LEASING BACK MY HOUSE AFTER I SOLD IT?
Sometimes it is beneficial for you to sell your house before you truly want to move. This regularly happens when you have a seller that is having another home built yet they are not certain when the project will be completed. The other example is when a home owner is being forced to sell their house but are not in a position monetarily to find another place to live.
Is there any way you can sell your home yet keep on living in it? Yes, there is …by using the lease (rent) back procedure.
In a sellers market, purchasers will regularly consent to let the homeowner stay in the home for a set amount of time as long as they pay rent or a set amount off of the purchase price.
An Example of Rent Back
An couple in their early 40s contracted to have a magnificent house built in the SouthPark area of Charlotte. While their dream house was being built they sold the house they were living in but negotiated a lease back which allowed them to stay in the house until their SouthPark Charlotte home was finished.
The couple paid rent to the new homeowner while they were living in their old property. The new homeowners also had the couple sign a release to not hold them liable for anything that could happen to them while they were renting the property.
In the end… all parties win! The couple selling their property was able to rent their old house until their dream house was completed. The new homeowners got the property that wanted and had their mortgage paid for by the former owners.