We are closing on our first house in 3 days. Obviously this is a stressful time for us only made more stressful by the seller wanting a very fast closing (divorce) and us trying to make everything happen in as close to 30 days as possible. We are now fully packed, we've told our current landlord we will be out in 4 days and hes been showing the place to new tenants, My wife and I have put in the time off from work and we've got the movers all set. Now the seller wants to do a rent back. I feel like there is just no time to do this properly and get all the paperwork setup and be sure we are fully protected. I feel bad, but I think given the short notice this would be foolish for us to allow. Thoughts?
Just say no, the seller needs to figure it out.
I wouldn't close escrow until the Seller is out at this point, otherwise looks like they will be living in your house.
I would say no and explain that you have a date that you need to vacate your current place and that a rent back won't work for you. My guess is that what they had lined up got screwed up or pushed back and they are tying to figure out another option. Since it won't work for you my answer would be no.
Tell them your place will be available! :)
Bill Gulley, General Real Estate Academy | https://generalrealestateacademy.com
Hi, we live in Perth Amboy.
Just say no. Tell him he needs to get his act together.
Let them know had it been brought up before today you could have worked it in, At this point the new owners will be taking possession and do not want it occupied!!! To late and I would not feel bad you could not have known.
I also just feel like its not worth it for the seller. They'd have to cover our Mortgage, any additional insurance costs, the cost to keep a roof over our head, storage costs for us, the cost for us to move twice (once to storage then once into the home) and quite frankly I think there should be $ thrown on top as an inconvenience cost. Had this been part of the deal all along MAYBE, but 3 days out doesn't seem realistic.
I'm worried they might not show at settlement..
We had the same thing happen to us. The owner was the original owner and had no mortgage on the property. She wanted to stay an extra 45 days. We still had 60 days on our apartment lease. No problem. When she saw what the new payment was she almost had heart failure. Her impression was that she would stay and just pay utilities. It was quite comical. Good luck.
Exit 114 here
@Tom Kelly has the right approach. Instead of YOU telling them no outright, let them decide it isn't worth it to them. This happened in one of our houses as well. We purchased it for a significantly larger sum than they originally did, and when we spelled out exactly what it would cost per day, they were happy to kick their packing into high gear.
Figure out how much it will cost you in mortgage payments, taxes, insurance, etc. PLUS how much it would cost for storing your belongings (the storage facility charges per month so the monthly charge should be what you quote him, even if you are only in the storage unit for 4 days.) plus moving twice. Always round those numbers up.
3 days notice is not enough time. But talk to your current landlord and see if your unit would be available for one more month.
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