You’ve decided that your best option is to sell your home as-is to a home buying company. The advantages are too good to pass up. But what if you aren’t ready to leave your home just yet? Maybe you need some time to figure out your next move. Maybe your circumstances mean that homeownership has become too much of a burden, not that you want to leave your home. Have you considered a rent-back option?
Why a Rent-Back Option
A rent-back option is where you sell your home and rent it back from the buyer. Rent-back options can be as little as a few weeks up to a few months, which can be a great option for sellers who need a bit of extra time to find new living arrangements. Home buying companies use the homes they purchase to make a profit, sometimes by renting them out. Having a renter as soon as the deal is done may be something they’re interested in.
Get It in Writing
It’s always best to get things in writing, especially when it comes to the details of a home sale and rent-back agreement. No legitimate home buying company should be willing to enter into a rent-back agreement without a contract of some sort being drawn up, nor should you. Getting the terms of the agreement in writing protects both parties. Just make sure you carefully read and understand everything before signing.
Details to Include in the Agreement
There are a few things you need to make sure are included when drawing up the rent-back agreement. The length of the rental term and the rate of rent are obvious inclusions. The agreement should also define who is responsible for paying for things like home insurance and utilities. Details regarding any security deposit, including how much it is and whether or not any or all of it is refundable should also be included. The agreement should also cover the terms under which the new owner can access the property.
While homeownership is a dream for many, there are times when it becomes more trouble than it’s worth. That doesn’t mean that you don’t want to keep living in your home though. If you need to sell your home as-is but aren’t ready to leave it yet, consider negotiating a rent-back option with the home buying company you sell to. It could be the perfect solution.
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