Jan
04
Can I rent back my house after selling it?
By
I’ve sold my house and got the completion date. But if my buyer is agreeable, I would like to rent it back for a week or two to enable some work on my purchase. What are the pro’s and con’s? (My buyer won’t be moving in immediately.)
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6 Comments
January 5th, 2010 at 10:13 am
Yes, you can rent it back. You will probably be required to pay the prorate portion of the buyer’s mortgage (which, if you sold at an appreciated value will be more than what you are paying now).
Talk to your real estate agent, these types of transactions happen all the time.
January 8th, 2010 at 5:58 am
This is done all the time. Just make sure you get a contract, even if it is only short term. Or, see if you can change the closing date on the purchase, that would give you a bit more time.
January 9th, 2010 at 3:04 pm
This is actually quite common for people with school age children. The parents know they will be moving and put the house on the market but don’t want to actually move until a school year is up. They may close in March and then rent the hosue back from the new owner until they do move out.
You will want to make sure you have a home warranty on the property. Nothing will sour a relationship like having something major go wrong with the house and then having to approach the new owner to fix something that should have been addressed while you still owned it.
January 12th, 2010 at 2:51 pm
sure. this happens all the time.
this will be spelled out in purchase agreement. You will pay him rent at the closing outside of the HUD statement. (i.e. you will hand buyer a separate check for the rent.)
January 15th, 2010 at 3:04 am
You can do so with the buyer’s permission. You and them would need to work out an agreement together
January 18th, 2010 at 8:05 am
Yes you can. Include this in the purchase contract when you counter offer the buyer and usually the buyer will accept it. You will have to pay the rent equal to the buyer’s mortgage payment, not your mortgage payment.
If you try to negotiate when the buyer ready to close the loan, your chance is only 50/50.