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Ok so I purchased my place in May, and agreed to a 60 day rent back, as the sellers were building a home--I was assured by them and their agent that they would most likely be out early, but deff by end of rent back. Now my rent back is up next week and the sellers are saying they ran into way more issues with their house than anticipated and asked to extend. I told them no---first of all my mortgage doesn't allow for that and 2nd--we need to be in our home. He say's well then he's just going to pay the 100/day per the agreement b/c he doesn't want to stay in a hotel in-between homes.
My agent is reaching out to his agent for more details on what's going on and then going to report it all to the broker. They've told me (my agent) that theres more too it than them just paying the 100/day and that if they don't leave they'll get in big trouble --but what does that mean? Do I need to find a real estate attorney? Also what does my agent reporting it to the broker do? I've asked my agent a million questions but they are still trying to get answers from the sellers agent, and I'm trying not to freak out. I'm in VA if that makes any difference at all.
Ok so I purchased my place in May, and agreed to a 60 day rent back, as the sellers were building a home--I was assured by them and their agent that they would most likely be out early, but deff by end of rent back. Now my rent back is up next week and the sellers are saying they ran into way more issues with their house than anticipated and asked to extend. I told them no---first of all my mortgage doesn't allow for that and 2nd--we need to be in our home. He say's well then he's just going to pay the 100/day per the agreement b/c he doesn't want to stay in a hotel in-between homes.
My agent is reaching out to his agent for more details on what's going on and then going to report it all to the broker. They've told me (my agent) that theres more too it than them just paying the 100/day and that if they don't leave they'll get in big trouble --but what does that mean? Do I need to find a real estate attorney? Also what does my agent reporting it to the broker do? I've asked my agent a million questions but they are still trying to get answers from the sellers agent, and I'm trying not to freak out. I'm in VA if that makes any difference at all.
It depends on what the terms of the rent back are. Here we would file the paperwork with the sheriff for eviction. We also have really steep fees for failing to be out on time. What does your paperwork say? You have some kind of rent back agreement with terms and conditions for that time, right?
It depends on what the terms of the rent back are. Here we would file the paperwork with the sheriff for eviction. We also have really steep fees for failing to be out on time. What does your paperwork say? You have some kind of rent back agreement with terms and conditions for that time, right?
Yes they have a 5k deposit, which I would keep if they fail to leave--it also states that they would pay an additional 100/day for every day they fail to leave as well as cover any additional costs of displacement for me--like furniture storage, moving fee's hotel room, oh and my attorney fees if I had to take them to court. etc ----I'm pretty sure the seller is just assuming the 100/day. and it doesn't seem like he paid attention to the rest of the paragraph on all the fees he would incur so I'm hoping his agent explains it more to him which entices him to leave on time ---not to mention, not vacating is a super ****ty thing to do --
Yes they have a 5k deposit, which I would keep if they fail to leave--it also states that they would pay an additional 100/day for every day they fail to leave as well as cover any additional costs of displacement for me--like furniture storage, moving fee's hotel room etc----I'm pretty sure the seller is just assuming the 100/day. and it doesn't seem like he paid attention to the rest of the paragraph on all the fees he would incur so I'm hoping his agent explains it more to him which entices him to leave on time ---not to mention, not vacating is a super ****ty thing to do --
Well, the seller is paying for a hotel or Airbnb one way or another. Sounds like they need a reminder of the losses they will incur.
Well, the seller is paying for a hotel or Airbnb one way or another. Sounds like they need a reminder of the losses they will incur.
yea I'm really hoping his agent makes him re-read the fine print--but if he still doesn't care I'm not sure what the next steps are--I'd assume a laywer but my agent hasn't brought that up yet--I think they are hoping it doesnt come to that.
Ok so I purchased my place in May, and agreed to a 60 day rent back
First mistake.
Quote:
Originally Posted by Sjmama19
I was assured by them and their agent that they would most likely be out early, but deff by end of rent back.
Second mistake - believing a realtor's assurance.
I'll bet the realtor conned you into this to make the sale rather than wait for another seller who would be out by close of escrow.
Quote:
Originally Posted by Sjmama19
I told them no---first of all my mortgage doesn't allow for that and 2nd--we need to be in our home. He say's well then he's just going to pay the 100/day per the agreement b/c he doesn't want to stay in a hotel in-between homes.
Is any of that in the rent back written agreement? I doubt it.
Your rent back agreement allows for $100 per day holdover rent? Then there isn't really anything you can do about them holding over.
Quote:
Originally Posted by Sjmama19
My agent is reaching out to his agent for more details on what's going on and then going to report it all to the broker. They've told me (my agent) that there's more to it than them just paying the 100/day and that if they don't leave they'll get in big trouble --but what does that mean?
Means absolutely nothing. The agents aren't lawyers. They have no power to enforce anything. Besides, they have been paid. They have no skin in the game. They don't care what you got yourself into by signing a rent back agreement.
Quote:
Originally Posted by Sjmama19
Do I need to find a real estate attorney?
Yes.
At the very least to find out what you got yourself into by signing the rent back agreement. You obviously signed it without understanding the potential consequences.
I'll bet the realtor conned you into this to make the sale rather than wait for another seller who would be out by close of escrow.
Is any of that in the rent back written agreement? I doubt it.
Your rent back agreement allows for $100 per day holdover rent? Then there isn't really anything you can do about them holding over.
Means absolutely nothing. The agents aren't lawyers. They have no power to enforce anything. Besides, they have been paid. They have no skin in the game. They don't care what you got yourself into by signing a rent back agreement.
Yes.
At the very least to find out what you got yourself into by signing the rent back agreement. You obviously signed it without understanding the potential consequences.
Actually there's alot more to it than the 100/day--thats just 1 of the many many stipulations. The sellers will be out of alot of money per the agreement--they also signed it stating they would vacate by a certain date and might back out on that --so it seems like signing anything means nothing. Also, they (the sellers) would be required to cover any and all legal fees as a result of their failure to leave--so honestly,i'm not sure they read the agreement in full.
Actually there's alot more to it than the 100/day--thats just 1 of the many many stipulations. The sellers will be out of alot of money per the agreement--they also signed it stating they would vacate by a certain date and might back out on that --so it seems like signing anything means nothing. Also, they (the sellers) would be required to cover any and all legal fees as a result of their failure to leave--so honestly,i'm not sure they read the agreement in full.
Advice:
Get thee to an attorney and get a letter outlining the full consequences per your contract.
Get advice on how to evict. Some new construction is running over by months.
Keep your lender out of it. They likely won't check, and you don't want them to be aware that your holdover tenant is not turning the house over to you in a timely manner.
"Don't ask. Don't tell."
Viewed with the 20/20 vision of hindsight:
The $100/day is greatly insufficient. It undermines urgency to vacate. The holdover amount should be somewhat punitive. I wrote one over the winter at $300/day on a $340,000 sale.
Advice:
Get thee to an attorney and get a letter outlining the full consequences per your contract.
Get advice on how to evict. Some new construction is running over by months.
Keep your lender out of it. They likely won't check, and you don't want them to be aware that your holdover tenant is not turning the house over to you in a timely manner.
"Don't ask. Don't tell."
Viewed with the 20/20 vision of hindsight:
The $100/day is greatly insufficient. It undermines urgency to vacate. The holdover amount should be somewhat punitive. I wrote one over the winter at $300/day on a $340,000 sale.
All good advice here^^^^^
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