How to Sell Your Home and Stay Living In It
Did you know there is an easy and quick way to get the cash from selling your home and remain living in the home after the sale?
There are a few cash home buyers that will buy your home for cash and allow the family to remain living in the home after the sale. This is called a Sell and Stay Program, in this article we explain the sell and stay method, discuss the pros and cons, and give you the information you need to decide if a sell and stay program is right for you.
To start with, let’s discuss why people may want to sell their home and remain living in it.
Whatever your reason for wanting to sell the home and remain living in it, a sell and stay program might allow you to achieve your goals and get the cash you need
What is the Sell and Stay Program?
The sell and stay programs offered by all cash home investors, like OutFactors, use a sale and leaseback agreement. This agreement allows the house to be sold to an investor for a fair as-is price which provides immediate cash to the seller. At the same time that the house is sold for cash, the seller is also given a long term lease so they can remain living in the home. The seller gets the cash they need and remains living in the home, the essence of a sell and stay program.
How it Works
The sell and stay program is designed to give the seller everything they need, immediate cash and the family remains living in the home for as short or long as they want. Here are some of the key things you should consider:
- The seller is paid cash for the fair value of the house.
- The current loan is paid off including any outstanding mortgage payments and fees.
- Ownership of the home transfers to the cash home buyer and at the same time the seller is given a long term leaseback so they can remain living in the home.
- The seller is given an option to repurchase the home sometime in the future if permitted by state law.
A sell and stay agreement require a lot of paperwork that can take 7 to 10 days to complete. So if you are looking to get the cash from the sale quickly do not delay in starting the sell and stay process.
Who Offers this Program?
A sell and stay program is only offered by a few cash home buyers, like OutFactors. This unique program has a very simple application and approval process. Best of all, when you use the OutFactors Sell and Stay Program, there are no application fees, credit, or income qualifications.
Benefits and Conditions
Benefits of a Sell and Stay Program
There are numerous benefits of a sell and stay program that a seller should consider including:
- You sell your home quickly and for a fair all cash price.
- You get to avoid the disruption of open houses and potential buyer showings.
- You sell your house in 1 day regardless of condition. You sell it as-is.
- You avoid paying thousands in real estate commissions.
- It will give you the cash and the time you need to work out your financial challenges.
- You get to decide when you want to move.
- All needed repairs and improvements will be completed and paid for by the all cash home buyer. They also pay for future major repairs and maintenance.
- You may have the option to repurchase the home.
- There are no application fees, credit, or income requirements.
- Your family remains living in the home they love.
A sell and stay program has many benefits but there are a few terms and conditions that you need to take into consideration.
Terms and Conditions to Consider
Here are some of the terms and conditions of a sale and leaseback agreement that you need to take into consideration:
- You will be signing a lease and a security deposit will be required.
- You will be paying monthly rent to the investor.
- Any changes you want to make to the property will have to be approved in advance.
- If you fail to make the rent payments you may be evicted.
- You will be required to complete all minor home repairs and maintenance. The cash home buyer will pay for all major repairs and replacements.
- You will lose any future increase in value unless you repurchase the home.
Although the terms of a sale and leaseback agreement have some drawbacks, most people consider them reasonable and minor in comparison to the benefits.
Is a Sell and Stay Program Right for Your Situation?
A sell and stay program has many benefits but it is not for everyone. Make sure you weigh the benefits and drawbacks before deciding a sell and stay program is right for your family. If you determine the program is right for you, make sure you only work with experienced and knowledgeable companies, like OutFactors.
Want More Information?
With the sell and stay program offered by OutFactors, you can get the cash you need and remain living in the home until you are ready to move. The people at OutFactors are super easy to talk to, will answer all of your questions, and will treat you with the utmost respect.
To learn more about our easy home buying process we invite you to visit OutFactors.com, and if you are ready to get your free no-obligation Sell and Stay offer click here.
We hope this article was helpful and informative.
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