Tag Archives: home seller

Consider It Sold

sold-anotherYes, you can consider it sold!
Whether you’re a home owner selling to relocate or a bank holding a repossession we can help!

When working with banks and asset companies we offer our unparalleled service beginning with eviction, when needed, and securing the location. We have the property cleaned, yards mowed, repairs done as required, coordinate inspection services, winterize, advertise and market to buyers, give reports, and be there through the closing.

Home owners can be assured we will handle your real estate transaction as if we were selling our own home.
We will perform a comparative market analysis for fair market value. We will walk you through all the steps and offer you resources to answer any questions you may have. We will help you market your property and navigate the paperwork including closing the deal.Harriet Robertson

Are you ready to develop a trusting relationship? Great, give me a call!

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“Renting Back” After Your Home Is Sold

23DrewCt Staten IslandSOLDSometimes it’s helpful to sell your home before you really want to move. This often happens when you are having a new home built, but aren’t sure of the completion date. Is there any way you can sell your home so you’re sure of the funds available for the new purchase, but continue to live in your old home until construction of the new one is complete. Yes, there is with the renting back strategy.

Enter the Lease-Back or Rent-Back Agreement

The particulars of this strategy vary from state to state, but in the strong seller’s market we’re experiencing, buyers will often agree to let the seller stay in the home for a period of time as long as rent is paid. In a competitive situation, the buyer willing to do this will often have the winning bid even though there is another offer as high as his.

The agreement covering the situation states the length of time the seller will remain. It can be done with a specific date named or wording that allows the seller to remain up to a specific date with the possibility of her moving sooner. The amount can be a fixed figure paid out of the proceeds of settlement or a monthly amount, or a daily amount. It is usually, but not always, tied to the amount of the mortgage payment under the buyer’s new loan. Sometimes there is a deposit against damage, sometimes not. There is usually a clause saying the seller will hold the buyer harmless for any damage to himself or his property which occurs after the sale is consummated and before the seller moves.

The attorney who draws up your contract offer can create such an agreement. If you’re using online forms, you should be able to find one for this situation. If you’re working with a real estate broker, he or she can handle it for you.

An Example

I’ve recently seen a very pleasant example of this idea in action. An elderly widow contracted to have a one level condo unit built in a new community which provides all exterior maintenance. She had had hip replacement surgery and wanted to get away from the drawbacks of the home in which she’d reared her children. The home was large, had stairs and was located on a large, partially wooded lot with many mature perennials and shrubs. Both the home and garden were beautiful, but high maintenance.

Her contract to purchase required a series of deposits and a firm indication as to her source of funds well before settlement on her new condo. The widow put her home on the market. A young couple with two sons was very anxious to buy it. The situation was competitive. They made the widow an offer. She countered their original offer. She did not raise their offer price, which was slightly below her asking price. She did not believe the young couple would qualify for a larger loan. Instead, she did something rather creative.

The widow countered with a proposal that she “rent back” for a period of “up to” a certain date (a date beyond her scheduled competition date on the condo) in exchange for a modest flat sum to be paid to the buyer at settlement. The total rent back period was less than two months. The flat fee was less than the amount of the new mortgage payment for the buyers. However, since they made no payment on their new mortgage the first month, it wasn’t too far out of line. The couple really wanted the home, so they accepted the counter offer.

Another win, win situation was created. The widow only had to move one time and the young couple got a house they probably wouldn’t have in a straight bidding war. If you find yourself in a situation similar to either the widow or the young couple, perhaps you can work out a similar solution.

Hey New York, Looking To Buy, Sell, or Rent?

23DrewCt Staten IslandWhether you are a single person looking to buy a condo or a family looking to sell your home or an apartment manager needing to rent an apartment, I can help.

I am an owner, broker, agent and handle all areas of real estate with honesty, integrity, and your best interest at heart.

BrooklynnyBPO also works with Preferred Partners;
OneTitle National
Guaranty Company, Inc.

New York Life Insurance Company
Gloria Webb, LUTCF

Residential Single Family – Our residential single family services connect buyers with sellers every day, and we do it with professionalism and a total dedication to our clients. This property type is the majority of our market transactions, but by far not the only one in which we have expertise.

Condominiums – Continue reading