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  • March 28, 2008 at 10:54 PM #177942
    HarryBosch
    Participant

    doofrat and SD Realtor – thanks for your feedback. Much appreciated.

    SD – We are about half way through the sale process – still waiting for our bank’s approval of the short sale. Half way through the process, the buyer notified my realtor that they wanted to know if I (my family and I) were interested in renting our house back from them. We said yes and so we are now in the process of negotiating the rental terms before actual signing of the lease agreement. It has been 22 years since I and my wife have rented. So the process of negotiating a rental agreement during the sale of our house is new and unfamiliar to me. I dont want to leave myself exposed should the short sale fall through. But the rental agreement is being conducted outside of the short sale process. I am responsible for negotiating with the buyers on the rental terms. My realtor is working the sale process with our banks and with the buyer’s realtor.

    March 28, 2008 at 11:19 PM #178314
    SD Realtor
    Participant

    Harry if you guys are negotiating the lease outside of escrow then I understand. Please understand something though, and this is really between you and your agent and the others in your transaction, what you guys are doing may be problematic depending on how your buyer documented the residential purchase agreement. If your buyer marked on the residential purchase agreement that the home was going to be owner occupied, then… well needless to say more. I am not here to lecture you or anyone else, I would just urge you to be cautious and careful. With regards to the lease, like DR said above, do it all after the close of escrow.

    SD Realtor

    March 28, 2008 at 11:19 PM #178316
    SD Realtor
    Participant

    Harry if you guys are negotiating the lease outside of escrow then I understand. Please understand something though, and this is really between you and your agent and the others in your transaction, what you guys are doing may be problematic depending on how your buyer documented the residential purchase agreement. If your buyer marked on the residential purchase agreement that the home was going to be owner occupied, then… well needless to say more. I am not here to lecture you or anyone else, I would just urge you to be cautious and careful. With regards to the lease, like DR said above, do it all after the close of escrow.

    SD Realtor

    March 28, 2008 at 11:19 PM #178325
    SD Realtor
    Participant

    Harry if you guys are negotiating the lease outside of escrow then I understand. Please understand something though, and this is really between you and your agent and the others in your transaction, what you guys are doing may be problematic depending on how your buyer documented the residential purchase agreement. If your buyer marked on the residential purchase agreement that the home was going to be owner occupied, then… well needless to say more. I am not here to lecture you or anyone else, I would just urge you to be cautious and careful. With regards to the lease, like DR said above, do it all after the close of escrow.

    SD Realtor

    March 28, 2008 at 11:19 PM #177958
    SD Realtor
    Participant

    Harry if you guys are negotiating the lease outside of escrow then I understand. Please understand something though, and this is really between you and your agent and the others in your transaction, what you guys are doing may be problematic depending on how your buyer documented the residential purchase agreement. If your buyer marked on the residential purchase agreement that the home was going to be owner occupied, then… well needless to say more. I am not here to lecture you or anyone else, I would just urge you to be cautious and careful. With regards to the lease, like DR said above, do it all after the close of escrow.

    SD Realtor

    March 28, 2008 at 11:19 PM #178413
    SD Realtor
    Participant

    Harry if you guys are negotiating the lease outside of escrow then I understand. Please understand something though, and this is really between you and your agent and the others in your transaction, what you guys are doing may be problematic depending on how your buyer documented the residential purchase agreement. If your buyer marked on the residential purchase agreement that the home was going to be owner occupied, then… well needless to say more. I am not here to lecture you or anyone else, I would just urge you to be cautious and careful. With regards to the lease, like DR said above, do it all after the close of escrow.

    SD Realtor

    March 29, 2008 at 12:13 AM #177983
    HarryBosch
    Participant

    Wonderful. One more thing for me to worry about. Thanks for the heads-up on this.

    March 29, 2008 at 12:13 AM #178339
    HarryBosch
    Participant

    Wonderful. One more thing for me to worry about. Thanks for the heads-up on this.

    March 29, 2008 at 12:13 AM #178342
    HarryBosch
    Participant

    Wonderful. One more thing for me to worry about. Thanks for the heads-up on this.

    March 29, 2008 at 12:13 AM #178350
    HarryBosch
    Participant

    Wonderful. One more thing for me to worry about. Thanks for the heads-up on this.

    March 29, 2008 at 12:13 AM #178438
    HarryBosch
    Participant

    Wonderful. One more thing for me to worry about. Thanks for the heads-up on this.

    March 29, 2008 at 8:35 AM #178488
    SD Realtor
    Participant

    Sorry, I didn’t mean to throw another stick on your pile. I just want you to be aware of all the facts and details. I know of more then a few people who purchased a home and told the lender it would be owner occupied only to rent it out. Saying it will be owner occupied enables them to get a better rate on the loan they are getting. I am not justifying the action, just telling you that the action happens and just to be aware of everything. Perhaps you can use this knowledge to your advantage.

    SD Realtor

    March 29, 2008 at 8:35 AM #178401
    SD Realtor
    Participant

    Sorry, I didn’t mean to throw another stick on your pile. I just want you to be aware of all the facts and details. I know of more then a few people who purchased a home and told the lender it would be owner occupied only to rent it out. Saying it will be owner occupied enables them to get a better rate on the loan they are getting. I am not justifying the action, just telling you that the action happens and just to be aware of everything. Perhaps you can use this knowledge to your advantage.

    SD Realtor

    March 29, 2008 at 8:35 AM #178393
    SD Realtor
    Participant

    Sorry, I didn’t mean to throw another stick on your pile. I just want you to be aware of all the facts and details. I know of more then a few people who purchased a home and told the lender it would be owner occupied only to rent it out. Saying it will be owner occupied enables them to get a better rate on the loan they are getting. I am not justifying the action, just telling you that the action happens and just to be aware of everything. Perhaps you can use this knowledge to your advantage.

    SD Realtor

    March 29, 2008 at 8:35 AM #178389
    SD Realtor
    Participant

    Sorry, I didn’t mean to throw another stick on your pile. I just want you to be aware of all the facts and details. I know of more then a few people who purchased a home and told the lender it would be owner occupied only to rent it out. Saying it will be owner occupied enables them to get a better rate on the loan they are getting. I am not justifying the action, just telling you that the action happens and just to be aware of everything. Perhaps you can use this knowledge to your advantage.

    SD Realtor

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