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Creative solutions when you can’t find a home after selling yours

An organizing woman

Atlanta, GA Realtors often recommend that you look for a new home before you put your property on the Atlanta, GA real estate market. By doing so, you get to ensure that you will have a place to move to once your current home gets sold. 

However, what should you do when your home sells before you can purchase a new one?

Here are some of your options:

Rent an apartment on a month-to-month basis

Renting an apartment on a month-to-month or short-term lease is a good option in the event that you want to relax and shop for your next home at your leisure. 

Do note, however, that you will also have to rent out storage space for your possessions during this period.  

Stay with friends and/or family

Atlanta, GA Realtors will only recommend this option if you’re in the process of closing on your next home or have actually bought another property but face a timing problem when it comes to moving in. It’s tough to impose on the hospitality of family and friends especially if you can’t tell how long you’ll stay. In addition, you will also have to rent storage space for your possessions.  

Draft a leaseback agreement

Leaseback agreements – also known as a sale-leaseback or post-closing possession agreement – are agreements in which you close the home sale as usual and then become the purchaser’s temporary tenant for a predetermined period of time after closing. 

This agreement has benefits for both you and the house’s new owner, as it essentially gives you additional time to look for a new home without incurring the cost and hassle of moving out. At the same time, it gives the new owner, especially those who cannot move in immediately, peace of mind that the former owners can keep the property from being vandalized or broken into while

To avoid any potential problems and to protect both parties, leaseback agreements should be documented as early as possible with the help of Atlanta, GA Realtors. By doing so, you will be assured that you can remain in the property after the close of escrow, while providing the new owner a firm date of when they can move in.

Rent on a leaseback agreement is typically determined by computing the buyer’s PITI or Principal, Interest, Taxes, and Insurance on their mortgage and then dividing the sum by 30 days. If your former property is located in a condominium unit or a planned community, the homeowners’ association (HOA) fees will also be included in the rental rate.  

Planning on putting your home up for sale on the Atlanta, GA real estate market? Call The Muller Sales Group for assistance!

A premier real estate firm based in Georgia; The Muller Sales Group can help you with all of your real estate needs. Give us a call at 678.568.9895, or send us a message at robm(at)theMullerSalesGroup(dotted)com to schedule a meeting.