Is it possible to sell a house and have a rent back option upon the completion of the sale? MAYBE
It really depends upon if you’re going to sell your home on the traditional market through a real estate agent or if you’re going to sell it to a we buy houses company like ourselves.
In the past, what I can tell you is, we have allowed homeowners to rent back the house after selling it to us, whether it’s for one month, two months, three months, potentially even longer, depending upon the terms. We have allowed that to happen to give them time to find a new home and to get settled in that new property without having to worry about things for the time being.
A simple story I can share with you is that we had purchased a property, a condominium specifically, in Oshkosh, from a lady who needed the funds from her sale, the proceeds, to find a new place to live. So what we did, we made her an offer, we provided her with the rental terms, and then after we closed on the property she ended up living there for two months. She found a new place to live, moved all of our stuff and then we took the property over and started our remodel process on it. So in that specific scenario it was very easy, stress-free and hassle-free for her as she didn’t need to worry about a single thing while she had time to find a new property and go from there.
Is it Possible to Rent Back with a Realtor?
But now, say you want to try and do that on the traditional market while getting a full retail value for the property, I would say 98% of the time that will not be able to happen. The reasoning behind this is most lenders require that the property be owner occupied upon purchasing it. Most homeowners are getting a normal residential loan, meaning, they cannot have tenants in the property, which is what you’d be considered if you had a post-closing occupancy, and their lender will not fund it. If it’s a cash offer, then there may be some wiggle room, but again, it is a very unlikely scenario.
This is just a heads up if you have been thinking about listing the property with an agent. But like I said, if you want an as-is cash offer for your property, we’ll buy it in its current condition, you can stay in there a month, two months after closing, for a small rent amount, until you get your next home lined up.
Feel free to fill out the form down below, or call us on our office line, which is (920) 215-4201. Thanks so much and have a great day.