Edie Waters, a Kansas City agent with 28 years of experience under her belt, says this used to be one of the most common reasons someone requested a rent back deal. Still others may be building their next home, and maybe it’s the construction crew that needs more time. “It was beneficial for her just to sell it to us and then just rent it back for a period of time,” David says. The funds from the sale of her home, coupled with the rent-back agreement, gave her time to downsize and find a new place to live. Ryan David, a real estate investor in Pennsylvania, recalls one recent rent-back deal he participated in where an older woman wanted to sell her home after her husband passed away, but she needed more time to sort through all of the belongings they had accumulated during their life together. Or they may simply need more time to move due to a variety of life circumstances. They may need additional time to find their next home but need the money from the home sale for their down payment. There are a number of reasons why a seller could request a rent-back deal. Scenario 1: The seller asks for a rent-back in the contract The sellers refuse to move out, period.You’re worried the sellers will miss the move-out deadline.We’ve got solutions and options for the specific scenario you face, whether it’s: Just lack of coordination, and lack of communication, is the biggest thing.”ĭepending on the sellers’ willingness to be reasonable and how urgently you need to move in, you’ll either need to work out an agreement or engage the help of an attorney if the situation escalates. “I’ve had people literally crying in the driveway, moving vans in the driveway, and the other people haven’t moved out yet,” recalls Nicole Solari, a top agent and first-time homebuyer specialist in Fairfield, California. But there are still other nightmare scenarios where a seller refuses to leave on the agreed-upon date, so buyers should tread carefully in this territory. In these cases, you’ll become the seller’s landlord while they continue to live in the home temporarily. Given the recent low-inventory market, many sellers are requesting rent- or lease-back deals, which allow them to remain in the home for a short period of time. That said, a seller remaining in the home after closing isn’t always a nightmare scenario. Such a scenario truly takes the social faux pas of overstaying your welcome to a whole new level! Nothing deflates the excitement of buying a home faster than a seller who’s still in the house after closing.
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