No. of Recommendations: 0
If this was already stated somewhere in the thread, disregard: you don't want them living in a house you own. God forbid there's a fire and they are injured or worse, you have the potential for a major liability suit on your hands.

Proper insurance does need to be in place. If the owner doesn't move out immediately, a rental agreement, a renter policy, and landlord policy do need to be in place.

In the current local real estate market, allowing a rent back can make the difference between getting the property or not. Inventory is extremely low. There isn't the option of just buying a different property.

The seller is not guaranteed that the deal will close until it closes. Neither have control over the bank that funds the mortgage. Both sides can believe that everything is in place, and the loan will fund on a specific date. Then the loan doesn't fund because the bank doesn't bother to get around to funding the loan, and doesn't notify anyone why they haven't funded the loan.

It is a challenge on both sides.
Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.