After I Sell My House for Cash, Can I Rent it Back?

It’s been well established that selling your home for cash can be incredibly beneficial. However, even with as great of a process as this, there are still times when things could go wrong. If you find yourself unable to move out upon selling your home, consider this option.

Be Aware of the Timeline

The first thing to consider when approaching this situation is your timeline. Getting a firm grasp on what this looks like will help determine your next actions. When you begin the process of moving and selling your home, make sure you know what your timeline looks like. Traditional selling can be a long and uncertain process, but selling your home to a home buying company puts you in charge of the timeline. If you aren’t moving for a few months, you can wait until then to close the sale. However, if you need to sell immediately for financial reasons, there are steps you can take to rent it back temporarily.

Draft a Rent-Back Agreement

After you’ve sold your home, if you know you’re not ready to move out just yet, you can draft something up called a rent-back agreement. This is a legal agreement between you and the home buying company that gives you permission to rent back your home for a period of time until you are able to move out. However, it should be noted that this agreement is temporary. Most buyers aren’t willing to let you continue to live in the home for more than a month or so. While you are continuing to rent back your home, it’s important to look for another place to live.

Be Actively Looking

Finding a new place to live can be even more stressful than selling your home. Depending on the state of the market, it can take quite a while to find a place to live. As you have this extra time to find a place to live, be actively looking. The more you take the time to constantly look for a new place, the sooner you’ll be able to find somewhere to live. This also ensures that you won’t be out of luck again once your rent back agreement runs out. There are some services that will send you emails when houses fitting your specifications come on the market.

As carefully as you may plan the process of selling your home, nothing ever goes perfectly. If you find yourself without a new place to live after selling your home for cash, there are options to help you through it. A rent back agreement is one such solution.

Selling your home for cash is one of the best ways to be in control of the entire selling process. Forrest Buys Houses gives you the freedom of naming your closing date so you can close on your own schedule. Click here to learn more!

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