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Buying & Selling Real Estate

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John H.
  • Massachusetts, MA
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144
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Closing pushed off, buyer wants to rent until closing

John H.
  • Massachusetts, MA
Posted Sep 7 2011, 13:05

I'm selling my home (owner occupied investment property) and my buyer just found out they can't close on time as planned. They asked for 2 additional weeks before the closing. I proposed we go 4 weeks instead as then I'll have owned the property for year 1 day and I will save on taxes. She asked if she can rent from me until the closing now slated for oct 30 (53 days away).

This is my first time doing this, any advice? All I have asked for is that she can't move in until I have a mortgage commitment from her. Anything else I can do to protect myself in case she can't get funding, or decides she doesn't want to buy it, and not move out. I need to sell it, I can't afford to rent it out.

Thanks.

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