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Thread: Selling house, giving early possession date and renting it back?

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    Default Selling house, giving early possession date and renting it back?

    We are selling house as private sale.

    Buyer has asked for early possession to take advantage of a mortgage rate locked in.

    They only want possession on paper, but we will actually be staying at the house until July 15. Its just a closing date for the sale they are requesting, then we rent OUR OWN house back for 2 months.

    Asking for closing date of May 15. We don't get possession of new house until July 15.

    Is this a good idea?
    Last edited by cidley69; 04-21-2022 at 03:30 PM.
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    1) what will it cost you to live elsewhere for that two months?
    2) has the buyer said the deal is off if you decline?
    3) is the buyer compensating you extra for this?

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    Quote Originally Posted by ExtraSlow View Post
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    1) what will it cost you to live elsewhere for that two months?
    2) has the buyer said the deal is off if you decline?
    3) is the buyer compensating you extra for this?
    Not sure how #2 would be relevant as the way he worded it would be a favor to the buyer to take advantage of the rate as opposed to it being a condition. But I could be wrong.

    Also, I agree with #3. You're not out there to do any favors for anyone so they better be compensating you via cheap rent ($500/mth) or some other form of cash payment for you helping them out.
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    It should be rent free imo. You are saving them boatloads on the rate over a 5 year term so what is 2 mos rent.
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    +1 for rent free. Agree to do the paperwork however they like, contingent on you living there til possession of the new place.

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    Quote Originally Posted by cidley69 View Post
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    Is this a good idea?
    Probably if you think they are paying a good price without involving an agent. But I would definitely ask for lower than market rent rate (or free) for those 2 months and you don't have to move twice.

    But if this isn't a private sale, I probably won't entertain it.

    Remember that lowest mortgage rate guaranteed was last dished out in Feb and will expired in May. So that will remove some buyers from the market as we head into the summer.

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    Quote Originally Posted by littledan View Post
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    It should be rent free imo. You are saving them boatloads on the rate over a 5 year term so what is 2 mos rent.
    To put some numbers behind it, you are saving them $6K on $300k mortgage, 25year amort.

    That's definitely worth 2 month's rent.

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    I’d do it just because rates are creeping up and it’d be better to sell sooner than later and let’s you start shopping now with cash in hand for your next place.

    but also rent should be something that reflects you are doing them a favour. Maybe not free but definitely below market
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    The only consideration that should be considered is cash at close.
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    Quote Originally Posted by ThePenIsMightier View Post
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    Word.

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    Quote Originally Posted by killramos View Post
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    The only consideration that should be considered is cash at close.
    cash at close would be shut down by any lender if they were aware..Simple things like gift cards have prevented some deals I did.

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    Lmao... asking owner to rent his own home because they requested a shorter possession to lock in a rate. What kind of entitled bullshit is that? Fuck. Off.

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    Quote Originally Posted by gwill View Post
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    cash at close would be shut down by any lender if they were aware..Simple things like gift cards have prevented some deals I did.
    Do you think people offer gumdrops and rainbows when they buy homes or something? lol

    You want different deal terms, the price changes. This ain’t rocket science.
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    guessing who I might be, psychologizing me with your non existent degree.

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    Quote Originally Posted by Disoblige View Post
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    Lmao... asking owner to rent his own home because they requested a shorter possession to lock in a rate. What kind of entitled bullshit is that? Fuck. Off.
    +1, 2 months free rent or bust

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    Quote Originally Posted by Disoblige View Post
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    Lmao... asking owner to rent his own home because they requested a shorter possession to lock in a rate. What kind of entitled bullshit is that? Fuck. Off.
    agreed

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    The only issue I could see is them claiming you added damage in that timeframe. Document the condition of the place, imo.

    Quote Originally Posted by G-ZUS View Post
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    +1, 2 months free rent or bust
    Agreed. The advantage in this case is direct communication with the buyer. A conversation can be easily drawn to the topic of rent, and verbally projected something like:
    1) Reiterate how much it saves them and how you want to help them out.
    2) Acknowledge rent had been discussed, though it wasn't your "ideal scenario"
    3) Force them to agree that both parties should gain benefit from any proposal
    4) Suggest free rent for the duration. If they claim they want "something", remind them of #1 then #3.

    Enjoy the free rent.

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    Quote Originally Posted by Disoblige View Post
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    Lmao... asking owner to rent his own home because they requested a shorter possession to lock in a rate. What kind of entitled bullshit is that? Fuck. Off.
    Since this is private sale, OP save like what $15-$30K in commissions? That's the only reason I would pause and think about cheap/free rent. Otherwise, it's too much hassle.

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    Quote Originally Posted by Xtrema View Post
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    Since this is private sale, OP save like what $15-$30K in commissions? That's the only reason I would pause and think about cheap/free rent. Otherwise, it's too much hassle.
    That's true.

    ...though one could argue the buyer got a better price on the house itself because of that. Regardless, I'd consider that part of the negotiation already closed. And I'm also not sure a 1 minute conversation is THAT much hassle.

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