Skip to main content

Signing a rental lease before our house sale closes - Freaking out! lol

Got divorced, agreed to sell our house, I'm living here with my kids while home is on the market. Received offer 2 1/2 weeks ago. We made it thru the inspection (buyer requested additional concessions which we agreed to). Rush appraisal has been ordered but not yet scheduled - waiting to hear back on that. Closing is set for 7/18.

Problem is that I'm going out of town for work on 7/15 and so I'm down to less than 3 weeks to commit to a rental & move. We found a rental home in our budget that we really like & the owner has been great. They waited over a week for the inspection to go thru & they are willing to sign a lease with a contingency that if there are issues with the appraisal, we can cancel the lease. There are also 3 other qualified applicants but the RE broker pressured the owner to choose us.

But we need to sign this lease tomorrow. My concern is - what if the buyer's financing falls thru? I don't feel like I can ask for another contingency from this owner at this point & I don't want to lose out on this rental home... but if the sale of our house falls thru, I can't afford both mortgage and rent while the home goes back on the market. Our agent has requested an updated LSU (loan status updated) from the buyer's agent. Also, per our agent, there are no indications that the buyer's financing won't come thru but "you never know what can happen".

I guess my question is - how often does a buyer get thru inspection & appraisal for the deal to then fall apart due to financing issues?

I think I should take the leap of faith that this rental home that my 2 kids and I love (and have been thinking about since we saw it 2 weeks ago) is where we need to be & that it will all work out somehow but I'm scared! Any words of wisdom kind internet strangers?

submitted by /u/Miserable-Arm-6797
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1lj56yo/signing_a_rental_lease_before_our_house_sale/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...