Primary Home Purchase: Seller Wants Lease Back
Hello,
I know this is not really investment related, but I will be closing on a primary residence property. The seller is asking for a “lease back” option for a few weeks since they need to find a place. Is this common? Any risk especially with COVID eviction moratorium?
Appreciate any experience or inputs here. I’m in Los Angeles area and my biggest fear is closing on this home and now have nightmares trying to boot someone. This property will be in the Pasadena, CA area.
Most Popular Reply
This is very common. Not sure what stage of the process you are in (you mentioned closing on the deal soon so that would mean you are at the end) but usually the seller would have negotiated this prior to accepting your offer and for many sellers it can be a deal killer if the buyer is unwilling to provide a Rent Back option for them. You will have to feel out the seller to see how important it is to them. Regardless this is extremely common for sellers to rent back up to 30 days.
Was this property on the market? Is there an agent working with the Seller? What are the seller plans after selling?