Home > Stay at Home Dads聯Renting Back聰 After Your Home Is Sold
Posted by nick_niesen in Home on November 8th Steven Adams Jersey , 2010


Sometimes it聮s helpful to sell your home before you really want to move. This often happens when you are having a new home built, but aren聮t sure of the completion date. Is there any way you can sell your home so you聮re sure of the funds available for the new purchase, but continue to live in your old home until construction of the new one is complete. Yes, there is with the renting back strategy.


Enter the Lease-Back or Rent-Back Agreement


The particulars of this strategy vary from state to state Shawn Kemp Jersey , but in the strong seller聮s market we聮re experiencing, buyers will often agree to let the seller stay in the home for a period of time as long as rent is paid. In a competitive situation, the buyer willing to do this will often have the winning bid even though there is another offer as high as his.


The agreement covering the situation states the length of time the seller will remain. It can be done with a specific date named or wording that allows the seller to remain up to a specific date with the possibility of her moving sooner. The amount can be a fixed figure paid out of the proceeds of settlement or a monthly amount, or a daily amount. It is usually Dennis Schroder Thunder Jersey , but not always, tied to the amount of the mortgage payment under the buyer聮s new loan. Sometimes there is a deposit against damage, sometimes not. There is usually a clause saying the seller will hold the buyer harmless for any damage to himself or his property which occurs after the sale is consummated and before the seller moves.


The attorney who draws up your contract offer can create such an agreement. If you聮re using online forms, you should be able to find one for this situation. If you聮re working with a real estate broker Paul George Thunder Jersey , he or she can handle it for you.


An Example


I聮ve recently seen a very pleasant example of this idea in action. An elderly widow contracted to have a one level condo unit built in a new community which provides all exterior maintenance. She had had hip replacement surgery and wanted to get away from the drawbacks of the home in which she聮d reared her children. The home was large, had stairs and was located on a large, partially wooded lot with many mature perennials and shrubs. Both the home and garden were beautiful, but high maintenance.


Her contract to purchase required a series of deposits and a firm indication as to her source of funds well before settlement on her new condo. The widow put her home on the market. A young couple with two sons was very anxious to buy it. The situation was competitive. They made the widow an offer. She countered their original offer. She did not raise their offer price Russell Westbrook Thunder Jersey , which was slightly below her asking price. She did not believe the young couple would qualify for a larger loan. Instead, she did something rather creative.


The widow countered with a proposal that she 聯rent back聰 for a period of 聯up to聰 a certain date (a date beyond her scheduled competition date on the condo) in exchange for a modest flat sum to be paid to the buyer at settlement. The total rent back period was less than two months. The flat fee was less than the amount of the new mortgage payment for the buyers. However, since they made no payment on their new mortgage the first month, it wasn聮t too far out of line. The couple really wanted the home Dennis Schroder Youth Jersey , so they accepted the counter offer.


Another win, win situation was created. The widow only had to move one time and the young couple got a house they probably wouldn聮t have in a straight bidding war. If you find yourself in a situation similar to either the widow or the young couple, perhaps you can work out a similar solution.


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