Friday, March 28, 2008

Rent our own house

Well, we had some good news earlier this week. On Monday, the buyer of our house asked if we were interested in renting it back from them for one year!

We answered yes and now we are in the process of negotiating our rental terms.

Hopefully by sometime next week we will have signed a lease agreement. But I have to wait until escrow closes before I pay them any money (1st and last or 1st plus security deposit). I wouldn't want to have paid out any money and then have the short sale not be approved by the banks and then have the sale fall through and lose my money.

As it is, the buyer has now communicated that their lock on a low interest rate will soon expire and that should that happen before the sale closes that they then might not be able to get another loan. I thought interest rates were dropping so we'll see what happens.

I'll keep you posted.

1 comment:

Two Bloggin Moms said...

That's great! I hope it all goes well for you and your family.

My dh and I have been following your blog closely.