Do I Have to Move Out Right after Selling My Home As-Is?
Selling a home usually follows a specific process: you get your home ready to sell, find a buyer, negotiate, close, and move out. Just because that’s usually how home sales go doesn’t mean that they always go that way though. Some sellers choose to sell as-is, and some may not want to move out right away. If you sell your home as-is to a home buying company, is it possible to stay in your home for a little while?
Reasons You Might Not Want to Move Out Right Away
Home buying companies can close impressively fast–fast enough that few other buyers can match them. That seems like an ideal situation, at least until you realize that ownership has transferred from you to the company long before the home you’re moving into is ready. Or maybe you need some time to find a new job or get any other number of loose ends tied up before moving. In these cases, you need an option that lets you stay in your old home for a little longer.
The Lease-Back Option
A lease-back agreement is an agreement between you and the home buying company you sold your home to that allows you to stay in your home after ownership has transferred. The details of the agreement will vary depending on what you’ve negotiated. If you only need to stay for a short amount of time, you may be able to negotiate to stay rent-free. The longer you need to stay, however, the more likely you are to have to pay to stay in your old home.
Negotiation Tips
Choosing to sell as-is could impact your chances of the company agreeing to a lease-back option. If the condition you’ve allowed your home to fall into suggests that you won’t take care of the property, the company may be less likely to agree. Show that you’ll take good care of the home when you attempt to negotiate a lease-back agreement. Offer to pay rent and have a clear timeline of when you could vacate the property. Try to keep it short. The company will want to start repairs and make money from the property sooner rather than later.
Moving out immediately after selling as-is to a home buying company doesn’t make sense for everyone. Fortunately, you have the option of asking for a lease-back agreement. Not every buyer will want to sign a lease-back agreement, but it doesn’t hurt to ask. Do your best to show that you would be a reliable, trustworthy, and desirable tenant to increase your chances of the company agreeing to your request.
Do you need to sell your home as-is? Billings Home Buyers is ready to make you an offer! Click here to get started today!
