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My fiance and I have put an offer down on a short sale in Brentwood, CA. The sellers countered, requesting a 59 day rent back at no cost to them. Over the course of discussion we've gotten them to agree to 30 days. The selling agent has said that in this market with a short sale, that a 30-60 free rent back is completely normal and that we should have no reason for concern. Our primary concern is that the current verbage provides no legal protection to us in the case that they do not leave, and although we have been told that they intend to, there has been no show of good faith by agreeing to stipulations provided they do not. A few questions:
A) Is a 30-60 free rent back actually common in today's market, even in a short sale?
B) If we were to agree to a 30 day free rent back, is it unreasonable for us to request that stipulations be placed in the purchase agreement requiring the seller to pay our PITI if they fail to vacate the premises after the first 30 days, and after 60 days, should we have to take legal action to have them removed from the home, they would be responsible for all legal fees associated with that if we were to prevail?
The selling agent has stated that she has never had an issue in all of her short sales with the seller leaving within the specified time and we should just trust that this will be the case this time as well, and that our inexperience in the market is the reason that we are uncomfortable with this. But given that a Post-Occupancy Agreement turns this into a landlord/tenant situation and California is a tenant-friendly state, I don't feel that we're being entirely unreasonable in our concerns.
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