Marketing Your Boston Real Estate with a Rent to Own Option
If you are contemplating putting your residential Boston real estate on the market for sale, you may be worried about being able to obtain an appropriate sales price on your Boston property. The fact is that in the Boston real estate market, as is the case generally across the country, the state of affairs oftentimes is being referred to as a buyer’s market. (Read our selling tips)
With that noted, one problem a significant percentage of potential buyers are experiencing in the Boston real estate market (and, again, nationwide as well) is an inability to obtain home mortgage financing at reasonable costs.
Many experts are suggesting that some individuals who are interested in selling residential Boston real estate are best served by delaying putting their properties onto the market in order to wait until there is a greater degree of stabilization. Of course, this may not be an option for you. You may have the need to take steps more immediately to sell or otherwise deal with your residence.
One option that some people are utilizing is a rent to own option when it comes to their residential Boston real estate. Such an arrangements allow prospective buyers the ability to rent a residence for a set period of time. The prospective buyer pays a certain amount in monthly rental payments and an additional amount to go towards the down payment or overall agreed to purchase price of the property.
By taking this approach, the theory is that in the future the prospective buyer will be able to obtain an appropriate home mortgage loan from a lender. Therefore, there normally is some sort of balloon payment established at some juncture in the future as part of the rent to own agreement associated with residential Boston real estate.
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