Personal Finance | Finance

Want to Sell Your House ASAP? Use a Leaseback

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Mortgage Mike
Mortgage Mike
February 3, 2023 | 1 Minute Read

Homes for sale in Salt Lake just shot through the roof!

Salt Lake had the second biggest inventory jump out of any other metropolitan area in the country last month. And if you don’t believe me, open up Zillow! There are so many more red dots than the last time you checked.

Tons of people are looking at everything else in the market: stocks, crypto, etc. and thinking, “Man, I don’t want my home value following that.” So, there’s a ton of people panic selling. We can’t tell you if the real estate market is going up, down, or in circles over the next couple of months. But what we can tell you is if you think the sky is falling, and you want to get out of your home as fast as possible, but you don’t have a plan right now –  you need to know about a lease back!

A lease-back is an agreement between the seller and the buyer that lets the seller rent back and live in that home after the buyer closes on the house.This lets the seller cash in on their equity ASAP and then gives them a month or two to figure out what they’re going to do next.