Reply to How common are rent backs in this market?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Mortgage lenders will allow 60 days. [/quote]

Oh brother  :roll:  why would you even tell your lender? That is ridiculous.

it's a rent-back, not a "rental".  #hit happens. You start out intending to do a 30 day because you need to find a house. That 30 turns into 60 because you still can't find a home. [/quote]

You can't not tell your lender. The provisions of the rent back are in the contract, which the lender gets. Are you saying the buyer should accept the seller arbitrarily extending it because they cannot find a house without any protection for the buyer after it's legally their house?[/quote]

That's what we did when we sold. Was supposed to be a 30 day rent back and that was in the contract, Then we had to extend to 60 days, which turned into almost 90 days. We drew up a separate short term rental contract at the start of the 60 days and we got rental insurance.  Nothing arbitrary about it. We kept in constant communication with the buyers and we continued caring for the home as if it was ours.  [/quote]

Why would the buyer agree to this? Don't they need to move in?[/quote]

Because they are first time buyers and have flexibility.[/quote]

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