After selling a house, it’s not unusual for the sellers to rent back the home for a period of time from the new owners. It even happens when selling your home for cash, and more often than you might think. People arrange a rent-back for a number of reasons.
Need Time to Move
A cash sale happens quickly, often within a couple of weeks. The sellers may not be ready to move because they need to pack up. A cash buyer doesn’t require you to clean or declutter your house before the sales transaction, but after selling, you do need to clear out.
Another common situation is that the sellers need more time to find a new place to live. Maybe they’re building a new home and it’s not finished yet, or maybe they just haven’t found a suitable apartment. Renting your house back for a couple of months gives you the time you need.
Need the Cash
Many people opt for a cash sale when they’re facing foreclosure or other difficulties. They need the money from the sale of their home to settle their debt. A cash sale is the quickest way to sell your home and avoid the continued costs of maintaining it.
But, once the home is sold, the sellers still need a place to live. Renting the home from the cash buyer allows you to get rid of your debt quickly while also giving your a chance to consider your next steps.
Don’t Want the Responsibility
Some people sell their homes because they don’t want the responsibilities of home ownership anymore. This may be the case for homeowners who are elderly, facing illness, or just too busy with work and other demands.
Selling your house for cash and then renting it back allows you to quickly relieve yourself of the burden of ownership. You may arrange to rent your home for some time, depending on the cash buyer’s future plans for the house.
The benefits of a quick cash sale or many, but for people in certain situations, it can mean having to move before they’re quite ready. If that’s the case, you can try negotiating a rent-back with the cash buyer to stay in the home a little longer.
Do you have a home in Georgia you need to sell quickly? Learn how it works by clicking this link.