Using A Lease Option To Sell Your House in Staten Island
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Here are some ideas when contemplating using a lease option to sell your house in Staten Island:
Asking Price
Because you’re in the driver’s seat, you can set the sales price for the property now when you use a lease option to sell your house in Staten Island. Often set above market to account for the appreciation estimated to occur over the contract term, while you take the risk there could be a sudden hike in values, the tenant takes the risk that values drop.
Option Fee
When using a lease option to sell a house, the seller collects an initial option fee from the tenant. This fee typically ranges from one to five percent of the sales price, although it can go up to twenty percent. The fee is generally non-refundable. With a national median listing price of $450,000, a 5 percent option fee would be $22,500. This fee is applied towards the purchase if the tenant decides to exercise the option.
Tenants Maintain Your Property
While the seller retains the title and remains responsible for taxes and insurance, tenants, in a lease option scenario, bear the financial responsibilities of maintaining the home and handling repairs. This means that the day-to-day upkeep and potential repairs fall on the shoulders of the tenant.
Above Market Rent
- Above-Average Rental Income: Using a lease option can result in above-average rental income. The rent premium, which is the portion of rent paid at rates above the average, contributes to this higher income.
- Rent Premium and Sales Price Deduction: Buyers participating in the lease option can deduct the amount paid as a rent premium over the contract term from the sales price when exercising the option.
- Retention of Funds: In the event that the tenant/buyer chooses not to purchase the property, the seller retains the funds collected, including the rent premium.
- Offer from Tristate Holdings 167 Inc.: You encourage property owners to contact professionals at Tristate Holdings 167 Inc. for a no-obligation discussion about their property. Tristate Holdings 167 Inc. emphasizes making the best deal for sellers and offers transparency by comparing traditional listing numbers with the lease option method. Additionally, Tristate Holdings 167 Inc. may provide a direct cash offer to buy the property as-is.
Considering Selling Your House in Staten Island Instead?
Tristate Holdings 167 offers a swift and straightforward solution. By selling your property as-is, we can provide a quick cash purchase, often closing in less than a month. Reach out to us at 1-888-788-7478 to discuss your home. Following that, we’ll assess the property’s suitability during a visit and present you with an offer based on its current condition.
If you accept our offer, our attorneys will collaborate with yours to draft the purchase agreement, initiating a seamless transaction process. Once under contract, we’ll order a title report to ensure a smooth transfer of ownership. Assuming the report reveals no encumbrances, we’ll schedule the closing date, aiming to complete the deal within 30 days. Tristate Holdings 167 simplifies the selling process, providing Staten Island homeowners with a convenient and efficient way to sell their properties.
Tristate Holdings 167 extends its buying services across Staten Island, covering neighborhoods like Todt Hill, Stapleton, Great Kills, Tottenville, Annandale, Westerleigh, Dongan Hills, Manor Heights, Richmond, Sunnyside, New Dorp Beach, Park Hill, Ocean Breeze, Marines Harbor, and Old Town. Whether your property is in any of these areas, Tristate Holdings 167 is ready to facilitate a smooth sale.
Areas We Buy Houses In Staten Island
Tristate Holdings 167 Inc. has been helping people sell houses fast all over Staten Island New York.
We buy houses all over Staten Island and surrounding areas. Our goal is to simplify the selling process of your home by offering you a fair price based on the home’s current condition.
If you think we could help you, don’t hesitate to give us a call and see if you want to sell your Staten Island house for a suitable cash offer.
Contact us today! 🤙1-(888) 788-7478.
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