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The problem with a leaseback is that most sellers don't want any contingencies. If you can only buy a home once your home sells, it may make your offer less attractive to sellers.
When you're leasing back your home, you do pay rent to the buyer. The rent is based on the mortgage rate, and you pay the rent at closing. You also have to put down a deposit. Just like any other rental deposit, you should get your money back as long as there is no damage to the property.
However, some buyers don't return the deposit to you. You need to work with a Realtor who knows how to line things up perfectly and has systems in place to get that deposit back.
Ultimately, buying and selling at the same time might be tricky, but with the right Realtor, it can be done. If you have any questions, give us a call or send us an email. We look forward to hearing from you!
Selling a home? Click here for a FREE Home Value Report
Interested in real estate? Click here to learn about a career in real estate
People have been buying and selling a home at
the same time for many years. However, the process changed on October 3rd. The
new TRID laws have made it more difficult to buy and sell a home
simultaneously. It may take some serious navigating, but it can still be done.
If you're selling and buying a new home from a builder, those transactions can happen at the same time. Sometimes, you can even close on the same day. Builders will often let you out of buying the property if your home sale falls through for some reason.
If you're selling your home and buying a pre-owned home, that can be a little bit trickier. If you try to overlap those transactions and something goes wrong on the sale of your home, you're still stuck buying the other home. Most people cannot handle owning two homes at once.
We overlap the sale with a lease back. This takes some serious navigating and a clear understanding of contracts and the transaction timelines to make sure everything works out for you. Basically, you lease back the home from the buyer. This saves you from finding temporary housing and moving twice.
If you're selling and buying a new home from a builder, those transactions can happen at the same time. Sometimes, you can even close on the same day. Builders will often let you out of buying the property if your home sale falls through for some reason.
If you're selling your home and buying a pre-owned home, that can be a little bit trickier. If you try to overlap those transactions and something goes wrong on the sale of your home, you're still stuck buying the other home. Most people cannot handle owning two homes at once.
We overlap the sale with a lease back. This takes some serious navigating and a clear understanding of contracts and the transaction timelines to make sure everything works out for you. Basically, you lease back the home from the buyer. This saves you from finding temporary housing and moving twice.
The problem with a leaseback is that most sellers don't want any contingencies. If you can only buy a home once your home sells, it may make your offer less attractive to sellers.
When you're leasing back your home, you do pay rent to the buyer. The rent is based on the mortgage rate, and you pay the rent at closing. You also have to put down a deposit. Just like any other rental deposit, you should get your money back as long as there is no damage to the property.
However, some buyers don't return the deposit to you. You need to work with a Realtor who knows how to line things up perfectly and has systems in place to get that deposit back.
Ultimately, buying and selling at the same time might be tricky, but with the right Realtor, it can be done. If you have any questions, give us a call or send us an email. We look forward to hearing from you!
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