In most cases, when you sell your home it is no longer your responsibility and you move on to a different home. However, there are circumstances when you can actually rent a home back. When selling to a home buying company, you can expect a more flexible experience that will accommodate your needs.
Why Sell?
Sometimes, you may need to sell your home rather than keep it. Mortgage payments can become overwhelming and if you are unable to pay, then you could face foreclosure. Selling your home can help you make up any existing debt you have on your home and it removes you from the responsibility of paying a mortgage. Additionally, you may need to sell if your living situation has changed, the house has fallen into disrepair, and more.
Rent Back Agreements
If you rent a home after you sell it, you usually enter into a rent back agreement. These agreements are made between the buyer and the seller. The seller is able to stay in the home for a period after the official sale date. They will be charged rent and may even need to pay a security deposit. For a typical rent back agreement, you can expect to stay up 60 days after the sale date. If you are renting back from a home buying company, you may be able to negotiate a different timeline.
Advantages
One of the biggest advantages of a rent back agreement is it allows you to stay in your home immediately after selling it. This is ideal for individuals who are still waiting to close on their next home or aren’t able to move into their new home yet. You can stay in your “old” home for a while in order to have somewhere to live until your new home is ready.
Not everyone is ready or able to leave their home right after they sell it. A rent back agreement allows you to stay in your home while you prepare to move. It may also be more manageable to pay rent than it is to pay a mortgage. When selling to a home buying company, you can negotiate terms that benefit you.
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