ometimes it's helpful to
sell your home before you The agreement covering the
really want to move. This situation states the length of
often happens when you are having time the seller will remain. It
a new home built, but aren't sure can be done with a specific date
of the completion date. Is there named or wording that allows the
any way you can sell your home so seller to remain up to a specific
you're sure of the funds date with the possibility of her
available for the new purchase, moving sooner. The amount can be
but continue to live in your old a fixed figure paid out of the
home until construction of the proceeds of settlement or a
new one is complete. Yes, there monthly amount, or a daily
is with the renting back amount. It is usually, but not
strategy. always, tied to the amount of the
mortgage payment under the
Enter the Lease-Back or Rent-Back buyer's new loan. Sometimes there
Agreement is a deposit against damage,
sometimes not. There is usually a
The particulars of this strategy clause saying the seller will
vary from state to state, but in hold the buyer harmless for any
the strong seller's market we're damage to himself or his property
experiencing, buyers will often which occurs after the sale is
agree to let the seller stay in consummated and before the seller
the home for a period of time as moves.
long as rent is paid. In a
competitive situation, the buyer The attorney who draws up your
willing to do this will often contract offer can create such an
have the winning bid even though agreement. If you're using online
there is another offer as high as forms, you should be able to find
his. one for this situation. If you're
working with a real estate couple with two sons was very
broker, he or she can handle it anxious to buy it. The situation
for you. was competitive. They made the
widow an offer. She countered
An Example their original offer. She did not
raise their offer price, which
I've recently seen a very was slightly below her asking
pleasant example of this idea in price. She did not believe the
action. An elderly widow young couple would qualify for a
contracted to have a one level larger loan. Instead, she did
condo unit built in a new something rather creative.
community which provides all
exterior maintenance. She had had The widow countered with a
hip replacement surgery and proposal that she "rent back" for
wanted to get away from the a period of "up to" a certain
drawbacks of the home in which date (a date beyond her scheduled
she'd reared her children. The competition date on the condo) in
home was large, had stairs and exchange for a modest flat sum to
was located on a large, partially be paid to the buyer at
wooded lot with many mature settlement. The total rent back
perennials and shrubs. Both the period was less than two months.
home and garden were beautiful, The flat fee was less than the
but high maintenance. amount of the new mortgage
payment for the buyers. However,
Her contract to purchase required since they made no payment on
a series of deposits and a firm their new mortgage the first
indication as to her source of month, it wasn't too far out of
funds well before settlement on line. The couple really wanted
her new condo. The widow put her the home, so they accepted the
home on the market. A young counter offer.
bidding war. If you find yourself
Another win, win situation was in a situation similar to either
created. The widow only had to the widow or the young couple,
move one time and the young perhaps you can work out a
couple got a house they probably similar solution.
wouldn't have in a straight
About the Author:
Raynor James is with http://www.fsboamerica.org - providing homes for sale by owner, "FSBO", properties. Are you thinking, "Should I sell my home?" Visit http://www.fsboamerica.org/seller.cfm to sell your home sale for free for one month.
Source: www.isnare.com
