Should You Allow Buyer To Rent During Closing?
Author: Mark Walters
It's not uncommon for an investor to sell a house and have the buyer request the right to rent and occupy the property while the closing is being completed.
You're a bad guy if you refuse and often in hot water of you agree. Here are the potential problems with renting before closing:
1. Buyer is in the home for two months and then the potential lender decides the buyer can't qualify for the mortgage loan. Now that's bad news!
2. Buyer is in the home for two months... gets a bad case of buyer's remorse and wants out of the deal. Now that's bad news!
3. Buyer is in the home for two months and comes to the closing table with a long list of needed repairs he has discovered du...
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