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Who wants to be a realtor at 70? Who hires a 70 year old realtor? Good grief! This has disaster written all over it. Good luck to the OP. If the seller's realtor can't get 5 days worth of insurance figured out, how on earth will you make it to closing?
We were told we would have to give free rent to our seller until his escrow on his other house closed and we would be required to insure him. We passed on the deal. I thought it was nervy to tell us we would give free rent in the first place and we didn't want the liability of having someone in our house after COE. We would then have the problems of final walkthrough being after we had already owned the house for a week or two. No thanks.
Many elderly people want senior agents who they can relate. Many agents are very wise and seasoned at 70 (and still kicking it)
Well this 70 year old just got her license...so not a seasoned professional. My agent is mid 60s and brings a wealth of knowledge to the table. It's not about age, but the years in business, too many retirees think it will be a fun "hobby" to sell RE so they go out and get a license.
I would be shocked if the sellers had an insurable interest in the house after closing, other than for their own personal property. The rent charged should be high enough to cover the cost of insurance for the buyer.
I would be shocked if the sellers had an insurable interest in the house after closing, other than for their own personal property. The rent charged should be high enough to cover the cost of insurance for the buyer.
Somehow you missed the thread title... "free rent back".
License means minimum requirements have been met... agents work under Brokers and all I know carry Error and omission coverage.
Agents also cannot give legal advice... they market and act as a conduit in an attempt to reach agreement and get paid at closing.
Typical here is PITI for short term holdovers... Principal, Interest, Taxes and Insurance prorated... which is often higher than fair market rent.
My last seller holdover was not actually the seller... they moved to a retirement community... it was their 40 year old daughter whose housing plan collapsed.
The broker was dual agency and suggested a hold back of 5k and a flat of $80 per day and we both agreed... it really was the seller who got the daughter out because she was costing them money!
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