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What do you think about renting our Jacksonville FL house for a year to a tenant with an option to buy?
That is a great question! It is certainly an option for Jacksonville FL sellers to rent their home with an option to buy vs. keeping the home for sale, hoping the right buyer at the right price will come along.
Prospective buyers who rent a home in Jacksonville with the intention to buy in a year will pay more in rent. They will pay close to or equal what their mortgage payment will be. They will treat the home as if it were their own, and will pay a nonrefundable deposit. The deposit will be larger than a simple month's rent, and the seller can use the money to offset any damage or lack of income when they put the home for sale again.
The Jacksonville FL real estate market is one of the top 10 in the country where it is more affordable to buy than rent, according to Forbes.colm. Buyers who have cash but may have credit challenges can benefit when a Seller is in the position to let them rent with an option to buy in a year. They can live in their new permanent home and part of their rent and their deposit will go towards the purchase. It is a forced savings account.
Statistically, the buyers will not buy the house in a year. If home values have continued to decline, the Seller's equity will be less than it would have been if they had sold their home a year earlier. There is always the possibility for the house to be damaged above the deposit. The Buyer/Renters may not exercise the option to buy and then the Seller has to decide whether to become a permanent Landlord or attempt a friendly move out with people who have lost a significant amount of money.
IMPORTANT SELLER NEGOTIATING POINTS
The nonrefundable deposit usually goes to either the downpayment or to buy down the sales price. If the rent is paid on time, a certain % is typically negotiated to go towards either the downpayment or buying down the sales price.
Will the house appraise for the sales price in a year? If the downpayment and rent go towards reducing the sales price, then there is a better chance the house will appraise. The Seller can put a sales price above market value expecting the deposit and rent credit to bring the sales price within market value in a year if the market is not in a decline, or even higher if the market is increasing.
Does the Buyer have the cash to pay a downpayment in a year plus closing costs? If not, they will have to have deposit and rent go towards downpayment and closing costs.
The Buyer may want to extend the rent with an option to buy for another year. The Seller needs to consult their real estate professional attorney for advice as to whether this is in their best interest.
Hire an attorney to draw up the lease and language must be specific so as not to trigger a due-on-sale clause from the mortgage company should they find out someone is in the property with the intention/option to buy it. If you are considering renting your home with an option to buy, contact us.
We can take the guesswork out of renting your Jacksonville FL home to a prospective buyer who wants an option to buy the home. Give us a call at 904-673-2308 or email us at email@example.com
About the Author: Sharon Alters works with her husband, Frank, and team member, Ann Dunsford Curley. They are in the top 5% real estate agents for production in the Jacksonville Florida area, specializing in Military and Corporate Relocation in the Fleming Island, Orange Park, St. Johns, St. Augustine and Beaches areas. Their local knowledge can help Relocating Buyers find the perfect lifestyle, whether it is a Castle on the Ocean, or a Cottage in the Country.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.