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There are the good times and then there are the bad times. The house has been sold, but moving is not an option. The best alternative is an agreement to rent back my property. Believe it or not, this situation is doable. The agreement to rent back my property is a document usually drawn up by a qualified real estate attorney. It is presented to any interested buyer before an offer is made on the property.
This rent back my property clause could be used when the property sold is a multi-family dwelling, a cash sale or a condominium community where the new owner intends to establish rental income. Pure cash sales are negotiated when a property needs to be sold quickly to avoid foreclosure, repossession or bankruptcy. A request to rent back my property is often quite appealing to the pure cash buyer.
Since property is the most valuable asset owned by any person, the accumulated equity would provide the necessary funds to pay off a chunk of the outstanding debts. By arranging to sell and then rent back my property, the seller has saved some cash, gained a sense of control over life and establishes a sense of security for the entire family. The neighbors are already known to this family and all on-going relationships will be maintained.
Some of the pure and fast cash buyers may also be happy if they had a secure future sale. Therefore, another option they will consider is a sell to rent and buy back agreement. This is an added layer of security for both parties to this transaction. The seller just did a rent back my property agreement with a buy back clause and the buyer will receive rental income until such time as the renter's situation improves and the buy back clause is activated.
For the convenience of the seller who wishes to rent back my property, there is a website online at http://www.instantanqels.com which is stuffed full of guidelines, explanations and general information about all aspects of property acquisition and disposal. This site includes information to sell my property fast, rent back my property, sell to rent to buy back and much more. For the reluctant seller, this concept and the information provided about it could be a dream come true.
Once a person has owned a home, rarely do they ever wish to rent again. An owner has control over life and the house is one possession that will not be taken away if at all possible. Well, it is possible. Just knowing that it can be sold, rented back and ultimately bought back is a comforting situation.
Finally, some anonymous comments about this type of arrangement span the gamut from "I was able to rent back my property, so the kids will not need to change schools" to "I was allowed to rent back my property, and now I just hope I win the lottery to buy it back!" Which end of the spectrum do you think you would occupy?
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