Many people are looking for new and innovative financial options. One of these options is Sell & Stay. The most common question is about how Sell & Stay works. Sell & Stay is a residential sale-leaseback program. At its most basic, that means you sell your house to us, then rent it back. Read on to better understand each step of the Sell & Stay process.
Fill Out the Form to See if You Qualify for Sell & Stay
First, let’s go over how Sell & Stay qualification works.
While we don’t require your credit score or a certain amount of income, we do need to make sure that your home qualifies for our program. You fill out the qualification form and we’ll let you know in short order whether you’ll be able to participate in the program.
We’ll Write Up a Contract
If you decide Sell & Stay is for you, we’ll go over how the next step works. Next, we’ll write up sale and lease contracts. This basically combines the processes you’d go through while selling and renting a home, making one conditional on the other. We can close on the sale and leaseback in as little as 21 days. While you don’t need to get a lawyer to represent your interests, we highly suggest that you do.
Get the Cash You Need
Sell & Stay works by purchasing your home and getting you the cash. You get to convert your home equity to cash. Your home equity is the money that you have invested in your home, the difference between your home’s market value and the amount you owe on your mortgage.
You will no longer have a mortgage or therefore a mortgage payment. We own your home and that means you don’t have mortgage debt. However, you’ll have to pay rent every month just like you would if you rent any other home.
Continue Living in Your Home
When we’re sure EasyKnock’s Sell & Stay works for you, we write up a lease contract while we’re working out the details of buying your home. The two go hand in hand. One of the conditions of you selling us your home is that we are obligated to rent it back to you so long as you hold up your end of the lease contract. It’s essentially the same as renting any other home, except it’s the home you used to own.
While you’re living in the home under the lease agreement, EasyKnock will cover the property taxes. You are required to handle basic maintenance on the home like lawn care, snow removal, and appliance maintenance. You don’t need home owner’s insurance anymore, but we do require you to get a renter’s insurance policy.
Move or Buy Back Your Home at Any Time
If you decide you don’t want to live in the home anymore, you can decide to have EasyKnock put the home on the market. Once it sells, you’ll receive any appreciation from the sale. You can choose the realtor and make other decisions pertaining to the selling of the home.
Sell & Stay also works so that you can buy your home back later. You’d pay us a cost laid out in the initial contract either in cash or by getting a new home loan. You’d no longer be obligated by the lease, and you’d own your home again.
How Sell & Stay Works: Key Takeaways
If you are interested in alternative financial and real estate opportunities, take a look at EasyKnock’s Sell & Stay and find out how it works. If this sounds like a good solution for you, talk to a financial advisor and contact us to get started.