This has been a hot topic over the last year. As the market has continued to heat up, I’ve seen people sit on properties that I know would sell for a lot more than the homeowners paid for it. One of the scariest prospects of selling your home is not having a place to go when the owner moves in! Let’s talk about some of these options so that if you’re ready to sell and make a profit on your property, we can get that done before the holidays (and an inevitable market cool down).
I have had several leasebacks in the past year for this exact reason. People need a place to stay until their home is ready or until they can find a home. This is the best option for a seller because they’re only moving all of their things one time, they stay in their current home as they look for a new one, and they’re paying the mortgage as the “rent”. While it does take a bit of a flexible buyer who can work with the seller, this is a really easy fix when it’s feasible. I have been able to negotiate this for five sellers this year. I call that a win!
“Hey, mom…we have a favor to ask”
Yep, this is common, too. Especially if there’s a short period of time between the sale of your previous home and the closing of your new home. Honestly, this works for some people and really doesn’t work for others. It is a case-by-case situation and truly depends on your family dynamics. If you have a family of 6 and need to move in to your mom’s home with only 2 bedrooms, that probably wouldn’t work. However, if you have friends or other relatives who could let your family crash for a week (or a month) while your stuff lives in a pod, it never hurts to ask. Worst case, they say no and you try something else!
“Are we back in college apartments?”
Last but not least is a short-term rental (apartment or home). This would probably cost the most (month-to-month rent isn’t cheap, double moving fees, and storage) but if the other 2 options won’t work, it’s what’s left. While it’s not ideal, I do think it’s great for families who need their own space and don’t want to impose on family or friends. Also, if there’s a chance you won’t find a new home for more than 60 days, this might be the best option. You’ll have more time to look without the pressure of a leaseback deadline or ruining a family holiday because you’re all sick of each other. We actually did this when our house was being built, and while it was tight for about seven months, it’s now a memory of a pretty sweet season, and we survived!
Have you ever had to resort to one of these options while waiting on your home to be ready? Which one would you do if you had to? Let me know below and happy selling!