For some people, being a homeowner is considered a part of the American Dream. There’s something wonderful about owning your own home and not needing to answer to a landlord. Unfortunately for some homeowners, that dream can turn into a nightmare all too easily, necessitating the sale of the home. But what if you aren’t ready to leave even if you need to sell?
Find a Buyer
One solution is to find a buyer to whom you can sell your home and then rent it back from. To do this, you’ll need to be careful about who you sell your house to. After all, the average prospective buyer is generally looking for a home to live in themselves, not one to rent out. Still, there are buyers out there who are looking for exactly that. That’s just one of the reasons to consider selling your home to a professional home buyer. These are buyers that are looking to purchase homes that they can profit off of. One way to do that is to rent out the property.
Negotiate a Leaseback
Once you’ve found a buyer who is willing to rent your home back to you, it’s time to negotiate the leaseback (the term for renting back your home after selling it). Make sure you negotiate the length of the lease and how much you’ll be paying in rent. You should also make sure that you include the costs of utilities and who is responsible for maintenance as a part of your negotiations.
Get Everything in Writing
It’s not enough to negotiate the terms of your leaseback verbally and expect that to be enough. You need to get everything in writing. Make sure it’s included in the details of your sales agreement and get a copy of it for your own records. Having everything in writing will help solidify the obligations each of you have to one another and will be far easier to fall back for legal recourse if necessary.
Just because you find yourself needing to sell your home doesn’t mean that you’re ready to move out of it. If that sounds like your situation, try to find a buyer you can negotiate a leaseback with. Just make sure you get all the terms in writing so you’ll have all your bases covered. You’ll be able to get out from under the burden of homeownership and still live in your home. What a win!
Need information about selling your home to a professional home buyer? Click here to download our home seller’s guide for keeping more of your money and saving more time today!