HOW TO AVOID GOING HOMELESS WHEN SELLING YOUR HOME

Written By Jennifer Wilson

Let’s chat about how to sell your home and avoid being homeless and having to move out with nowhere to go. Or how to avoid moving two times before you get to be at your final destination?

So there’s a little thing called a rent-back that can come into play when you’re selling your home. And what that is, is it allows a little time after you close on your sale, it allows you to stay in that home and rent it back from the person who bought it so that you have a little bit of time to make the move into your final destination. A lot of times our clients are selling their current home, moving up into a larger home. In order to do so, they’ve got to have their home sold first. They need the cash from that sale to put down on the new purchase and we need to have a little bit of time in between these two transactions.

So that’s a scenario where you can put a rent back in place and negotiate that as part of your sale and that will allow you to stay in your home typically anywhere from up to 60 days in your home after you’ve sold it.

You actually become a tenant which is a little bit weird for a short period of time but then you just rent the home back from that person who bought it from you.

It’s only fair you cover their mortgage payment while you’re living in the house. They own it so it’s only fair that you cover it. But now you can stay in there for a week or two weeks so that you can close and then take that money, buy your new home, make a couple of improvements to that home, and then move into it. Clean your home up. Turn the keys over. You avoid that double move. You avoid going homeless.

So if you’re thinking about moving but you’ve been wondering, “How do I deal with this? How do I sell? How do I avoid not having to go stay with my mother-in-law for a couple of weeks?”. That’s how you do it. You do it with a rent back. So if you want to learn more about that, I’d love the opportunity to explain it more in-depth.

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