Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Has anyone asked what renovations they want to do? Make them give you a list and sketch and approve what you are comfortable with and wrote language in about completion. Improvements made by lessors remain property of the owner pretty much everywhere I know of, by law, so if they leave, as long as it is completed you might gain something.
Though the point about them trying to renegotiate is a good one.
I've requested this, we'll see. All I know at this point is what my agent has told me on the phone.
The way I'm thinking is:
- Painting walls, refinishing floors, new light fixtures = good. As long as it isn't poorly done, they may make my house more marketable if this falls through.
- Anything else, bad. Can go unfinished, can be used to find an issue that they use to negotiate the price of the house down, can be completed but be something that has no market value and would make it difficult for me to sell, the possibilities are endless.
Ditto--don't do it. If the house burns down while they are "renting" they walk away and you're stuck with the mess. Tell them they need to close on the house first. People can do that by getting "bridge" loans.
I worked for an excellent RE atty who regularly advised sellers not to even let the buyer move in a few days before the sale. Bad idea. If anything happens, it is a legal mess. Anyone who would advise you to do so does not have your best interests in mind.
As others have pointed out, there are so many downsides to this that I couldn't possibly recommend it. However, if you do choose to consider it, you should only do so by requiring a healthy non-refundable deposit which is paid directly to you, no escrow.
Do NOT do this. If you have a GOOD agent, your agent would also be telling you NO. Rarely does anything good come of these types of situation. What happens if they get into your house, and all the sudden decide they don't like it??!!!!! No, No, No.
If they do move in and they can't get a loan. You're going to have a fun time getting them to vacate and not destroying the house in the process.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
If the house burns down while they are "renting" they walk away and you're stuck with the mess. Tell them they need to close on the house first. People can do that by getting "bridge" loans. 
