Still looking for a home and we found one that we’re interested in – private sale though. However, the seller would like to stay, rent free, for half a year (maximum) to search for and close on a new house. Seller is suggesting to sign a contract for the sale and wants to use the funds to purchase a new house (Didn’t specify if this was just the deposit for proof of funds or not as we are still discussing). Seller suggest to not start the mortgage until later and may be lock in the interest rate.
Are situations like this common? I heard of rent back for a period of time after closing but I’m unsure cases like this are the norm.