How to Get the Most Out of Selling and Renting Back

There could be several reasons as to why a homeowner may want to sell his home and rent it back from the potential buyer. When you are selling your home with the intent to rent it back the most obvious benefit is that you don’t have to worry about packing and moving to a different home right away. Nor do you have to go hunting for a new place to live. If you have kids that are going to local school, they can continue to go to the same school and no disruption will occur in their life.

If you are selling for financial reasons, you can use the money to pay off your debt especially if those debts would have caused the mortgage company to foreclose your home.  This can be huge sigh of relief for you at least for the short term. Keep in mind that offering a rent-back agreement for the buyer can be beneficial as well since it makes their offer have an edge over other offers especially in a competitive market. And the rent that the seller would pay the buyer could help cover some of the closing costs.

Sell-and-rent-back agreements are legally binding agreements made in writing between the buyer and the seller. Both parties need to decide on a couple of things, which are how long the seller will need to stay in the house after closing and how much rent the seller will pay. Negotiating a good deal will work to your advantage as well as offers a peace of mind.