Question 1

What is Truehold’s Sell and Rent option?

Accepted Answer

Our Sell and Rent option brings together two widely recognized real estate transactions—a home sale and a lease contract—into one streamlined process. This allows you to sell your home to unlock equity while staying in it as a renter. Both transactions are everyday concepts, but what makes this unique is how we streamline them to provide a smart option for homeowners who want to access their equity without leaving the place they cherish.

Question 2

How does the Sell and Rent process work?

Accepted Answer

The transaction begins when you request a no-cost offer on your home. We’ll present an offer that clearly outlines your estimated offer and rent rate. After signing the Purchase and Sale Agreement, a third-party inspector completes a standard inspection of your property. We’ll provide our final offer after the inspection results. Once you review everything and feel fully informed, all that’s left is closing on the sale and signing the lease agreement.

Question 3

Who is eligible for the Sell and Rent option?

Accepted Answer

To be eligible, you should be a homeowner living in one of our operating cities, with a property valued at approximately $150,000–$450,000. To see if your home qualifies, give us a call at (866) 505-8850. A Truehold representative will be happy to walk you through the entire process and answer any questions. We encourage homeowners to seek multiple offers to make the right decision for their needs.

Question 4

What is the process from start to finish?

Accepted Answer

Start by contacting us on our website or calling (866) 505-8850. Your dedicated Truehold representative will gather basic information about your home and guide you through the process. You’ll receive a no-obligation offer within 48 hours, outlining both the offer price and a competitive rental rate. If you choose to move forward, you’ll sign a Purchase and Sale Agreement (PSA).

After the PSA signing, Truehold contracts a licensed third-party inspector to complete a thorough home inspection, which may adjust the final offer. If the offer is adjusted, you can move forward or walk away with no penalty. There’s also a customary tenant qualification process, including income, credit, and background checks. The last step is closing on the sale and entering into the Lease Agreement, with proceeds transferred immediately.

Question 5

How long does the process take?

Accepted Answer

The length of the process depends on individual circumstances, but on average, a Sell and Rent transaction can be completed in as little as 30 days from the time you accept the offer.

Question 6

What fees do I have to pay when I sell my home through Sell and Rent?

Accepted Answer

Truehold charges a 5.5% transaction fee on the purchase price of your home. If you’re working with a listing agent, Truehold follows the commission set by the listing agent. This fee is paid to our broker at closing out of the sale proceeds, a portion of which is shared with a brokerage entity owned by Truehold. As in any traditional home sale, customary third-party closing fees apply to the sale. Depending on the jurisdiction, closing taxes may apply as well. These fees and taxes will be outlined on the settlement statement, which is prepared by an independent settlement company. Following the sale, the lease agreement will be effective, and there are potential fees payable thereunder. Our team is available to walk you through the exact costs—give us a call at (866) 505-8850. We encourage customers to carefully read the provisions in their lease agreement before signing.

Question 7

Is Sell and Rent the same as a reverse mortgage or home equity loan?

Accepted Answer

No, it’s fundamentally different. Unlike a reverse mortgage or home equity loan, our Sell and Rent transaction is not a debt product, which means there’s no loan to repay. Instead, you’re selling your home outright, renting it under a lease, and receiving cash proceeds to spend however you’d like.

Question 8

How is my home offer determined? Is it final?

Accepted Answer

Truehold provides an initial cash offer based on comparable home sales in your neighborhood and any information or photos you provide our team. After that, a third-party inspector will conduct a standard inspection. Depending on the inspection results, the offer may be adjusted. Once we finalize the offer, you can choose to accept or decline with no obligation. Homeowners should consider multiple offers to make the best choice for their needs.

Question 9

How do I know if my home qualifies?

Accepted Answer

To find out if your home qualifies, call us at (866) 505-8850. If it does, we’ll provide a no-obligation offer within 48 hours.

Question 10

Are there any restrictions on how I can use the cash from the sale?

Accepted Answer

No, the cash proceeds from your Sell and Rent transaction are yours to use however you see fit. Whether it’s paying down debt, covering unforeseen expenses, or simply adding to your savings, the choice is entirely up to you.

Question 11

Can I buy my home back?

Accepted Answer

No, Truehold does not offer a buy-back option. Once you sell your home to Truehold, you become a renter, and the property is owned and managed as part of our rental portfolio.

Question 12

What happens to my home after I leave?

Accepted Answer

After you decide to move on, Truehold will typically rent your home out to another tenant. In some cases, we may sell the property to another buyer.

Question 13

What does Truehold cover after I sell?

Accepted Answer

Truehold’s third-party property management team is responsible for essential repairs, such as replacing a leaking roof or fixing an HVAC system. Routine maintenance items like lawn care, cleaning, and minor repairs are your responsibility. All terms are included in your lease agreement that you review with a Truehold representative prior to signing. To learn more, review our renter responsibilities page.

Question 14

How does Truehold calculate my rent?

Accepted Answer

We competitively price rents based on several factors, including comparable rental properties in your neighborhood and market conditions.

Question 15

Is my rent going to be more expensive than my mortgage?

Accepted Answer

This comparison varies depending on your homeownership history and the city you live in. Your rent is calculated based on local market rates, which may or may not be higher than your current mortgage payments. Your Truehold representative can walk you through the specific numbers for your property.

Question 16

How long can I rent? Is there a minimum?

Accepted Answer

Most Truehold leases are 12 to 24 months, with the option to move after just six months of renting. We work to ensure that lease terms are clearly set before you sign the agreement. In almost all circumstances where you are a tenant in good standing, we’ll make sure that the new lease terms upon renewal will be run by you through our team. If the home was not properly maintained or there were previous past-due rent issues, then your lease may not be renewed. This occurs only in extreme circumstances.

Question 17

What happens if I want to move out after selling through Sell and Rent?

Accepted Answer

All Truehold customers must comply with the lease terms, including the minimum rental period, which ranges from six months to two years depending on the lease. If you choose to move after the initial term, let your Truehold representative know, and they’ll guide you through the process of ending your lease and preparing for your next step. If you choose to terminate your lease before the minimum term, an early termination fee applies. The early termination fee is outlined in your lease.

Question 18

Will my rent ever increase?

Accepted Answer

Your base rent is fixed for your initial lease term. Just like the initial rent, we competitively price renewal rents based on various factors, including comparable rental homes in your neighborhood and market conditions. The renewal term rent may be increased from the initial term rent. Upon lease renewal, your property manager will provide an updated lease agreement.

Question 19

Besides rent, do I have any other monthly payments?

Accepted Answer

Any other monthly payments are set by the property manager and outlined in the lease agreement. Additional payments differ city to city but include typical rental fees such as utilities.

Question 20

What happens if I can’t pay my rent?

Accepted Answer

If you’re having trouble paying rent, contact your property manager as soon as possible. Each of our local management companies have built-in programs to help support renters during difficult times including payment plans and rental assistance programs. We want to keep our residents in their homes, so we aim to do as much as we can to help.