Seller wants to rent after closing

[littleMike]

What is the name of your state (only U.S. law)? MA

I am in a process of purchasing a short sale property which I will use it as a rental business. The seller is interested to rent this after the closing.
If the bank has no problem for this, is there anything I need to plan carefully for this?

Usually the seller should vacant the property on the day of closing? If we can reach a deal for rental, the seller may stay. So it looks to me we have to reach rental deal before closing, because this will decide if the seller can stay or vacant? Correct?

Thanks a lot.

 

[tranquility]

First rule of rentals, only rent to people who can pay the rent. One way professionals attempt to determine this is to see if the person pays his bills. They do this by checking their credit. Sure, maybe this poor son-of-a-gun got caught behind the 8-ball through no fault of his own. If at the beginning of when the real estate bubble burst, maybe. Your renter probably had a modification when that happened and still couldn't afford the house. Do you really think this is a good person to trust with one of your biggest assets?

 

[STEPHAN]

Make sure that you do not have to sign anything from HIS bank as part of the shortsale process that would not allow you to have him stay.

 

[sarawood]

It can be complicated when a seller wants to stay in the house or shopafter closing. Make sure you execute a clear seller rent back agreement to confirm that all parties.