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Randall Martin's Blog

By Randall Martin | Agent in Houston, TX

Honey...the Sellers will be sleeping over.....

"The Sellers Will Be Sleeping Over for a few days"

Sounds weird doesn't it??? Let me give you a scenario...

Say you and your REALTOR (by now you are using a REALTOR, right?) make an offer to purchase a home. Your REALTOR calls you up and says "Congrats!! The sellers have accepted your offer...........under one condition..."

Wait a minute!! What is the one condition????? Your REALTOR says, "The sellers need to lease-back the home for a few days after closing."


I know your initial response..."I just bought this home and I want to move in immediately after closing." Of course, who wouldn't? Let's pause for a moment and I'll break it down in Layman's terms [deep breath] The sellers need to sell their current home before they can close on their next home. Sometimes loans do not "fund" the same day everyone signs paperwork. A lease-back for a day (or two or three days) gives the sellers time to close on their next home AND have their furniture moved into it. phew!

What if you and the sellers closed on your home, had the movers delivering your furniture the same day, and came to realize that the sellers were not able to close on their NEXT home until tomorrow? You're going to be mad and the movers are going to be asking for more money! A seller lease-back is often the best answer. It is an easy way to make sure things go smoothly for everyone.

The home is yours, but you are simply allowing the sellers to remain for a specified period of time after closing. You, as a buyer AND the new landlord, are protected in many ways. I'd love to go into further detail, but for sake of time (and short attention spans!!) I'll cut it off here. Please message me for more info!

Randall@AgentRandall.com - www.AgentRandall.com

...I was listening to an Aerosmith documentary when I wrote this...

Comments

By Elizabeth Sibet,  Thu Jan 3 2013, 22:05
Fun post! Thanks for writing! In MN lease-backs aren't very common, but they are more common in the frigid winter months when it is trickier for clients to move twice or move items into storage then back out with closings on different days. Hope you're enjoying the TX weather! Great blog!
By Randall Martin,  Thu Jan 3 2013, 22:23
Thanks Elizabeth!! I run into leasebacks a lot down here. I actually think they help the move work out smoother in list/purchase scenarios. I'm sure it can be tricky with those MN winters!! BURR

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