Reply to Biggest RE lessons learned/mistakes made

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[quote=Anonymous][quote=Anonymous]Do NOT let sellers stay in the house after closing. We were buying our first house & the sellers insisted they had to close by the end of the year due to tax purposes but claimed they would "definitely be out" after New Year's, the first week in Jan. We had an apt until end of Jan, so we said ok. BIG, EXPENSIVE mistake. By MARCH they were still not out, landlord rented our apt. March 1. We had to put our stuff in storage, live with parents and threaten to have them thrown out of our house. they paid us a nominal amount, so we were paying a lot for our mortgage and storage, plus we had to pay 2 moving costs. And a ton of aggravation.[/quote]

This story is interesting to me.  When I took Real Estate in law school, the prof was adamant that you should never do a lease back after sale.  Particularly in jurisdictions (like DC) that have strong tenant protections.  But you'll find that people on this web site wills say that's ridiculous, everyone does it, etc etc.  I think it works out most of the time, but when it doesn't, it can be a major pain.[/quote]

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