<h2 class = 'uawtitle'>Renting Back After Your Home Is Sold</h2><br />
<div style='font-style:italic;' class='uawbyline'>by Jocel Victorino</div><br /><br />
<div class='uawarticle'> Sometimes it's helpful to sell your home before you really want to move. This often happens when you are having a new home built, but aren't sure of the completion date. Is there any way you can sell your home so you're sure of the funds available for the new purchase, but continue to live in your old home until construction of the new one is complete. Yes, there is with the renting back strategy. <br />
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Enter the Lease-Back or Rent-Back Agreement<br />
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The particulars of this method vary from state to state, however in the strong seller's market we're experiencing, purchasers will frequently agree to let the seller remain in the home for a time frame as long as rent is paid. In a competitive situation, the buyer willing to do this will frequently have the gaining quote despite the fact that there is an additional offer as high as his.<br />
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The agreement covering the circumstance mentions the length of time the seller will continue to be. It can be finished with a certain date named or wording that permits the seller to continue to be approximately a certain date with the possibility of her moving sooner. The amount can be a repaired figure paid out of the profits of settlement or a month-to-month amount, or a daily quantity. It is typically, however not always, tied to the amount of the mortgage payment under the buyer's new loan. In some cases there is a deposit against damage, in some cases not. There is normally a clause stating the seller will hold the buyer harmless for any damages to himself or his property which takes place after the sale is consummated and before the seller moves.<br />
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The attorney who draws up your contract offer can create such an agreement. If you're using online forms, you should be able to find one for this situation. If you're working with a real estate broker, he or she can handle it for you.<br />
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An Example<br />
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I've recently seen a extremely enjoyable example of this concept in action. An elderly widow contracted to have a one level condo facility built in a brand-new area which offers all exterior maintenance. She had had hip replacement surgical treatment and wanted to avoid the drawbacks of the home in which she had actually reared her kids. The house was huge, had stairs and was located on a large, partially wooded lot with many fully grown perennials and shrubs. Both the house and yard were beautiful, however high upkeep.<br />
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Her agreement to purchase needed a collection of deposits and a firm indicator regarding her source of funds well prior to settlement on her brand-new condo. The widow put her house on the marketplace. A young couple with 2 sons was very anxious to buy it. The circumstance was competitive. They made the widow an offer. She countered their initial offer. She did not raise their offer rate, which was slightly below her asking price. She did not believe the young couple would qualify for a larger loan. Instead, she did something rather imaginative.<br />
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The widow countered with a proposal that she "rent back" for a period of "up to" a certain date (a date beyond her scheduled competition date on the condo) in exchange for a modest flat sum to be paid to the buyer at settlement. The total rent back period was less than two months. The flat fee was less than the amount of the new mortgage payment for the buyers. However, since they made no payment on their new mortgage the first month, it wasn't too far out of line. The couple really wanted the home, so they accepted the counter offer. <br />
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An additional succeed, succeed circumstance was created. The widow just needed to move one time and the young couple got a residence they probably wouldn't have in a straight bidding battle. If you find yourself in a scenario just like either the widow or the young couple, perhaps you can work out a similar option.<br />
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<div style='font-style:italic;' class='uawabout'><br />
About the Author:<br />
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<div class='uawlinks'>Jocel Victorino is a property consultant of DMCI Homes Inc. A premier developer of resort-type condominiums in the Philippines. If you are currently looking for a good investment try DMCI Arista <a href="http://www.condosphilippines.org/listings/arista-place/">(http://www.condosphilippines.org/listings/arista-place/)</a>. For Other DMCI Homes Project you may visit <a href="http://www.condosphilippines.org">Philippines Best Condominiums</a>(www.condosphilippines.org)</div><br />
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