Selling soon? Gain flexibility and savings with this little-known home-selling hack.
What is a leaseback?
A leaseback is a contract where a seller agrees to rent their home back from the buyer for a set period of time after the sale closes. This can be an ideal option for sellers who need more time to find a new home or move out of their current one.
What are the benefits of a leaseback?
You can stay in your home for a set period of time after the sale closes, which gives you more flexibility and time to find your next home. Plus, you may be able to lower your expenses if you can negotiate a rental payment that’s less than your pre-sale mortgage. And those extra funds can be especially helpful for covering expenses associated with moving.
Is a leaseback right for you?
If you’re selling soon, a leaseback may be worth considering. They’ve been an effective solution for many people; however, it’s important to weigh the pros and cons to determine whether it’s the right choice for your specific situation.
