No one wants to be a homeless home-owner. When you are in the process of selling your home, sometimes the dates you set sneak up on you. You feel like you mention it one day and you turn around and it is time to sell the house. This can cause problems to arise whenever you have not yet closed on your new home, and have some time in between. It can feel like you are going to miss out on the sale or be without home. But the reality is that you can both take advantage of initial buzz and follow through on the sale, and still find someplace to live temporarily. This can happen especially when you are moving areas, but don’t worry, we’re here to help with some basic pointers on finding a temporary residence, whether you need a year, a week, a month or three months. Sometimes loans can take months to get approved, especially government loans like USDA and FHA. Sometimes the offer may include special considerations and requests, and may take a month to finish, and if they are offering more than asking price you may want to go forward anyways.
This is a very risky option. A leaseback is when one side allows the other to move-in early or stay in the home for a month or two before the buyers move-in. In this situation whoever is renting is basically the tenant, and the other is the landlord. This means all special protections apply. These contracts are normally done month by month with the landlord able to end it at any time, with at least a week notice.
In our next post we will be discussing options you have in the case that you do need to stay somewhere between homes. If you would like more information, please contact The Damron Group Realtors in San Marcos, TX.
For over 30 years, the Damron name has represented the highest level of customer care, area expertise, and industry knowledge in the San Marcos, Texas real estate market.