Seller Rent Back Issues

[Anonymous]

Anonymous wrote:OP - I know it sounds harsh, but I wouldn't do either.

Insist on closing on the 8th and insist on her getting out. This isn't your problem and renting back for 18 hours may very well prove to be difficult. Her family will just need to suck it up. She agreed to this closing date, so I'd stay firm...

This is the dumbest thing I have ever heard of. I would under no circumstances agree to this.

She comes to closing on the 8th or she suffers whatever penalty is in the contract.

[Anonymous]

Anonymous wrote:OP, we also can't change closing because her agent is unwilling to close on a weekend day? Weird. I suppose we are sticking with the 8th and she is renting back for 18 hours. I might be pyscho and sleep in my car and watch them move out. DH will want to kill me.

Her agent is suppose to work for her. If her agent is unwilling to close on a Monday, then that is something between the seller and the agent. It should not be your concern. I am not oppose to doing a rent-back, but in your situation I would not do it.

[Anonymous]

Agree with all the previous posters-don't rent back. Also make sure you have a walk-thru before closing to make sure she is packed and moved out.

[Anonymous]

DO NOT RENT BACK! Follow your gut instinct. It is not your problem to make things convenient for her. You can not focus on her being elderly This is a contract that she needs to abide by. Your agent needs to work this out with her agent. That is what they are being paid to do. You have put the burden on yourself, but you are the last person who should be assuming any burden in this situation.

[Anonymous]

OP here. Thanks for all the advice everyone. We should have this all worked out tomorrow. I do not want to go into the long weekend stressing about this.

[Anonymous]

Anonymous wrote:OP here. Thanks for all the advice everyone. We should have this all worked out tomorrow. I do not want to go into the long weekend stressing about this.

Please post what happens, OP - both what you decide and how it works out.

[Anonymous]

I'm kinda on the other end of this as we are currently renting back from the buyer of our house.

I understand that you fear the worst from this seller but in your shoes I wouldn't deny the rent back at this point. But do your walk through before closing. That should give you a good idea about whether she is ready to move. Also talk with your agent/lawyer about what to do if she is not out by the agreed upon date. Good luck!

[Anonymous]

I wish I had seen this earlier. I am a very experienced real estate attorney (done 10K+ DC settlements) and I would have said to let her rent back, especially for one day. My condition would have been that all of her proceeds are held in escrow and that if she isn't out on the next day then the title company will automatically transfer to you (on a daily, weekly, monthly interval) rent equal to DOUBLE your PITI. The double is actual a standard provision, as is a security deposit to cover for damage. What isn't standard is holding the entire proceeds, rather than just rent for the days she is staying, but it is only one day, so she probably doesn't care. Also the automatic transfer obligation is not standard. It prevents you from having to sue her to get at the money. Always better to be sued then to sue over a money dispute.

[Anonymous]

Can the OP let us know how this went down? (Or is still going down?)

I am about to settle with a rent-back and wonder how this situation panned out.

Thanks!

[Anonymous]

Hey! It worked out where we didn't do a rent back at all. The seller had no clue that she had to rent back at OUR mortgage payment, not hers (she'd been in the house for 20 years). When she realized how much she would have to pay us, she got her act together. Yay!

[Anonymous]

I just read through this post. As an agent, I can say you got really good advice from everyone here. Everything they said is what I would have advised you as well. And for the record - this is a common issue now for some reason. Keys at closing is always the best way. I've had buyers and sellers agree to settlement dates a couple months in the future to avoid a rentback and guess who always pushes for the rent back? the other idiot agent....because they want their commission. Ugh.