Location: Texas
Submitted 09/16/12 03:03 PM

Q. We have sold our home and the buyers have already passed the close date that was set on the contract. We put a 10 day leaseback into the contract as well. If the buyers move the close date out a week can we also move the leaseback date out a week? The reason we need to move the leaseback date is because the new house we are purchasing is being purchased with a USDA loan, which requires we sell our current home first. So we can't get into our new home to make needed changes and repairs until we close on our current home. If we let them keep the current leaseback date it will only give us 3 days to do everything needed rather than the original 10. Shouldn't there be a way to make them give us the extra time we need if we're giving them more time?

 

Answer #1
Submitted 09/16/12 03:08 PM
John Nelson & Irma Nelson San Antonio Real Estate Agents - San Antonio Homes (San Antonio Real Estate Agents with Keller Williams Realty): Agent in San Antonio, TX John Nelson & Irma Nelson San Antonio Real Estate Agents - San Antonio Homes (San Antonio Real Estate Agents with Keller Williams Realty)
Agent
San Antonio, TX

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A.

Your agent should be able to advise you on this but the answer is yes.

If you are doing an amendment to extend the close date also put in a provision to change the 'leaseback' move out date to a date that works for you.   Seem fair to me but it is part of the 'amendment' process.    I am sure you and your agent can come up with a date that works for both the close and the 'leaseback' end date.  

 

Answer #2
Submitted 09/16/12 03:09 PM
Tom Paul (Woodstream Realty): Agent in Fort Worth, TX Tom Paul (Woodstream Realty)
Agent
Fort Worth, TX

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A. Everything is negotiable but the short answer is yes. Ask your Real Estate Agent who knows the particulars about your contract.

Answer #3
Submitted 09/25/12 08:09 AM
Donna Harris, REALTOR®, CDPE & ASP - Hill Country Austin Lakeway Homes (RE/MAX Austin Skyline): Agent in Austin, TX Donna Harris, REALTOR®, CDPE & ASP - Hill Country Austin Lakeway Homes (RE/MAX Austin Skyline)
Agent
Austin, TX

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A.

As previously stated everything is negotiable. However, you need to keep their situation in mind also. They might be in an apartment and if they have no place to go, they might not be willing to extend the lease. However, if you offered more money to stay longer, they might offset them staying at a hotel while you do updates to your new home. You want them to take your situation into account, but you need to take their situation into account also.
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