Rent Back Agreement Reddit

A good broker should be able to connect you to a SIP or Seller In Possession agreement. These are specific to leasebacks of less than 30 days and should cover everything a lease would cover, such as: it happens all the time, but I wouldn`t do it, unless I don`t have a choice for some reason. In case of return rental, as soon as you close, you will be the owner. If they do not go up to the set date, it may take you 30-60 days to have them distributed depending on the state you are in. Any damage to the home during this time could either fall on you to take care of you, and even though it`s their responsibility under the rental agreement, you might have to fight them for it. My wife and I just bought our first home. We are very much looking forward to seeing the whole thing, but our broker just mentioned that the seller is interested in a return rental agreement. Apparently, the seller had lined up a house, but another offer was accepted before it was theirs. Maybe you`d like to have a lawyer bounce that back and have them design the document if you continue here. This is usually a terrible idea from the IMO, but I don`t know the WISC to tell you what your worst situation is.

How much equity do they have? Is it possible to withhold a very large amount to force respect, or do they actually use all the revenue to pay off their mortgage? Also, you`ll likely have to sign something for your mortgage, in which you indicate that you intend to occupy the house within a set period of time (normally one or two months), so if you make a repayment for that long, you`d commit mortgage fraud…