Rent back
Started by wvilnewbie
about 17 years ago
Posts: 4
Member since: Nov 2008
Discussion about
Has anyone ever heard of renting an apartment back to a seller? I've been on the market for about six months now, and probably seen about 75 places. I've finally found one that makes me want to cry it's so perfect. Tricky thing is, I'm not planning on living in it for about a year. I know I know--why buy now? I'd like to ignore that question if the board regulars can manage. I feel like I'm getting a good deal on an apartment I love and the timing makes sense for other reasons. So my question really is--is there any downside (or upside, potentially) to renting to the seller as opposed to a brand new tenant? Has anyone ever seen this done? Thanks very much.
Um, why does the seller want to rent it back?
I believe the seller is selling for reasons of financial difficulty. So he needs cash. The link below would make it seem like it's not such a big deal, provided you take steps to protect yourself (as you would with any tenant): http://homebuying.about.com/od/offersnegotiations/f/022608_rentback.htm
Has the seller asked about this? Seems to me that it is only sensible if initiated by the seller.