I’m selling a townhouse in Louisiana for which I paid (financed) $122,000 in 2017. It went on the market yesterday at $129,500 and I have three offers already: one at list price, one at $129,900, and one in cash at $134,500. Obviously the cash offer is the best, but buyers want a closing date of Sept. 10 and I won’t be moving until the end of September.
So, my realtor suggested we take the Sept. 10 closing if the buyers allow me to rent the house back for a month. They agreed to this last night, at a monthly rent of $1200. For comparison, my full mortgage payment is $635/month. My realtor says the reason to do the rent-back instead of just asking for a later closing is that the cash buyers might find another house they like better before whatever date we pick. Other people giving me advice think that the realtor just wants a quick commission. Can anyone offer more informed thoughts on this?
It also occurred to me late last night, after my agent talked to theirs about the rent-back, that I need to stipulate they’ll let me keep my dog if I’m their tenant from Sept. 10-Oct. 10. That one is non-negotiable! I assume I should have all details like that worked out before I accept the purchase offer; what else should I include?
Note: I have to respond to this offer by 10:30 am CT today, 8/26/21.