Selling your home to a cash buyer is becoming a popular way to sell a house. But the sale is quick, and you may be unprepared to move out. If that’s the case, ask the cash buyer whether you might rent the house back after closing.
A cash sale happens quickly.. From the time you contact the cash buyer until you close and get your money, it could be only a week or two. That’s an advantage if you are trying to avoid foreclosure, need cash to settle a legal matter or debt, or just want to avoid the wait.
While the cash buyer will be flexible about setting a closing date, it’s not likely they’ll extend it out several months or indefinitely. Cash buyers are property investors, and after buying your home, they will have plans to resell it or repurpose it. But, they may be willing to rent it out for a time.
Time to Move
Since the cash sale is so fast, it might not leave you with enough time to move out of your house. Finding a new place to live is not easy in today’s tight housing market. Renting your house back from the buyer gives you time to find a new home.
You may also need time to pack up your belongings or downsize by selling or donating some items. By renting the house back, you can deal with your personal property and pack at your own pace.
Renting it Back
Renting your house back after selling it to a cash buyer may be a good solution if you need immediate cash or need to relieve yourself of the responsibilities of home ownership. A rent-back agreement can allow you to stay in the home.
The cash buyer may be willing to consider a rent-back, so it’s worth asking. However, you will need to negotiate the rental terms and length of the agreement. Have a timetable in mind when you ask.
You can get quick cash for your home by selling to a cash buyer. But if you’re not quite ready to move out, it is possible to rent your house back. Many cash buyers are flexible and willing to discuss your options and work with you toward the best solution.
Need quick cash for your Utah home? Learn more about a cash home sale by clicking here.