Expert: Dick Dennis - 1/8/2007

Question
We have a home in wisconsin, built in Oct 05, wife does not like the ranch, wants to sell, we have a new place we like.  We have a sign "FSBO". No bites.  House lsited for 210,000.  Estimated market value is 210-224,000.  Other homes in the area are not selling.
How hard is it to do a rent to own?  Should we sell outright?  Agents want 6% will not move on number.  
Any other help would be great.  

Answer
If you do not market the property it will not sell, Dave. Just sticking a sign on the property doesn't do it. I do not understand your sentence, "Agents want 6% will not move on number."

If you want to move the property on a lease/option or rent-to-own, then you would need to get someone there in Wisconsin who knows how to handle that. You use an option, and you use a rental agreement for specified amount of time. The tenant/buyer gives you a non-refundable deposit, say, for 5% of the purchase price. They make payments to you and you credit to them, say, 50% of the monthly payment against their purchase price. If they stop paying you for any reason, then they lose all that credit and you would have to evict them and start all over again.

I recommend you engage a REAL ESTATE attorney to handle the lease/option, rent-to-own for you unless you know a real estate agent who is knowledgeable in that subject. Not all of them are.

I do wish you well.

Dick Dennis           dixiedee13@aol.com