Reply to How common are rent backs in this market?

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[quote=Anonymous]We lost an offer recently where the sellers asked for 60 days free rent back - we said fine, not thrilled to have to do it but that’s the game right now, put it in our offer. As the sellers are reviewing, it’s down to ours and one other (same top price, both waived everything). The sellers agent comes back and says “Oh yea forgot to mention, the sellers actually need 90 days free rent back” (on top of the 45 day close). They want it to be you, but you have to agree.” We said we couldn’t (current lease is up this summer and we would’ve been without a home for a month), so they went with the other buyers. Our agent even said “you can just not tell your lender!” and my head almost exploded. We are first time buyers, LYING to our lender sounds beyond foolish.

The imbalance in the market right now is disgusting - I don’t fault any seller for trying to get the best deal, but there’s a point where it just feels predatory. They purposely didn’t mention the 90 days until after we paid for pre-inspection and submitted the offer. If we had known upfront, we would have passed. But as long as buyers keep agreeing to these ridiculous demands, sellers will continue to take every ounce of flesh they can. It’s gross.[/quote]

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