Are you selling your home and have found a buyer but still do not have a place to live? Today I have five options for you.
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What do you do when your home is for sale and goes under contract but you still have not found a new place for yourself? Here are a few options that you can consider:
1. Renegotiate the sale. You can talk with your home’s buyer and see if you can implement a delayed conveyance. You may face challenges with this in the form of rate locks, restrictions, and other constraints due to the buyer.
2. Close with a leaseback. You may be able to close with a leaseback option that enables you to buy more time to find a new home. It also enables your buyer to exercise their rate lock and get a lower rate. They can close and then you as a seller can lease the property back. In some cases, you can do it for up to 30 days or even more. Of course, this depends on the lender restrictions, but it does give you a lot more time to find a new property.
You can do a leaseback to allow for you to have more time to find a new home.
3. Move into a temporary rental. You can move your belongings into a storage unit and move into a temporary rental property.
4. Release from the sale. You could try and search for a new buyer that will give you more time to find a place to move to.
5. Rent a vacation home. Some people choose to complete their sale and conveyance and rent a vacation home for a few months until they find a new home.
If you have any additional questions or are interested in buying or selling, please feel free to contact me. I look forward to speaking with you soon.
