What is a rent-back and how does it help sellers who are buying?

A rent-back is an arrangement where the seller stays in the home for an agreed period after closing, paying the new owner rent, which gives a seller who is also buying extra time to move without two closings on the same day. It is negotiated as part of the purchase contract, so the rate and length of time are set before closing rather than figured out after. Buyers are often willing to offer one to win a listing. Joel Boss builds these terms into offers when sellers need the runway.