Coping in Tough Times: Selling a House
Every day this week, the Sun Sentinel will answer your questions. To submit a question, use the box on the right. After that, we will publish tips every Wednesday in Your Money.
I just got a job in another city. I need to sell my house — quickly. What can I do?
In this depressed housing market, with so many homes for sale, you have to be creative. Real estate agent David Dweck with Re/Max Professionals in Coconut Creek suggests listing it rent-to-own.
The concept is an old one, in which buyers work their way into homeownership. The way he structures the deal: You set a price to sell your house at some point in the future. The renter pays you a non-refundable, upfront sum for the right to buy it at that price.
The renter moves in, and handles all the maintenance of the home just like an owner would. At the end of the contract, the renter either goes through with the purchase or walks away.
"People who rent-to-own maybe had a foreclosure, and they're rebuilding their credit," he said. "They can kick the tires before they buy it."
Harriet Johnson Brackey, the personal finance columnist for the Sun Sentinel, is an award-winning business reporter. Her columns for 2008 were named "The Best in the Business," a national award chosen by her colleagues at the Society of American Business Editors and Writers.
Comments
"You set a price to sell your house at some point in the future. The renter pays you a non-refundable, upfront sum for the right to buy it at that price... At the end of the contract, the renter either goes through with the purchase or walks away."
Harriet,
You just recommended that the home owner sell a covered call option! Good idea.
Investors can do the same with stocks they own.
Imagine that!
Best regards,
Mark
The Rookie's guide to Options
Posted by: Mark Wolfinger | January 16, 2009 12:03 PM
March saw that house prices increased for the first time since October 2007, however some are cautioning that investors should not be expect an immediate change in the market as lenders will be increasingly more cautious going forward. http://www.telegraph.co.uk/finance/personalfinance/investing/5119055/House-prices-Is-it-time-to-go-back-into-property.html
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