We might be selling our house directly to a neighbor but doing a rent-back until we find a new house to purchase. What kind of real estate, legal, and other professionals would we need to get involved in the process for our mutual protection?Possibly relevant info:It would be challenging to find a short-term rental which allows our multiple pets, which reduces the feasibility of a sell now/rent while looking/buy with the sale proceeds sequence.Our house would likely sell quickly in the current market because of high demand and low inventory, but that’s also why it could take us several months to get a new house under contract.When my father’s estate is finally settled, maybe by next summer, we’d have enough with that plus our savings for down payment + costs + carrying two mortgages for a couple months. However, we would probably need to make a sub-20% down payment and thus carry PMI. In other markets this might not be necessary but Seattle is expensive.I mentioned this to my next-door neighbor (we chat from an appropriate distance!) and he said that whenever we want to sell our house, they want to buy it. They have family who want to move close by.So, selling direct to the neighbor and renting back means we’d have the cash up front for buying the new place, without needing to find a temporary residence and traumatizing our kitties (or my spouse, who hates moving). And they would have adjoining properties for the fam. Win-win.We haven’t made a decision yet, but the sale + rent back is a possibility. We’re definitely inclined to sell to our neighbor, though, especially since he’s a contractor who will take the place as is. The house is in good shape but needs cosmetic work, and I’m happy to not have to do that before putting the place on the market.
Read more at https://www.reddit.com/r/RealEstate/comments/knzjsq/direct_sale_plus_rentback_what_professional/?utm_source=ifttt
Majeed Ekbal's Daily Blog 