Comments on: The Standoff

By: Phyllis Harb

Phyllis Harb — Wed, 30 Jul 2008 12:26:02 +0000

buying or selling a home is stressful, now that the buyer has removed all of their contingencies in writing, you can relax, the remaining details will work out – congratulations!

By: Christina Chan

Christina Chan — Tue, 29 Jul 2008 19:52:43 +0000

Thanks, Phyllis. We’re still trying to work out the details of all of this.

All the contingency removals are signed off on. You think we would have cleared up all the other issues already!

By: Phyllis Harb

Phyllis Harb — Tue, 29 Jul 2008 16:28:53 +0000

I think the lease back & the rent back are referring to the same thing. You leasing/renting the property from the new owner at their PITI (principal, interest, taxes and insurance).

I think the buyer prefers to be paid from escrow because that way he is assured of getting the rent – there is no security deposit (is there?) for him to fall back on. If there is some reason you don’t want it out taken out of escrow…. maybe escrow can hold that money aside and release to the buyer if you don’t pay them….?? Just a thought.

Just get the ALL contingency removal signed.

By: Christina Chan

Christina Chan — Tue, 29 Jul 2008 02:01:47 +0000

Thanks, Phyllis. Here’s what I don’t get. The buyer’s agent is offering a leaseback. This, I understand gets taken out of escrow. I definitely don’t want that. A rent back sounds like I pay them directly?

Also, supposedly, they are putting down a big down payment and their PITI is lower than mine. That must be a big down payment, considering how much the price of the house has gone up. So I don’t get what is going on exactly.

We’ll resolve everything, but it’s a bit of a bumpy ride.

By: Phyllis Harb

Phyllis Harb — Tue, 29 Jul 2008 01:25:50 +0000

Yippee!!! You made it and congratulations.

Of course the buyer doesn’t want to loose their interest rate – they might not be able to afford your home if their rate is bumped. Perhaps a rent back could be used – they close early and you rent the home from them until closing. The issue may be that their payment (PITI) is higher than yours – but if everyone has the same goal, and it sounds as if buyer and seller do, than it can be resolved. Unfortunate that their Realtor just wouldn’t fess up and tell you the problem so it could be resolved without out all of the stress.