The Trusted Home Buyer Logo602-456-4440

A Step By Step Guide To Selling Your House Via Rent To Own In Phoenix

Martin Boonzaayer

January 24, 2020

Selling your house in Phoenix with a rent to own agreement can be the best way to sell fast for the price you want. Learn more about how to do it in our latest post!

When thinking about selling a house in Phoenix, many people don’t consider using a rent to own agreement to facilitate the deal. If you are able to delay receiving the full amount of the home, you will likely be able to find a buyer much sooner, while collecting the price you want for the home. In addition, using a rent to own agreement will provide you with cash from a downpayment upfront in addition to a higher than average rent payment each month. You will be able to make money while collecting the full price for the home in 1-2 years. Selling in this manner can be very beneficial for homeowners who want to sell their houses fast and for a great price.

Set Your Criteria

While opening your house to rent to own buyers, you’ll be giving a whole new pool of people the opportunity to buy your house. That said, you can’t enter into an agreement with just anyone. You’ll need to determine what you will accept as far as credit score, downpayment amount, and length of the agreement.

You are not entering into an agreement with your potential buyer indefinitely until they are able to buy outright. Instead, you need to work with a potential buyer who will be able to follow through on their end of the deal. Even if they have the best intentions, being able to actually follow through on the agreement is a different story. Before setting up a rent to own agreement for selling your house in Phoenix, make sure you know what you will accept and what you are looking for in a potential buyer.

Agree On The Terms

Once you know what kind of tenant you are looking for, you will need to find someone who will agree to your terms. You will need to agree on the rent paid each month, the downpayment amount, and any portion of the rent that goes toward the purchase of the home. You will also need to define a timeframe that works for both parties. This is not an indefinite agreement. Within 1-3 years the renter must purchase the home outright or walk away, losing their downpayment and option to buy in the process.

Create A Legal Contract

When using a rent to own agreement for selling your house in Phoenix, it is crucial that everything is set up legally. You don’t want to be hit with a lawsuit or find yourself in a place where you need to file one yourself. A rent to own agreement will be detailed, covering every scenario possible as to protect all parties. The Trusted Home Buyer can help you facilitate the process, of selling your house via a rent to own agreement, making sure everything is handled legally and professionally.

Having A Way Out

Just like a rental situation, in a rent to own agreement, you are able to evict the tenant if they aren’t paying rent or if they have violated the agreement in any sort of way. While you don’t want it to ever come to this, you should be versed in the eviction process, knowing what your rights and what the tenant’s rights are. The house is technically yours until it has been paid for in full. Until that day, you need to protect it, making sure nobody is occupying the property that will cause damage or lower the property value.

Learn more about selling your house via rent to own by reaching out to our team today! 866-488-9923

Explore more

May 19, 2022
How The Trusted Home Buyer Helps Seniors And Their Families 

Our team is passionate about helping seniors when they are ready to transition to senior care living. Our team members are Moms House certified and have been actively out in the community, networking with people in the senior health industry. Our program was designed to help seniors and their families with one of the biggest […]

Read More
March 24, 2022
How To Sell A House In Probate

After there is a death in your family, the idea of selling the family home can be a very difficult one to make. Not only are there memories tied to the home, but there is also a large list of complications that come with the probate process. Understanding how this process works can be a […]

Read More
March 2, 2022
I Want To Sell My Mobile Home Quickly

If you want to sell your mobile home quickly, you can take a few routes, each with its own level of work on your part. For example, you have the option to sell to an investor for quick cash. You can fix up your property and list it yourself. You can hire a real estate […]

Read More
February 9, 2022
How to Declutter a Hoarders House

If you own or have inherited a hoarder home and want to declutter, it can be very overwhelming. Typically there are years of accumulation of stuff that makes the process seem impossible at times. But it is not impossible, and we have a helpful list that will aid in your cleaning and help you determine […]

Read More
The Trusted Home Buyer Logo
Copyright © The Trusted Home Buyer
WE BUY HOUSES IN:

4.7 61 reviews