People choose to sell their homes for cash for a variety of reasons. They may need to avoid foreclosure or settle debt, or they may be going through a divorce or other life change. Regardless of the reason, a cash sale can be beneficial—unless you’re not quite ready to move. But, a rent-back can be a solution to that problem.
The Fast Cash Sale
Cash home sales happen fast, much faster than a traditional sale. You don’t need to do any repairs or host home showings. All you have to do is contact the cash buying company with basic information about your home.
After contacting the cash buyer, they’ll send over someone to see the house and answer any questions you have. Then, you’ll have a no-obligation offer for your home within 24 hours. After you accept, you can close on your home within a week or two.
The Moving Plan
Two weeks is fast, but it may not be convenient for you. You may not have found a new place to live that fits your needs. Even if you have something lined up, it’s not easy to get your belongings sorted out and packed up for the move.
You may be able to ask the cash buyer for a later closing date, but if an extension isn’t long enough for you, there’s another possibility. You can ask the buyer if you can rent back your home for a while until you get matters settled.
A rent-back, or lease-back, is not an unusual situation in home sales transactions. Many cash buyers will consider renting the home back to you if they have no immediate plans to resell it. You will need to negotiate the terms and length of the rental agreement.
Although you may not be able to rent your home back indefinitely, you can often arrange to live comfortably in your home until you are able to make other living arrangements. It doesn’t hurt to ask.
Cash buying companies are property investors, and very often that includes renting out houses that they own. If you want a quick home sale, but you’re not quite ready to move, ask the buyer if they will consider a rent-back.
If you need fast cash for your home, but you’re not quite ready to move, contact Taggart Property to learn about your options.