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Megan Cramer, Real Estate Pro in Washington, DC

Questions about a rent back agreement as the buyer and what an executed sales agreement really means

Asked by Megan Cramer, Washington, DC Tue Apr 6, 2010

I have an executed sales agreement to buy a house but the seller wants to do a rent back. Their agent had told me this in the begining so that wasn't a big suprise. The problem is that the agent told us that it would be until the end of july. So I put in the offer and it was accepted and did the home inspection and all of that and signed off on everything and then found out that the sellers really want to stay until the end of Aug. Now we close on Jun 1 so they essential want to stay for an extra 3 months. Now I don't want to be mean I know they have 2 little kids and are building a house but I have to be out of my current living situation by the begining of Aug that is why I orginally thought this rent back option was a good idea. What can I do so that there are no hard feelings and that I don't lose the house. Should I ask for money for me since I will be inconvinced and let them stay, should I pay them a little bit extra and have them leave or what else can I do??

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Answers

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Check with your Realtor. Either of your ideas will work. It really depends on what you and the sellers decide. They can compensate you for your expenses if you permit them to stay there through August. That is, compensation above the rent they'll already being paying you.

Or you can demand that the terms of the contract be honored. They can stay through the end of July. Period.

Or, being a nice guy, you can allow them to stay through the end of July, then at least partially compensate them for August. (Maybe offer to pay the storage fees on their furniture and belongings.)

What you don't want is for it to drag on any longer. If they're building a house, it might not even be ready by the end of August. And then you get into the new school year, so if they haven't moved by then, they may want to stick around for a while longer.

You need an absolutely firm end date.

See what your Realtor suggests.

Hope that helps.
0 votes Thank Flag Link Tue Apr 6, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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