How to Stay in the Family Home After Divorce
What is a Sell and Stay Rent Back Program?
A sell and stay rent back program allows the home to be sold, the proceeds to be split, and allows the one spouse to remain living in the family home by using a sale and rent back agreement. Under the terms of a sale and rent back agreement, the divorcing couple agrees to sell the home to a buyer, the buyer pays the purchase price to the seller, and then leases the house back to the spouse who desires to stay in the home. This amicably solves most issues by selling the asset, dividing the proceeds, and allowing the one spouse to remain living in the home.
How the Program Works
The program is simple but very effective in preventing conflicts over what to do with the marital home. Here are some key features:
- The existing mortgage and liens are paid off and the remaining sales proceeds are divided between the spouses.
- Ownership of the home transfers to the real estate holding company, simultaneously, one spouse is given a lease so they can remain living in the home.
To properly implement the program, there is a fair amount of paperwork that takes 7 to 10 days to complete. So if you are looking to complete the divorce quickly, you want to be sure you do not wait until the last moment to initiate the sell and stay rent back process.
Who Offers this Program?
The sell and stay rent back program is unique and is only offered by a few real estate holding companies, like OutFactors. The program is designed with the homeowner in mind, with a super simple application process and fast approvals. Best of all, with OutFactors, there are no credit or income qualifications.
Pros and Cons
Pros of a Sell and Stay Program
There are many pros to a sell and stay program that you should consider including:
- The marital home is sold, and the proceeds are split between the couple.
- It is a method that allows both parties to get what they want.
- You get paid cash in as little as ten days.
- The mortgage is usually paid in full, which protects the credit of both spouses.
- If your home needs repairs or improvement, the real estate holding company will complete the work at their expense. They will also pay for all future major repairs and maintenance.
- The real estate holding company will pay all future insurance and real estate taxes.
- With the rent back, the one spouse does not need to move out immediately. They have the time needed to prepare for the next step in their life’s journey.
- There are no credit or income requirements to be approved for the program.
As you can see, a sell and stay rent back program has many appealing benefits that may be the right solution for you, but there are a few things that you need to be aware of.
Cons of a Sell and Stay Program
Here are some of the cons you need to take into consideration:
- As is typical with residential leases, a security deposit is required.
- You will be paying rent to the real estate holding company.
- Under a lease, changes to the property are limited to what is allowed in the lease.
- If you fail to make the rent payments required by the lease, you will be evicted.
- In many cases, the real estate company will require that you perform most minor home maintenance while they cover all major repairs and replacements.
Although there are some definite drawbacks, a sell and stay rent back program is one of the very few options that provide a divorcing couple what they want, cash from the sale, and the ability for one spouse to remain living in the home after the divorce.
Is the Sell and Stay Rent Back Program Right for You?
This is a great program that can be a win-win for many divorcing couples but make sure you carefully weigh the pros and cons before deciding a sell and stay program is right for you. We recommend that you only work with experienced and knowledgeable companies, like OutFactors, who will answer all your questions and put everything in writing.
Want More Information on Our Sell and Stay Program?
Divorce can be tough and create many challenging issues, but what to do with the marital home does not have to be one of them. With the sell and stay rent back program offered by OutFactors, you can get the funds needed to overcome the financial challenges and have the comfort of staying in the home.
Getting an offer from OutFactors only takes about 2 minutes, is absolutely free, and personal information is NOT required. Yes, that is correct. No email address, no telephone number – not even your name. Get a great offer in 2 minutes by clicking here!
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Sell House to Settle Divorce | Rent Back Sell & Stay | OutFactors – Dallas Fort Worth, Texas