant to Purchase a Property From a Landlord?
Once a landlord has decided to sell their home to a tenant, the process is fairly seamless if you involve the right team. FIZZBOW has a team of experienced attorneys and real estate professionals that have your back and can assist. The next steps often include negotiating the sales price, reviewing the documentation and closing the sale.
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Negotiate the Price
One of the biggest parts of the process of landlord to tenant sales is negotiating the sale price.
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Tenant ideas about what is a reasonable and fair sale price can be very different from the ideas of their landlords or property owner. Sometimes the landlord is thinking much higher; at other times, tenants offer more than landlords expect them to offer. Start by doing some market research on recent appraisal values (comps) in the market as well as average sale prices. Working with the team at FIZZBOW can provide valuable information that will help you figure out a starting point.
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Review Documentation
Once you’ve agreed on a price, the buyer’s attorney would usually be the party responsible for writing up the sale agreement according to local and state laws. Then, your FIZZBOW attorney would review the documentation before any signing occurs.
The agreement should include any and all agreements that you have made regarding the sale price and extras that either party plans to include in the sale.
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Close the Sale
Finally, it’s time to close the sale! Before the closing, the buyer’s bank will order an inspection to ensure that the transaction can be properly financed. Your FIZZBOW attorney and the settlement company will work you through these steps. Once they’re complete, you’ll be ready to complete the closing and finish the sale.
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