Asked by Mike, San Jose, CA • Mon Mar 8, 2010
We asked our agent (seller's agent) to get longer than 30 days rent back. He told us it is not possible due to the fact the buyers loan is based on owner occupied property. To rent back longer than 30 days will risk the buyers loose their loan. Unless it is a rental property loan, there is a limit of ONLY 30 days to rent back required by the bank. But we know our friends agent negotiated 6 months rent back for them in order for their kids to finish the school year. We are having a hard time to find a short term rental property since we are looking for a new house.
Did we have a poor negotiation in the terms of the rent back?
What is the maximum rent back time period allowed by the bank on a primary residence loan?
Can the rent back be negotiated and done any differently, in order to get longer than 30 days?
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