Sellers:Worried About Where You’ll Go If You Sell?

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Real Estate

If you’re worried about where you’ll go if you sell your home before you've found new digs, don't worry: you have options!

We all know today’s low-interest rates have made more buyers start actively looking to purchase, so I’m sure you’re wondering “what does this mean for me if I sell my house”?

 You’re probably wondering where you’ll go or if you’ll have somewhere to go.

In a perfect world, the sale and purchase of your homes would be coordinated – you sign both sets of paperwork, trade the keys, and you’re done! Unfortunately, in today’s market that kind of harmonizing doesn’t always happen. We don’t want you to miss out on the opportunity to sell your home in this incredible seller’s market because you are worried about where to go. You have options!

Buying a house before selling can leave you with two mortgages, so the opportunity to sell your home quickly will allow you to complete your sale and know exactly what you have in the bank to shop for your next home. I’m sure you’re wondering if you sell your home and haven’t purchased another one, “where will I live?”.

 If it’s only for a short time, you could stay with friends or family. This would allow you to save additional money while you continue to find your new home. We know if you have kids or a larger family, this might be tough, so you could also find a short-term rental. Did you know we have a sister company, Crist Management, that could help you find a rental?

And perhaps the best option is to have the buyer include a leaseback option in your agreement. This is also known as a sale-leaseback, rent-back or post-closing possession. You would close on the sale of your home like usual and then become the buyer’s temporary tenant for a period after closing. We’re even seeing some buyers offering free or low-cost leaseback options given the status of the market. The great thing for you about this option is you can continue your home search from the comfort of your current home, you won’t have to rent a storage unit or shack up with loved ones (not that they wouldn’t love it!).

A leaseback also can benefit the buyer. If they’re buying before selling, a leaseback could provide them with some financial benefit and offset the cost of carrying two mortgages. Buyers can also use the option of a leaseback as a way to make their offer more appealing to sellers. It’s a win-win! 

We know the home-selling and home-buying experience is probably near the top of your list for stressful life experiences, but with our years of experiences as Realtors in the area, we’re here to help negotiate and provide you with options that suit you and your family best.

Interested in taking advantage of the seller’s market by listing your home?

Contact us today to get started!