Is it possible to sell your house then rent it back?

luigivercottiMarch 17, 2010

I'd like to know how difficult it even would be, or if it is even possible, to try to find someone to buy my house then rent it back to me for a set period of time.

Are there organizations or investors that do this kind of thing, that aren't scam artists etc?

Appreciate any useful input on this.

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idrive65

When we bought our first home the sellers were building a new house and it wasn't done yet. Instead of delaying the closing, we proceeded with it and they rented the house back from us for a few months.

    Bookmark   March 17, 2010 at 6:38PM
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cindyb_va

Anything is possible. But this is a buyer's market, so by putting such a stipulation on the sale of your home, you will end up further limiting an already small number of potential buyers.

There are plenty of empty, bank-owned foreclosures out there for investors such as you describe to go out and purchase, so unless there is something extra special about your house, I think the chances of you finding a buyer who would be willing to do this are pretty slim.

    Bookmark   March 17, 2010 at 8:13PM
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sylviatexas1

Yes, here we use a Seller's Temporary Lease.

Sometimes a buyer has some time left on an apartment lease, or a corporate relocation client will have company housing for a certain time.

    Bookmark   March 17, 2010 at 8:36PM
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larke

We sold our condo (long ago), had nowhere to go right away, and because the new owners were planning a flip to begin with (which we hadn't known) they let us rent for a month.

    Bookmark   March 17, 2010 at 11:11PM
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mauirealtor

Luigi,

What will determine how feasible this is will be how you price your property. If you price it aggressively to sell (comparative to your market, including REO's and shortsales), there are many investors who will gladly buy a property (specially if their intent is to build equity by renting it out, hence they would already have a tenant in it). Good luck and post updates.

    Bookmark   March 18, 2010 at 12:55AM
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trinkette

Yes it is possible. Now that I think about it, I've done it twice... once for a few weeks (to accommodate differing closing dates and long-distance moves for both buyer and seller); and once for a year or more (buyer was investor only and wanted to rent property, we were building new).

    Bookmark   March 19, 2010 at 10:24AM
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FatHen

It's possible to do a lot of things as long as both parties agree and put it in writing. When we sold our last house, the owner intended to rent it out anyway, so he was glad to rent it to us for as long as it took for us to find another home. A buyer who's anxious to move in on the other hand is probably not going to be intested in doing this, at least not long term.

    Bookmark   March 19, 2010 at 5:36PM
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worthy

When I bought my first home nearly 40 years ago I moved into the second floor while the previous owners rented the basement and first floor for a couple months. The neighbours thought I was a boarder.

    Bookmark   March 19, 2010 at 8:18PM
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