Cleveland Lease Option Condos
Today's real estate market is constantly changing which leaves a feeling of uncertainty with many buyers and sellers. As rates and prices fall, qualified buyers find themselves in an increasingly advantageous situation. They have a wide variety of homes to choose from and their buying power continues to become greater.
Sellers, on the other hand, in a market such as this one, often find themselves in a very insecure and scary place. If a seller needs to sell their home, for whatever reason, or even worse if they have already moved and their house is not selling and vacant, they are quickly faced with harsh realities such as mortgages and property taxes which may be harder and harder to pay every month while the property remains unsold.
Some sellers have seen the value of their property drop significantly and may not have the equity in the home to pay the mortgage off. Even if the property sold at market value they may not have enough money to bring to the table at closing.
Because of ever-growing scenarios such as these, we at Highrises.com are seeing more and more sellers looking for a way to help shoulder the financial burden of their property until the market recovers.
A lease or a lease with purchase option may be the perfect solution.
A lease option is a win-win for both buyer and seller.
How does a lease option work?
A sale price for the option to purchase is agreed to upfront between the buyer and seller. The buyer/tenant then pays a non-refundable upfront amount to the seller for the right to exercise the option to purchase the property at the end of his/her lease if they so choose. In some cases, a percentage of the rent will be held to go toward the buyer's purchase at the end of the lease but that is up to the buyer and seller to negotiate. If, at the end of the lease, the buyer chooses not to buy, the seller retains the initial deposit. There has been an influx of the type of renters who desire condo living over apartment options and we have been able to match those renters with with condo owners whenever possible.
Highrises.com can facilitate everything for the seller who is interested in exploring the possibility of leasing and leasing optioning. We provide an initial consultation to discuss things like market rent for your area, as well as going over contracts and disclosures that will be needed and setting up your marketing plan.
The marketing Highrises.com Cleveland provides is the best part. Whether you are selling or trying to rent out your home, Highrises.com advertises to a national audience. We represent Cleveland's top website for condos, lofts and town homes and we deal with qualified buyers and renters everyday who could be looking for your property. We also feature all of our listings in the Multiple Listing Service, Realtor.com and countless other media outlets.
If you are worried about missing out on potential buyers while your home is listed for rent, don't be, we can list and market the home for sale at the same time we are listing it for lease!
If you would like to make an appointment for a free consultation to discuss your options please call 216-910-0203, email or fill out the form below and we will get back to you shortly.