The idea of not having a home, even if it’s short term, is terrifying. Many sellers in this market are finding themselves without a ready place to move to when their home sells too quickly. Other than scrambling to book a hotel or finding an apartment lease that’s monthly, what other options do desperate sellers have? In comes the leaseback to the rescue. What is a leaseback you ask? Lucky for you, Tatiana Bynum of Custom Fit Real Estate Group tells you all the details about a leaseback and how it can save you during this hiccup in timing on the sale of your home.
What is a Leaseback?
Why Would You Need A Leaseback?
Today’s Seller’s market is exciting buyers who are chomping at the bits to get a home while the housing inventory is low. This means that buyers are willing to do what it takes to buy their houses sooner. However, many sellers are finding themselves shocked at how quickly their homes are selling because of the hungry buyers in the market. Buyers are learning to craft competitive offers and sometimes eliminating appraisals or home inspections and in doing so are speeding up the entire process. Sellers are finding that they can not get their next home ready in time as their current home is being swept up from underneath them. Leasebacks allow for some compromise between the buyer and the seller, so that the sellers are not finding themselves worried about where they have to live in the interim.
What Are The Details of A Leaseback?
Sellers are able to request through their agent a leaseback. This is a request to rent their home from the buyers after escrow closes to give them more time to move out. Leasebacks are short-term leases and can be up to 45 days, and with the help of their realtor this can be negotiated to be free.
- Rent your own home
- Up to 45 days
As stated earlier, due to the seller’s market in Las Vegas, NV, buyers are willing to do what it takes to buy their homes. Therefore, you have the advantage to be able to name your price, pick your buyer, and choose your terms. This leaseback will be part of your terms that a hungry buyer needs to agree upon if they want your home. With a this leaseback option, you won’t find yourself on the streets today!
We hope you found this Custom Fit Pro-Tip helpful! Be sure to read the rest of our blogs for more tips, information, and advice on all things real estate.