There’s no worse feeling than completing the sale of your home, only to discover that you don’t have a new home to move into. In this instance, it can be helpful to discuss a rent-back agreement with the home buying company you sold your home to. Read on to learn more about how this works.
What’s Your Time Frame?
If you’re worried about selling your home before you’re able to find another place to live, it can be helpful to think through your time frame. For example, if you know that you’re not starting a new job across the country for another three months, there’s no need to sell your home now. Home buying companies purchase your home so quickly that you don’t need to sell ahead of time. If you can, it’s best to coordinate the sale of your home with the time you can move into a new home. Of course, there’s no way to get this right every time, but knowing and keeping track of your time frame can help you be more prepared and find yourself in these situations less often.
Draft a Rent-Back Agreement
Of course, home buying companies understand that sometimes, as hard as you may try, things don’t work out the way you’d like them to. If you ever do find yourself needing to rent back your home for a temporary period after selling it, home buying companies can help. In situations like these, rent-back agreements can be helpful. These are agreements that permit you to remain in your home after the close of the sale until you can find a new place of residence. These are helpful temporary agreements that can get you out of difficult situations. However, it is important to note that these agreements are temporary. If you need to stay longer than a month or two, it could be helpful to find other accommodations.
Other Options
If you’re unable to find a place to live over an extended period of time, a rent-back agreement may not work for you. There are, however, several other housing options that can help you during this time. First, you can sign a temporary, month-to-month lease on a home near you. With the money you’re saving on mortgage payments, you will likely be able to cover this. If the price is more than you can afford, your employer may be able to offer you some extra compensation to pay for housing until you find a new home.
Selling your home is an essential part of life, but there are times when you can find yourself with nowhere to stay afterward. In situations like these, ask the home buying company about a rent-back agreement, or other recommended options. They will be more than happy to help you in any way they can.
Volunteer Buyers has been the premier home buying company in the Memphis area for many years. Click here to learn more about the company, and request a cash offer on your home today!