How Owner Financing Can Work For You When Selling a House in Edmonton

Do you want to sell your Edmonton house now? Using a rent to own agreement or owner financing can help you find buyers faster AND ensure you are getting a great price for your home. Learn more about some of the perks of using a rent to own agreement in our latest post! 

Providing owner financing to potential buyers is a great way to not only sell your house but to generate additional income as well. Instead of working with a bank to finance the purchase & sale, YOU become the bank for your buyers. Not only will you collect the price of the house, but you MAY even be able to get your asking price if and when you find the right buyers! Learn about this strategy and other options when getting Sunrise Home Buyers to help you use owner financing to sell your Edmonton house now.

Sell Faster

When you use a rent to own agreement to sell your house in Edmonton, you will typically be able to find buyers much faster than if you put your Edmonton house for sale on the MLS or a discount service like Purple Bricks. Houses can sit on the MLS for months at a time, sometimes without any interest or offers. The listing can expire, forcing you to start over or reduce your asking price… two things nobody wants to do. A rent to own agreement can attract a wider pool of potential purchasers. And by increasing your odds this way, you should get your house out in front of the right buyers. You will likely be able to generate interest much more quickly than just an ordinary listing. Because in these difficult economic times, selling your house with owner financing makes sense for MANY more people. HOWEVER, the one caveat is that you must not need the entire sale price for the house at closing.

TINSTAAFL. There Is No Such Thing As A Free Lunch. Using seller financing to sell your Edmonton house fast will widen the pool of potential buyers. The catch is, you will not be able to get the FULL purchase price at the time of the sale. This works perfectly for some house sellers, but certainly not for everyone.

Appeal To More Buyers

Your agreement will appeal to more potential Edmonton home buyers because a larger audience of people will have the opportunity to buy your home. The team at Sunrise Home Buyers can work with potential buyers who…

  • have suffered a blemish to their credit report due to a life event (divorce, job loss, illness, etc).
  • are hopeful buyers new to Canada and have yet to establish credit by filing 2 tax returns with Canada Revenue Agency or CRA.
  • are working to save up that 10% for a loan, or once that outstanding debt is paid off.
  • imagined they’d rent for the time being, but saw your Edmonton home and simply fell in love.

Opening your property to this whole new market of people will increase your chances of selling, faster AND for the price you want. If you want to sell your house fast in Edmonton, don’t be afraid to consider a rent to own offer. At Sunrise Home Buyers, we can help to ensure you get a price and an agreement that will benefit you!

How the People First Rent to Own Strategy Works
Rachel Oliver of Clover Properties, one of Canada’s foremost experts in RTO or rent to own agreements, explains the strategy in greater detail.

Get Your Asking Price

The key to this type of deal is that everything will be arranged by Sunrise Home Buyers. We will do up the contracts, get the lawyers, find the potential buyers, AND make sure the purchasers FULFILL THEIR OBLIGATIONS.

When you use owner financing to sell your house in Edmonton, in theory, you become the bank. Your buyers will pay you a down payment up front & monthly payments throughout the duration of the agreement. SUNRISE will be there every step of the way to ensure the buyers of your Edmonton property meet their contract obligations.

Because these buyers are renting-to-own an Edmonton home, they are making a sizable down payment and are MORE motivated to ensure they meet their contractual requirements. They are more likely going to pay as agreed, because they have more invested than a typical renter. Selling in this manner can be very beneficial to all parties involved. It can be a great win-win arrangement. You will get the price you want for your house in Edmonton, and they will have the ability to buy the home they have always wanted.

As stated, they will typically pay on time and will not cause you much trouble. But if the buyers don’t make the payments, we will help you take the home back and try to sell another way or rent to own with another purchaser; all the while honoring the original contract. Why? Because we are a local Edmonton business who wants to maintain our stellar reputation and ensure the contract is fulfilled as originally written. In a very real sense, YOU ARE LENDING TO US!

Create An Income Stream

Using owner financing makes you the bank in the deal. Not only will you be able to sell your Edmonton house now, but you will be able to collect higher than average rent payments for the duration of the agreement! Let’s say the going rate in your area is $1,200, you could potentially charge $1,400. Because it is THE FINANCING in place the buyers are after as much as it is the house! So your buyer isn’t going to want to be late or miss a payment as this could void the agreement altogether. They have much more on the line. They will typically pay rent promptly, while taking very good care of the home as they are responsible for all repairs and maintenance. After all, this home will be theirs one day.

In closing, there are other ways of getting you the price you need when using seller financing to sell your Edmonton home, such as a lease-option agreement or a lease-purchase agreement. I am sure this sounds a bit overwhelming and confusing to add more possible arrangements, but just remember…SUNRISE HOME BUYERS will be there for the duration of the agreement to ensure payments are made on time and the agreement is fulfilled as agreed.

A successfully executed rent to own sale typically suggests a quicker sale, at a HIGHER selling price and monthly income!

We are the Edmonton real estate experts with over 35+ years of experience. OUR GOAL is to create a win win solution so that you will be able to sell your [market-city] house quickly, get the price you want, and create an almost guaranteed income stream for the next couple of years.

If you are worried about selling your Edmonton home fast, or that it will take a long time or you will have to settle for a lower price, working with our team to use a rent to own agreement can be a great option for you! At Sunrise Home Buyers, we will make sure your agreement is properly prepared, while quickly finding qualified buyers for your house in Edmonton.

Do you want to learn more about how owner financing will work to your advantage when selling your Edmonton? Reach out to us today for answers to all of your selling questions! (587) 982-7576

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