What is a Leaseback and how can it benefit you?

If you need to sell before buying, either because you need the money for the downpayment, or wouldn't qualify to hold both mortgages at the same time, a leaseback option may be a great option to consider.

A leaseback is an agreement between the buyer and seller that allows the seller to continue living in the home for an agreed-upon period after the sale, while the buyer assumes the role of the landlord.

This can be an ideal option for sellers who need more time to find another home once they sell their current home. Additionally, this is helpful if you need to sell your home first in order to qualify for your new home, or if you need the money from the sale for the down payment.

If you're planning to sell your home in the near future, it might be worth exploring the possibility of a leaseback option. This arrangement enables you to take advantage of the current seller's market while giving you the freedom to search for your new home without the need for temporary housing.