Enter the Lease-Back or Rent-Back Agreement
The particulars of this strategy vary from state to state, but in the strong seller聮s mar xperiencing, buyers will often agree to let the seller stay in the home for a period of time as long as rent is paid. In a competitive situation, the buyer willing to do this will often have the winning bid even though there is another offer as high as his.
The agreement covering the situation states the length of time the seller will remain. It can be done with a specific date named or wording that allows the seller to remain up to a specific date with the possibility of her moving sooner. The amount can be a fixed figure paid out of the proceeds of settlement or a monthly amount Wholesale Carolina Hurricanes Jerseys , or a daily amount. It is usually, but not always, tied to the amount of the mortgage payment under the buyer聮s new loan. Sometimes there is a deposit against damage, sometimes not. There is usually a clause saying the seller will hold the buyer harmless for any damage to himself or his property which occurs after the sale is consummated and before the seller moves.
The attorney who draws up your contract offer can create such an agreement. If you聮re using online forms Wholesale Chicago Blackhawks Jerseys , you should be able to find one for this situation. If you聮re working with a real estate broker, he or she can handle it for you.
An Example
I聮ve recently seen a very pleasant example of this idea in action. An elderly
widow contracted to have a one level condo unit built in a new community which
provides all exterior maintenance. She had had hip rep. Cheap
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