Selling your home is a complicated process, in part because it needs to line up with finding a new place to live as well. Sometimes, as much as you may try, you aren’t ready to move out when you close on the sale of your home. In cases like these, you may be able to rent back the home temporarily until you can find somewhere else to live.
Think of Your Timeline
If you want to sell your home, but aren’t ready to move out yet, it is helpful to consider your overall timeline. Selling your home as-is to a home buying company is an incredibly fast process, so many homeowners put off the selling process until they are ready to move. However, not every homeowner can do this. Perhaps you’re behind on mortgage payments and are worried about foreclosure. Selling your home, and renting it back with the money you received can help you get back on your feet. This is possible, but it should be noted that you shouldn’t try to rent back your home for longer than about a month. Many buyers will not agree to allow you to live in the home longer than that.
In real estate transactions, when this situation arises, homeowners can often use something called a rent-back agreement to allow them to stay in their home for a few extra weeks. This is an agreement that you can reach with your buyer (in this case, the home buying company) stipulating that they have allowed you to continue living in the home after the closing date of the sale if you pay them rent for that time. This can be incredibly helpful in allowing homeowners to find a new place to live, and giving them some breathing room after the sale. However, if you’re planning on staying in your home for longer than about a month, it could be helpful to find an alternative option.
If you have the money you’ve received from selling your home going toward paying off your mortgage, you may have some money available to seek temporary housing as well. If your housing situation remains the same after about a month of renting your home back, you’ll likely need to find another place to live until you find a home. There are many options here that can work for your budget. If you have family that you’re close to, you could move in with them temporarily until you find a new place to live. You could also find a month-to-month contract on a home, or rent an Airbnb or other space until you’re ready to move.
As much as you’d like the timeline of selling your home to line up with finding a new one, it doesn’t always work that way. Sometimes, you close on the sale of your home before you’ve found a new place to live, and need to rent back your home. Follow these steps if that is the case.
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