If you’re selling your home, finding a place to go can be difficult. There are tons of options and Kelsey, Chris, and Jovannie are sharing their favorites!
Hey everyone! We’ve got the twin cities elite real estate group here to answer one of the questions that we get a lot from a lot of our sellers. It’s a very important one especially in really competitive markets for both buyers and sellers right now. Everybody says they’d like to sell their property, but they don’t really know where to go. We came up with five things today that we think could help sellers when they ask themselves where they should go when they want to sell their home.
One of the top things would be asking for a rent back agreement. So if you haven’t heard of this, let’s say you sell your home and you can’t find a new one to buy right away. You could consider asking for a rent back agreement within the sales contract. So in this scenario, you would be able to rent your home back from the new owner for a period of time after selling. This would also allow you to write a non contingent offer when buying, which gives you the satisfaction knowing you do have a roof over your head until you find your next perfect home.
Longer Closing Dates
And one of the the other kind of more traditional ways, which is number two here is just a longer closing date. Some sellers know exactly what they’re looking for. There’s a good chunk of homes that are popping up. They just need to find the right one that fits their family needs. What we sometimes do as a team is ask for a 60 day closing instead of doing a normal 30 to 45 day closing. That’s to give our clients a little bit more time to find that new property for themselves.
Stay With Friends or Family
One of the more traditional options would be temporary living with friends and family. Sometimes we get nervous about asking or nervous about doing it, but staying with friends and family really is a great option for folks to feel no pressure knowing you can go stay with someone close to you. We often forget to think about it, but it’s a great option for a lot of sellers.
Home Loan Products
If you’re trying to avoid rentals and temporarily staying with family, there are some other options to help you during your overlap period. Depending on how much equity you have in your home, there are companies that do financial background checks on you and let you place a non contingent offer on a property through their program. One of the companies we’re referencing is Knock.com, so if you’d like some more info on how to go through their process we’re happy to chat with you about it.
Another option to consider is short term rentals. Airbnb is huge right now and people are no longer staying at hotels. There’s more and more people who are looking at supplementing their family income and host Airbnbs in their home. We see it all over the twins cities and we would also be more than happy to help you connect with a host. We also have clients who host Airbnbs on their properties and we also have short term rentals. Depending on availability that’s a great option that we could help you with.
If anybody has any questions on any of these options, we’re happy to help you.