What are my options after I sell my home? We get a lot of sellers ask us questions about how they can make a move in the most peaceful and interrupted way. Any time you make a move it’s a challenge. Today, let’s talk about what our sellers are choosing to do when they sell and also buy and what the different options are that are available to them.
The first scenario is the best scenario that most people like, and that’s called the simultaneous close. That’s when a seller chooses to sell, we get their home into escrow, and then we find a home for them that’s in the market. We end up closing on the same day that we close the sellers escrow and the buyers escrow at the same time. The seller can then move their stuff directly from that house into their new house. That only happens about fifty to sixty percent of the time and the reason for that is that there’s a lot of extenuating circumstances. Sometimes the timing is what’s more important than anything else to get the most money out of the sale. In that case, the second option that sellers look at is doing a short term lease back. Now what a short term lease back does is it allows the seller to sell the home to somebody who’s willing to lease back the home to them at what they call the buyers PITIA. This is the principal, interest, taxes, insurance and association. You, as the seller, would effectively pay the buyer their mortgage payment to stay in the home for anywhere for 29 to 59 days while you continue to shop in the market because as we know, new inventory comes on the market all the time.
The third option that sellers consider is a short term rental where they would sell their home with no strings attached to the buyer which gives them the best possible negotiation position. They would go to a short term rental or they would stay with family and then pack up their stuff and go out to find the right home for themselves.
Give us a call today, we’d be glad to talk to you about all three these options.
Devin Doherty – Realtor
Thanks and make it a great day!