PALM BEACH COUNTY, Fla. — Homeowners are flocking to a new selling trend where they sell their house now and then move out later.
“We may sell the house we’re living in,” Herb Finnell told WPTV.
As he begins that process, Finnell is considering an interesting concept.
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“You gotta consider all the options,” Finnell said.
One of those options is selling your home now but then moving out later.
“We’re trying to see what will work out for everybody,” Finnell said.
He isn’t alone. It’s something homeowners all over South Florida are doing in this unprecedented sellers’ market, where sellers are often getting well-above asking price from buyers.
“It’s a very unique situation. We are starting to see it more and more in our South Florida market,” Monika Phillips, a real estate agent with Douglas Elliman in Jupiter, said.
Phillips told WPTV she’s had several clients use this selling-avenue over the past year.
“For example, I currently work with a family that, they were the buyers and they put a contract on the property back in January and we have a scheduled closing date in September,” Phillips said.
Phillips said in some of these cases, the seller essentially then becomes a renter, leasing their home from the buyer until they’re ready to move to their next home.
“It makes it very favorable for all parties and everybody also has to follow certain rules,” Phillips said. “When there is a title company and attorney involved, there is an additionally agreement that gets drafted and is signed prior to closing so that way everybody knows what is the time frame.”
There’s also often a buy-back option available for the seller if they have a change of heart.
These are all things Finnell is looking at closely while he tries to decide if this is the right way for him to sell.
“We’re going to have to see how it plays out,” he said.