In most cases, when you sell a home it becomes the property of the buyer and you need to leave. However, there are circumstances that can allow you to stay in your home longer. As you go through the selling process, you can talk with your buyer about negotiating a rent back agreement.
Rent Back Agreements
A rent back agreement is an agreement you make with your buyer that allows you to stay in your home for a period of time after the home has been sold. During this period, the seller will pay rent to the buyer and they may even be asked to pay a security deposit upfront.
Reasons to Rent Back
The primary reason to enter into a rent back agreement is to give you more time in your home after the sale. Sometimes it can be difficult to find a new home right away. A rent back agreement gives you the assurance of having your home sold while also giving you more of a window to find a new home. Some sellers may also need more time in their current area. For example, they may need to finish a few more weeks at their job before leaving. A rent back agreement gives you a period of security before you move on.
How it Works
In many cases, the seller will inform the buyer beforehand that they are looking for a rent back agreement. Informing your buyer early that this is your intention will help you find a buyer who is willing to give you a rent back agreement. You can stay on the property as long as the buyer allows. However, most buyers only agree to let sellers stay up to 60 days after the sale date. If you wish to stay longer, you can work with your buyer and find a situation that accommodates both of you. When selling to a home buying company, you are the priority and they will work with you to make the process easier and to meet your needs.
Rent back agreements are a great way to give you more time in your home and ease some of the stress of selling and moving. You want to find a buyer that will accommodate you. Home buying companies are a great option because they will work with you to improve your situation.
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