Can You Stay in a Home After Closing?

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Today we are excited to be answering another one of your great questions. This particular one comes from a seller who wants to know, "Can the buyer charge me for staying in the home after closing?"

If you need to stay in your home for a little while after closing, you can. All you need to do is temporarily lease the home, which is something we do for our clients quite regularly. When you lease back, you will need to come up with a fair price to pay based on how long you are staying in the home for.

What we do to determine the figure is find out what the buyer's total monthly cost for the home (PITI) is, and divide that by 30. After that, you will have a daily cost, which you can use to negotiate the leaseback. On a $200,000 home with a $1,500 monthly PITI, the leaseback rate is about $50 per day, which is a fair price. 

We try to be reasonable with all our requests, and it's important to remember everything is negotiable. If we get ourselves into a multiple offer situation, we may be able to do the leaseback at no cost to you. 

If you have any questions for us, we would love to answer them in our next video. Just give us a call or send us an email, and we will get you the answers you need!