Wednesday, July 8, 2009

Operation rent back!

We are now closing on both houses July 31.

The sellers of dream house found their dream house, which happened to be a foreclosure (aka: have 30 days to close, PITA, etc.). The seller asked if we could close early, and I told him we couldn't because our house failed the radon test and we needed the extra money (so true, but a little sympathy card never hurt either). Patti later called saying the sellers would like to close July 31, and then rent the house back for the month of August. Deal!

This way the sellers can keep all money that they would pay us for the mortgage, and put it toward Brent's and my share on the roof (which will be a little more than half of what our share of the roof will be, and would also make this transaction tax-free).

Our Rent Back Guidelines:
- Seller will pay what our mortgage and home insurance monthly fee will be
- Roof must be done by July 31
- Utilities will remain in the seller's name until possession date
- Damage clause
- Seller's contract still valid on what stays
- Possession date moves up to Aug. 31 from Sept. 2

1 comment:

  1. Nice blog I have read your post very informative, The Sale and rent back sector that has completely transformed in the last year. New FSA Regulation has brought in strict rules for Sale and Rent Back firms and protection for those people wanting to sell and rent back their homes.