PropertyMinder  (AccelerAgent), Modern Tools for the Modern Agent (PropertyMinder, Inc.)

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Rainmaker
1,231,599
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

AS Barbara Todaro and Fred Griffin said, use an attorney to ensure all the necessary paperwork is signed.

Mar 14, 2018 02:19 PM
Rainmaker
3,329,712
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I am very familiar with it. FIrst if i was representing a buyer, i would have them stay away from it unless the seller signed a lease and put a very large sum of money in escroe to guarantee they will move out, that they will leave the home in as good of a condition as the buyer looked at it. 

Mar 14, 2018 02:12 PM
Ambassador
4,242,401
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Yes, I have. So far, only one bust out of dozens!

Mar 14, 2018 01:44 PM
Rainmaker
4,107,196
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Yes... but rarely see them done in my market. I do one a year at most and never for longer than 60 days as most mortgage loans require a buyer to move into their home within 60 days of closing.

Mar 14, 2018 02:14 PM
Rainmaker
5,571,804
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

yes, for a short period of time, if the buyer has a holdover but does not want to lose a rate...they close early and the seller rents back for a month +/- at a per diem until their next home is ready to close..... both parties have attorneys....

Mar 14, 2018 02:06 PM
Ambassador
2,569,922
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

   Use an Attorney to draft the documents.  You can run into problems.

Mar 14, 2018 02:05 PM
Rainmaker
1,386,168
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Yes, I've done these on some purchases.  They've worked out well for me, though they did end up lasting longer than initially expected (due to seller medical issues) and the rentback needed to be renewed.

Mar 14, 2018 01:39 PM
Rainmaker
1,518,356
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

We do not market it specifically but use it often if seller needs extra time to move out.

Mar 14, 2018 05:54 PM
Rainmaker
710,004
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

Happens from time to time. Very common in commercial.

Mar 14, 2018 05:41 PM
Rainmaker
1,914,219
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

It does not happen very often in our area.

Mar 14, 2018 04:48 PM
Rainmaker
683,965
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

Yes, we had that on a deal last year. The property was a short sale with a fast, firm deadline to close by  & the buyers closed on the property & then the attorneys wrote up paperwork to allow the seller to live there an additional couple weeks so that they could plan their move better. Good people on both sides, it worked out great. 

Mar 14, 2018 04:30 PM
Ambassador
5,401,088
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Yes, this came up in a class on Win Win Negotiating today in Green Bay.

Mar 14, 2018 04:25 PM
Rainmaker
528,640
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

With the LOW Inventory issues we are seeing this as a more common entity.  I had one recently and it worked out perfectly for both the buyer and seller ... a win/win.

Mar 14, 2018 03:09 PM
Rainmaker
893,775
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Builder's models are great for seller leaseback. Also in commercial it's quite common at least for a short period of time. Sometimes it could take an awful long time to move big heavy machines and such. And nobody wants to start moving until the deal's done.
Also, the seller can strategically sell and leaseback to free up cash.

The buyer loves this because the seller is 'in', requiring no repairs buildout or TIs, no deferred maintenance issues, no negotiating nickel and dime stuff . . . full rents paid from the get. It can be profitable for all.

Mar 14, 2018 03:08 PM
Rainmaker
1,114,132
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Try to avoid seller rent backs or buyers with early move ins. Past experience is that they are trouble. 

Mar 14, 2018 01:23 PM
Rainmaker
4,093,732
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

I have seen the term used in a different manner.  This "term" shows up in various markets. Be careful. 

Mar 14, 2018 07:19 PM
Ambassador
3,986,710
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I know an investor that uses this approach with distressed sellers. It works many times giving him the advantage over other investors and agents.

Mar 14, 2018 05:21 PM
Rainmaker
1,722,050
Lyn Sims
Schaumburg, IL
Schaumburg Real Estate Agent Retired

It's done all the time & I'm not sure why that is a hot sell? Maybe take your time to find a new home as a seller? Here in IL seller would put up 1.5% in escrow & pay buyers PITI for the month. It's not any deal as most times the buyer has a higher mortgage.

Mar 14, 2018 03:25 PM
Rainmaker
821,117
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Lease-buy-backs have been around in the corporate world for a long time. Have not heard of it in residential situations. On the coprorate side, there are tax advantages. I would need to think this through more thoroughly, but at first blush, it sounds like for sellers, this would carry a big risk of being kicked out at some point; the document would have to be crafted very carefully. 

Mar 14, 2018 03:01 PM
Rainmaker
6,597,733
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is not a typical situation in our market.

Mar 14, 2018 02:51 PM
Rainmaker
4,202,671
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Used to be much more popular than it is today.

Mar 14, 2018 02:44 PM
Rainmaker
3,069,984
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Mary Yonkers nailed this one!

Mar 15, 2018 05:02 AM
Rainmaker
3,985,855
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I am aware and I have seen some really bad occurances because of it

Mar 14, 2018 08:18 PM
Rainmaker
514,124
Dan Tabit
Keller Williams Bellevue - Sammamish, WA

Yes, our market has been hot for a while so sellers can ask for this. It does however limit the available pool of buyers, depending on the terms they may be buying under. For example if your request a rent back longer than 60 days, a lender will may decline as most require their buyer to take possession by then.

Get the terms in writing up front. Verify the seller's plan to move by the end of the term or you may be an unwitting landlord. 

Mar 14, 2018 07:33 PM
Rainmaker
909,221
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

 Seller rent back is not a new or uncommon phenomenon. It is often used in conjunction with a seller who has not found or closed on a new place to live. Very aggressive buyers in our multiple offer market will offer the seller a FREE rent back period.

 

By the way, lenders also have a say in rent backs. That is a different story.

Mar 14, 2018 06:06 PM
Ambassador
3,051,635
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Old news .... really old news.  Rent backs have been a hot trend for years. 

Mar 14, 2018 05:45 PM
Rainmaker
2,640,732
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

There are many ways to skin the Real Estate cat....

Mar 14, 2018 03:22 PM
Rainmaker
5,578,350
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Yes, it may work in some markets better than in others. A

Mar 14, 2018 02:46 PM
Rainmaker
4,933,131
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

We have a post closing agreement after they close, and the buyer and seller can negotiate up to 60 days in the home.

Mar 16, 2018 02:23 PM
Ambassador
3,750,197
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I have seen it but not in some time...

Mar 15, 2018 09:23 AM
Rainmaker
90,259
Ruth Grainger-Starr
Grainger Realty - Cripple Creek, CO
providing AWESOME real estate adventures

I have had a situation where that happened and the seller had to rent back for a few weeks due to a health condition. I had a lawyer help draw up the paper work and it worked out great. But would hesitate to recommend that. 

Mar 15, 2018 06:49 AM
Rainmaker
1,459,427
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

PropertyMinder (AccelerAgent) I have seen this over the years, but it doesn't occur very often. I don't see this as a very good marketing technique with little ROI.

Mar 15, 2018 06:28 AM
Rainmaker
4,799,481
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I have done a couple of these.  I always ask a lawyer to help draw up the details.

Mar 15, 2018 06:02 AM
Rainmaker
4,433,683
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

no

Mar 15, 2018 05:54 AM
Ambassador
4,312,759
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

PropertyMinder (AccelerAgent) - yes and have closed few such deals.

Mar 14, 2018 09:20 PM
Rainmaker
1,227,526
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Yes, I do them all the time.

Mar 14, 2018 09:13 PM