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