What is Rent Back?

Are you selling your house and need to buy a replacement home? Do you need the funds from the home you are selling to purchase your next property?

Sellers, right now here in Grand Rapids Michigan, and the surrounding areas we have very little inventory. Homes are selling like hotcakes and typically only take around 17 days to sell. They’re selling with multiple offers and bidding wars. So many sellers are worried that they won’t be able to find a replacement home. This is a totally valid concern given the market.

One solution we have is that we can help you negotiate a “rent back” on your property. You see, in a competitive market like we are experiencing right now, where sellers have so many offers to choose from, sellers are much less likely to take a contingent offer. That is because there is a risk that the deal on the home the buyer is selling could fall apart before closing. This would cause the seller to have to find another buyer, the seller would lose money and waste time. So, it’s easier for them to accept a non-contingent offer. However, a solution for sellers who want to sell right now but are afraid that they won’t be able to find a replacement home is to sell their home and do a rent back.

So you may be wondering what is a rent back?  Rent back is when you sell your home and close on the property, but you remain in the house paying rent after your possession date. This way you have the funds to purchase a new home and your offer will not be contingent, so your offer is much more likely to get accepted. This will take the stress and worry off. Now there are terms to navigate, and negotiations that need to be considered to keep you safe. We know exactly what to negotiate and what terms to consider on your behalf to keep you safe. So no need to worry, and this is just one of the many solutions that we have.

There are many more solutions we have to help you sell your home and get you the home of your dreams, even with limited inventory, so contact us for more options. And don’t worry, there is never any pressure or obligation in meeting with us. We’re just here to help you navigate the best strategy when selling. We’re looking forward to hearing from you and remember A&J Realty Partners is here to help you fulfill your dreams no matter the size!