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We made an offer on a SS that was accepted by the seller. We actually paid over their asking price so it would take care of what was owed on the loan, thus not a SS at least to the seller if it goes thru. The sellers asked if they could close 1 month from now to avoid the fees, etc. that would go along with their losses as opposed to closing 2 months from now. They request this early close and would rent back from us (at their suggestion) for that month. We looked at the rental market and came up with a fair pricefor them to rent it back ($1800). Apparently these folks are very cash strapped (but not my problem) and they countered with $200 and they would throw in their enormous gazebo that sits outside, which we have zero use for and are glad it will be gone actually. To me, this is not *renting back*.
what is a fair counter back? We think if they cant come up with the cash to rent then go with a close in 2 months (which is what they want to avoid).
We were even thinking $1500 but keep hearing from their agent how cash strapped they are. I get it, we have been there too but we are already doing them a favor by potentially taking a SS status off their hands
Since this is a short sale, I wouldn't trust them to leave at the agreed upon time after the rental period. I'd also be afraid they would damage the house before they left. This often happens when people have to move out for monetary reasons.
Since this is a short sale, I wouldn't trust them to leave at the agreed upon time after the rental period. I'd also be afraid they would damage the house before they left. This often happens when people have to move out for monetary reasons.
But at the price we are paying (basically their loan payoff to the bank) its not a SS anymore.
But at the price we are paying (basically their loan payoff to the bank) its not a SS anymore.
Why it's a ss than?
They can also change there mind and refuse to go with your offer if they are not agree with "rent" amount.... right? I wouldn't personally deal with short term rents like that anyways..
Its a SS because they stopped making their mortgage payments months ago. They also had it listed for $25k less than what we offered. The amount we offered was what was owed to the bank. They already accepted the offer as well
Copsgirl, I don't understand why you are even considering it. You paid for the house, they either pay or get out. I don't care about the circumstances.
Things to consider: Do you have insurance in case they cause damage? What if someone gets hurt in *your* house, are you insured if they sue you?
You'd have to write up a DETAILED rental agreement and probably have a lawyer look over it.
Copsgirl, I don't understand why you are even considering it. You paid for the house, they either pay or get out. I don't care about the circumstances.
Things to consider: Do you have insurance in case they cause damage? What if someone gets hurt in *your* house, are you insured if they sue you?
You'd have to write up a DETAILED rental agreement and probably have a lawyer look over it.
All over one month?
Youre right, having my REA look into this. I agree, cant pay - time to go
The whole thing stinks to me, based on the sellers "tude". It doesn't strike me or the others that have posted that you would get your house in the condition you expected when you bought it, if you rent to them. I would decline, respectfully, the rent back. I doubt they will cancel the sale it sounds like they are out of options.
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