Do You Plan On Selling Your House But Can't Move Out Right Away? Try This Idea

If it's time to move, but you can't find a buyer for your current home, you may be able to do a little house hacking and stay put for the time being, and it's a technique that can help you stay afloat, therefore, making moving easier. If you stay put, you will not have to spend money on hotel rooms, extended-stay hotels, or temporary housing. Try these ideas.

1. Rent-back agreement

A rent-back agreement is a pre-agreement between a buyer and seller that provides the buyer with a long-term lease of the seller's home. It is generally a short-term lease--a fixed term, for, say, six months or one year--during which the seller remains in the house and continues to pay rent on the property. After this period, there is an option to convert the rent-back agreement into a sale of the property. If you are reaching your economic crisis many and need money urgently, this can help you out because at least you will not have to rush from your current home and will have time to find a buyer. According to a real estate agent, Tim Martin, more and more people are turning to rent-back agreements, which indicates that the real estate market is improving.


2. Joint venture with the buyer

This technique involves the sale of your property with a "right to repurchase" clause. In this situation, the buyer takes the property and pays rent according to an agreement you will have drawn up. At the same time, you continue to occupy it until you repurchase it later according to an agreed-upon price. Real estate agent in Dallas, Tim Martin, said, "Make sure that you have a formal agreement with the buyer before the transaction is written and signed. In this case, ensure you are protected should they want to back out of the agreement. Make sure to consult an attorney for a referral before taking this step."


3. Borrow from your home equity

Many homeowners use their home equity loans to make ends meet during tough times, and some of these loans offer a quick way to stay in place after you've moved out. Real estate agent in Dallas Tim Martin said, "I have seen several clients who were able to leverage their home equity to increase the value of their homes and still be able to afford monthly payments."


4. House hacking

This technique creatively uses home furnishings and decorations to turn a vacant or unfinished house into a home while you stay put. Real estate agent in Dallas, Tim Martin, said, "I have seen clients make their houses into offices by turning unfinished basements or converted attics into large offices. I also have seen clients with out-of-town property owners who wanted to rent their property back from them for an extended period so that they could remain in the house temporarily.

If you're thinking of selling your house but can't move out right away, don't let that hold you back from putting your home on the market. Contact your local real estate agent today, who can help you explore your options and find the best solution for your unique situation. Don't wait, the market is always changing, and the sooner you put your home on the market, the better your chances of finding the right buyer and getting the best price for your property.