I have two situations where I’m trying to get the agreement signed, and in both cases they want me to allow them to stay for a short period of time after close until they find another house. They want to use the money from the close to fund their new house because they don’t have good credit. It pulls my heart strings and I want the deal. Do I let them stay for a few weeks until they can use the money to get another place? Or am I going to find myself in a position with a tenet who won’t pay rent and is impossible to evict? Would love to hear best practices out there.
Write the offer such that a significant amount is held back. Some of that goes to rent and utilities, the other is returned after they move out. Put a hard deadline on move out date.
I think that is a great idea @Theresa Harris . They put skin in the game and you have a good conscience for letting them stay. And charge them a fair market rent for short term or long term rental.