U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-10-2019, 07:38 PM
 
Location: Phoenix, AZ
4,129 posts, read 2,253,569 times
Reputation: 11141

Advertisements

Let's see. I'm going to give you several hundred thousand dollars and then not be able live in my house for a few months.


BULLLL SHEEET.


You don't want to move, don't put your house up for sale.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 01-10-2019, 09:36 PM
 
Location: Asheville, NC
12,434 posts, read 29,347,189 times
Reputation: 5207
FYI, some of the reasons we did this were because our house wasn't going to be finished being built, another time was because we were moving out of state and my DH had to finish a job assignment and the other time was because we wanted the kids to finish the school year out without having to change schools. As you can see, they were all legit reasons. We had a place to go all three times but we just wanted to make sure the house got sold in time. Had we waited to sell, who knows if the house would have been sold before we were ready to move?

Anyway, it worked out well for all of us in the end
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-11-2019, 08:14 AM
 
8,397 posts, read 6,554,774 times
Reputation: 6367
Quote:
Originally Posted by beckycat View Post
The sooner you can close, the better. Anything can change or go wrong. That's why I feel rent back is much better than a delayed close. I guess we got lucky but it worked for us every time we did it.
Glad it worked out. Is there anything special I should include or look out for when adding a rent back clause?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-11-2019, 09:08 AM
 
Location: El paso,tx
4,024 posts, read 1,718,465 times
Reputation: 7277
For the seller a rent back is safer... you dont need to worry that rates will changeraising their pmt so buyer no longer qualifies due to debt to income ratio, or another house coming on mkt that buyer loves so they back out of your contract, or buyer dying or losing job, or being transferred by job. Plus you dont move out before you close and risk deal falling apart so now you have an empty house to sell.
A longer close may be desired more by buyer due to worry about condition of house after close.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-11-2019, 09:35 AM
 
Location: Florida -
10,119 posts, read 13,029,960 times
Reputation: 21384
If you are going to insist on a delayed closing (or rent-back), the agreement should include a provision for the seller to conduct a final inspection and appraisal then. As with a regular closing, the agreement/contract should then be subject to normal inspection adjustments and/or even further negotiation.

I understand many sellers/buyers do this, but, it generally benefits both parties. Otherwise, unless the seller also benefits from a delay or rent-back, why should they change their moving plans, schedules and financing? .... and then, have no provision for added damages, material changes or other issues?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-11-2019, 09:44 PM
 
8,397 posts, read 6,554,774 times
Reputation: 6367
Quote:
Originally Posted by jghorton View Post
If you are going to insist on a delayed closing (or rent-back), the agreement should include a provision for the seller to conduct a final inspection and appraisal then. As with a regular closing, the agreement/contract should then be subject to normal inspection adjustments and/or even further negotiation.

I understand many sellers/buyers do this, but, it generally benefits both parties. Otherwise, unless the seller also benefits from a delay or rent-back, why should they change their moving plans, schedules and financing? .... and then, have no provision for added damages, material changes or other issues?
You mean the buyer for final inspection of the property?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-12-2019, 02:29 PM
 
Location: Rochester, WA
9,853 posts, read 6,626,443 times
Reputation: 26920
Quote:
Originally Posted by KayAnn246 View Post
You mean the buyer for final inspection of the property?

I too assume that's what jghorton meant.

The Real Estate Purchase contract will and should be long closed by then. It's not helpful or necessary to keep that contract open, but a Tenant/Landlord agreement, including a damage deposit could and should certainly be agreed to. How concerned or lengthy that agreement needs to be depends on the players and the circumstances.

Re-Appraisal? no. No need for that.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-12-2019, 02:41 PM
 
Location: Asheville, NC
12,434 posts, read 29,347,189 times
Reputation: 5207
Quote:
Originally Posted by KayAnn246 View Post
Glad it worked out. Is there anything special I should include or look out for when adding a rent back clause?
We pretty much kept is very simple. We just stated what we would pay monthly and how long that we'd be staying. One, in fact, was left open as far as a move out date. An investor bought our house and figured he would be renting it anyhow. He was getting the rent from us and we had a place to stay. We were both happy. That was the one where we were building a house and wanted to make sure it was completed before we had to move out. We just gave the buyer a month advance notice once we knew the build would be completed. As another poster mentioned, the buyer may want a deposit just like a traditional rental. I don't think this is unreasonable. Once you move out and a satisfactory inspection is done, your deposit shall be returned to you. We even had large dogs and it was still acceptable to the buyer(s). They could see we took of the house and the dogs did not damage it. It's all up to you how you want to word the contract and what terms you agree upon. Keep it as simple as possible.

Would I do it again? Absolutely! Good luck!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-12-2019, 03:20 PM
 
8,397 posts, read 6,554,774 times
Reputation: 6367
Quote:
Originally Posted by beckycat View Post
We pretty much kept is very simple. We just stated what we would pay monthly and how long that we'd be staying. One, in fact, was left open as far as a move out date. An investor bought our house and figured he would be renting it anyhow. He was getting the rent from us and we had a place to stay. We were both happy. That was the one where we were building a house and wanted to make sure it was completed before we had to move out. We just gave the buyer a month advance notice once we knew the build would be completed. As another poster mentioned, the buyer may want a deposit just like a traditional rental. I don't think this is unreasonable. Once you move out and a satisfactory inspection is done, your deposit shall be returned to you. We even had large dogs and it was still acceptable to the buyer(s). They could see we took of the house and the dogs did not damage it. It's all up to you how you want to word the contract and what terms you agree upon. Keep it as simple as possible.

Would I do it again? Absolutely! Good luck!
Thanks!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-14-2019, 02:49 PM
 
Location: Lake Coeur D’Alene
5,178 posts, read 7,652,847 times
Reputation: 5367
We bought a lake house this past fall. We had an accepted offer in July but the place was being used as a vacation rental till summers end so we did a delayed closing in mid September. No way did we want to deal with renters and the seller wouldn’t or couldn’t cancel them.
Sure did wish we could have gotten it earlier but it worked out in the end.
Rate this post positively Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top