If I Sell My Home for Cash, Can I Rent it Back Afterwards?

Selling your home can be a source of great relief, but may also bring added stress if your timeline isn’t lining up. If you’ve sold your home, but haven’t found somewhere else to live yet, you may be stressed. However, it is possible to rent back your home after selling it to a home buying company.

Sell on Your Schedule

One of the reasons you may want to rent back your home after selling is because the sale closed before you could find another home. This is an incredibly common occurrence in real estate and can leave homeowners floundering to figure out their next steps. However, this issue no longer arises when you sell your home for cash. There is no uncertainty in a cash sale. There’s not the same need to sell as soon as possible, even if you’re not moving for a while. Instead, you can sell within a few weeks, and wait until you have your future figured out. Cash sales give you much more flexibility, and can take away your need to rent back your home in the first place. 

Rent-Back Agreement

If you do end up wanting to rent back your home after selling it for cash, you may be able to come to a rent-back agreement with the home buying company. This is an agreement that allows you to continue living in your home temporarily after the sale has closed. Most buyers are open to this, especially home buying companies. Home buying companies want to help homeowners through the selling process, and they’re happy to help you afterward as well. However, it should be noted that a rent-back agreement is temporary. It’s important to quickly find a new space. 

Consider the Time Frame

Before deciding on the next steps as a homeowner, it’s important to consider your overall time frame. How long will you need to stay in your home before moving? If it’s longer than about a month, a rent-back agreement may not be the best option. Instead, it could be helpful to find a temporary, month-to-month lease, or stay in a hotel or with family for a while. If you know you won’t move for several months, it could also be beneficial to delay the sale of your home until you’re ready to move. With a cash sale, the process can occur so quickly that you don’t need to plan ahead to sell your home in time.

Many homeowners face issues surrounding selling their houses and moving. If you find yourself needing to rent back your home after selling it to a home buying company, they are known to be incredibly helpful. Just be sure to plan your timeline to know the best steps to take.

Forrest Buys Houses has been helping Virginia homeowners sell their homes on their schedule for years. Click here to learn more, and get started on getting your fast cash offer today!

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