Hi, it’s Sue Bonzell, with Vanguard Properties in Sebastopol, CA. For the last couple of weeks I’ve been talking about downsizing, and moving to a replacement home, and some solutions for doing that. A lot of folks scared about selling their current property, and not finding that replacement in time. We’ve been talking about a couple of different solutions for the last few weeks, today we’re going to talk about a different kind of solution. If you’re going to put your house on the market, you can ask for an extended rent back period from someone who is going to be buying your home. Could be two months, three months, four months, even six months of rent back time to give you plenty of time to find that replacement home so you’re not stressed to find it in a typical 30 day escrow and you have to get out. This is a great way to tell your buyers out there, “This is exactly what I want”. Since there are so many buyers, there are plenty of ’em out there that are going to be willing to give you exactly what you want.
Usually, those buyers will give you their rent back and you’ll be paying the PITI, principal, interest, taxes, and insurance that they would be paying for a month. Now, if you get a buyer who is all cash, well, you can negotiate your rent-back amount. And oftentimes I’ve seen even buyers offer up to three or four months of free rent-back because they want to win that bid, they want your house. This is a great way to get enough time to find that replacement home, just ask for a rent-back. Plenty of solutions for getting from one home to another, I hope you’ve gotten something out of this and I will see you next week.
I’m Sue Bonzell with Vanguard Properties.
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