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Section 3 really has to do with the time allowed for the former owner to remain in the property after closing (COE). For example, in California it is commonplace to write the Purchase Agreement allowing the seller to remain in the…"
Erin's Discussions
Freddie Mac Addendum and "rentback"?
Started this discussion. Last reply by Thom Colby 888-391-5245 CA Brkr Jan 22. 7 Replies 0 Likes
Hello,I am a first-time homebuyer in the process of some back & forth after putting an offer on a short sale. The latest thing to come up is that we have been sent what appears to be a standard…Continue
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Jeff Payne replied to Erin's discussion Freddie Mac Addendum and "rentback"?"I totally agree with Mark on both of his responses. "
Erin replied to Erin's discussion Freddie Mac Addendum and "rentback"?"Thanks Mark! That's exactly how I interpreted it. I guess our agent asked their agent if they had any intent to stay beyond escrow closing and they said no, so that makes me feel better too. "
Mark replied to Erin's discussion Freddie Mac Addendum and "rentback"?"Changing the language is likely to "kink" your deal, and isn't necessary"
Mark replied to Erin's discussion Freddie Mac Addendum and "rentback"?"The addendum doesn't require you to allow the seller to stay, it simply allows you to give them a few extra days as a courtesy, if, as you suggested, their new place isn't ready on closing day."
Erin replied to Erin's discussion Freddie Mac Addendum and "rentback"?"I'm not 100% opposed to them making arrangements with us to stay a short time as needed (like the example I mentioned where maybe their new apartment wont' be ready til a few days after escrow will close). I just want to make sure we are…"
Smitty replied to Erin's discussion Freddie Mac Addendum and "rentback"?"If you don't like the terms of the addendum, cross out that section and rewrite and initial. "Under no circumstances is the seller to remain in the property after closing" - Whatever you are comfortable with."
Erin posted a discussionFreddie Mac Addendum and "rentback"?
Hello,I am a first-time homebuyer in the process of some back & forth after putting an offer on a short sale. The latest thing to come up is that we have been sent what appears to be a standard addendum which needs to be signed in front of a notary. Our concern is with part of point 3 on the addendum:"3. The parties acknowledge and agree that there are no agreements, understandings, or contracts between the parties that the Seller will remain in the mortgaged premises as a tenant or later…See More
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