For a lot of people, owning a house is part of the American Dream. But what happens when that dream becomes a nightmare? For far too many people, all it takes is one thing to go wrong in life to make being a homeowner an unbearable burden. That doesn’t mean that you’re ready to pick up and leave though. So could you potentially sell your house as-is and they rent it back if you sell it to a home buying company?
Rent-Back 101
Selling your house and renting it back after the sale is complete is known as a rent-back. It’s also sometimes called a holdover or sale-leaseback. Sometimes rent-backs are for just a few weeks or months while you get your affairs in order before moving. Other times the terms of the agreement may be longer. You may need to do some convincing to get the company to agree to this sort of arrangement. After all, the company is looking for an opportunity to make money off of your home.
Look Like a Good Tenant
If you want to have a shot at renting your home back after selling it, you need to make sure you look like a good tenant. The condition your home is in will have an impact on this. If you can show you’ve taken good care of your home, the company will be more likely to think that you’ll continue to do so. You’ll also likely need to show that you can pay enough rent to make it worth their while to rent the property back to you.
Negotiating the Terms
Assuming the home buying company agrees to rent your home back to you, the next thing to do will be to negotiate the terms of the rent-back. Factors such as the time frame of the rent-back, how much you’ll pay in rent and in a security deposit, how utilities, insurance, maintenance, and repairs will be handled, and owner access should all be discussed. Everything should be put into writing as well. Make sure you have a signed copy of the terms.
When it comes to getting out of being a homeowner quickly, there isn’t usually a better way to do it than to sell your house to a home buying company like Hapa Homebuyers. The process is quick and easy, allowing you to move on. If you’re not ready to literally move on, ask about renting your home back after selling it. It could be the perfect solution to your problem.
Do you have questions about selling your house to Hapa Homebuyers? We have answers. Click here to see answers to the questions we are most frequently asked.