Should You Offer to Let a Seller Lease Back a Home?
Tampa Bay, your real estate agent will talk to you about things you can do to increase the chances of your offer being accepted. Here’s one of them.
Should You Offer to Let a Seller Lease Back a Home?
Sometimes, prospective buyers find that offering to allow a seller to lease their home back after the sale can increase the chances of an offer being accepted.
Let’s break that down.
A lease-back is an agreement in which a buyer allows a seller to stay in the home after the purchase is complete. Usually, the seller immediately becomes a tenant in the property. The new buyer often charges the seller rent to stay in the home. These arrangements can last between a few weeks and a few months.
So why do sellers like this arrangement? Why does it make them, in some cases, more likely to approve an offer?
The fact is that as soon as a sale closes, the seller is put into the position of having to find a new place to live. As a buyer yourself, you already know the process of finding a new home isn’t as easy as it seems. However, agreeing to allow a seller to remain in the home after you buy it takes a little bit of stress off the seller’s shoulders. They know they don’t need to scramble to find a new place to live, pack up and move within a matter of days, or face a lengthy hotel stay if something goes wrong with their own home purchase.
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