Buying a first home is stressful enough without the terms changing just days before closing. But that’s exactly what happened to one first-time buyer after learning the sellers wouldn’t be ready to leave on time.
The buyers were about a week from closing and had already been cleared by their lender when their Realtor contacted them with an unexpected request. The sellers wanted three extra days to finish moving out, offering just $20 per day with no deposit to remain in the house after ownership changed hands.
The Sellers Needed One More Weekend
The sellers said something had come up that prevented them from moving out by the agreed-upon closing date. They wanted the weekend to finish the move, but the buyers weren’t comfortable with the arrangement.
The condition of the house was another factor. The accepted offer required the sellers to have the property professionally cleaned after moving out. The buyers questioned whether the sellers could finish packing, move everything and have the house properly cleaned within that short window.
Moving the Closing Date Came With a Risk
One solution was simply postponing closing for three days, but that created another problem.
The buyers’ mortgage rate lock would expire four days after the original closing date. That meant they’d have just one day of breathing room after the sellers moved out. If something delayed closing beyond that, extending the rate could cost more than $500 per day.
Their Realtor recommended allowing the sellers to stay, but the buyers started considering stronger protections instead, including a higher daily rate and money held in escrow.
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Seller Rent-Backs Aren’t Unusual
What the sellers were requesting is commonly known as a seller rent-back or leaseback. The sale closes and ownership transfers, but the former owner remains in the property for an agreed amount of time.
Several people in the discussion had gone through similar arrangements without problems, including one person who rented a newly purchased home back to the sellers for two months.
The difference in this case was the timing. Instead of negotiating earlier in the transaction, the buyers were asked to decide only about a week before closing.
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The $20-a-Day Offer Wasn’t the Only Concern
Three days at $20 per day would amount to just $60, but the bigger issue was what could happen during those three days.
If the sellers damaged something while moving out, failed to complete the promised cleaning or simply needed additional time, the buyers would already own the property.
That is why a post-closing occupancy agreement can be important. Terms can address the move-out deadline, payment, escrowed funds, utilities, property condition and what happens if the sellers remain beyond the agreed date. One commenter who identified themselves as a retired real estate agent emphasized putting those details into a formal addendum rather than relying on an informal agreement.
The Buyers Had a Decision to Make
Some people urged the buyers to refuse the request and postpone closing until the house was empty. Others pointed out that short-seller leasebacks aren’t unusual and can work when clear protections are in place.
For these first-time buyers, however, the decision involved more than giving the sellers an extra weekend. Their mortgage rate deadline was approaching, repairs and professional cleaning were still expected, and closing was only days away.
They had been cleared to close and thought they were nearly at the finish line. Instead, they found themselves negotiating one more unexpected part of buying their first home.
For now, they’re weighing whether to delay closing or agree to a much more formal post-closing arrangement. Either way, the unexpected request reminds them that getting cleared to close doesn’t necessarily mean the negotiations are completely over.
