No one ever thinks that their home could sell too quickly. But on occasion that is what happens. Maybe you are building a new home or are getting ready to relocate and your home sells more quickly than expected. You never want to turn down a great offer, but where are you going to live for those few months until your planned move out date? The solution can be as simple as staying in your home and renting it back from the new owner.
In this situation, you would want to draw up a legal document which specifies how long you can remain in the home and the amount that you will pay to the new owner for the use of the home. Laws differ from state to state but Arizona is usually considered pro landlord state. Check with a local realtor or attorney to get the particulars in your state to be certain that the agreement is legally binding as are the terms which you are requesting.
The terms might state that you will pay the new owner a specified dollar amount per day or there might be a flat rate agreed upon for the time frame. Some buyers will ask for a security deposit in case of damage and others might simply wish to have the purchase price of the home reduced to reflect the amount you would have paid in rent. Another option is to offer furnishings in exchange for renting the home back to you for a short time. All of these terms can be worked out with the new buyer or the buyer’s agent.
The biggest benefit for you is that you will only need to pack and move your belongings once. It can be very stressful and costly to move into a short term living space and try to find suitable storage for your belongings, so paying a reasonable amount to rent back your home is a great solution for you and can help the new owner have time to prepare for their move as well. Just be certain that your rent or lease agreement has been reviewed by your realtor to make sure that there are no surprises. Renting back your Scottsdale home will make your next move or relocation much less stressful and you can relax knowing that you have found a buyer and can focus on the next step in your life.