What’s a Rent Back Deal? (And Two Other Reasons A Seller May Still Be in the House After Closing)

Nothing deflates the excitement of buying a home faster than a seller who’s still in the house after closing. But in a low-inventory market, many sellers might request rent- or lease-back deals, which allow them to remain in the home for a short period of time. These deals are often quite amicable. But there are still other nightmare scenarios where a seller refuses to leave on the agreed-upon date, so buyers should tread carefully in this territory. “I’ve had people literally crying in the driveway, moving vans in the driveway, and the other people haven’t moved out yet,” recalls Nicole Solari, a top agent and first-time homebuyer specialist in Fairfield, California. “And conflicting times. Just lack of coordination, and lack of communication, is the biggest thing.” Depending on the sellers’ willingness to be reasonable and how urgently you need to move in, you’ll either need to work out an agreement or engage the help of an attorney if the situation escalates. Let’s dive into questions and situations you may face if the seller is still in the house after closing. Partner With an Agent Who Can Negotiate a Rent-Back Agreement If you’re selling your home and considering the benefits...