We listed a house for sale (single family residential) which was recently vacated by less-than-stellar tenants. The house needs some work (deep cleaning, painting and cosmetic repairs). There`s a family interested in taking the house as a rent-to-own and they are willing to do the work themselves in return for a lower pre-determined purchase price. Looking at a 3-year term for the RTO.
They would take possession of the house 1 month before moving in in order to complete the work. They`d be able to paint/repair it to suit their style and tastes and they would be responsible for the work and material costs.
Has anyone done an RTO with the house being in a "TLC" state? Any pitfalls I should watch out for? Any advice on how to determine the future purchase price under these conditions? Anything I`m missing?
Thanks in advance!
Jackie
They would take possession of the house 1 month before moving in in order to complete the work. They`d be able to paint/repair it to suit their style and tastes and they would be responsible for the work and material costs.
Has anyone done an RTO with the house being in a "TLC" state? Any pitfalls I should watch out for? Any advice on how to determine the future purchase price under these conditions? Anything I`m missing?
Thanks in advance!
Jackie