Ralph Gorgoglione

Seller rent-backs are used when the seller, for several reasons, needs to occupy the home after escrow closes.

This usually happens when the seller has logistical reasons that prohibit them from vacating the property after a normal 30-45 day escrow. Perhaps they need more time to move, or need more time to find a home of choice.

Rent-backs can be a deal-saver in certain situations when there is a wrench thrown into the escrow process due to move-in/move-out logistics between buyer and seller.

There is a proper form to fill out for this purpose that is part of your California Association of Realtors standard forms called a Residential Lease After Sale.

The important thing to remember is that the buyer's lender will, in most cases, either not allow a rent-back longer than 30 days, or perhaps not allow a rent back to be part of the contract altogether.

This probably stems from the fact that the buyer has agreed to purchase the home and obtain a loan from the lender, stipulating that it will be there primary residence. And anything that smells like a rental is a different situation to the lender entirely.

Be sure to check with your lender with their guidelines in this matter.

It may be best to try and write the longest possible escrow period that the buyer's lender will allow, if that will help the sellers moving logistics without having to deal with a rent-back at all.

If it's absolutely necessary, some people have found a lease solution to be drawn up completely outside of escrow. But once again, you may run into trouble with the buyer's lender if this is not handled properly.

The amount of rent is calculated by either agreeing to a price that is based on comparable closed leases in the area, or by calculating the new buyer's PITI (Principle, Interest, Taxes, and Insurance) per day to calculate a monthly rent-back amount.

Just remember, when this happens, the new buyer of the home by default, puts themselves into an applied landlord/tenant scenario, which creates a different legal spin completely.

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Dear Dogs and Cats:

The dishes with the paw prints are yours and contain your food. The other dishes are mine and contain my food. Placing a paw print in the middle of my plate and food does not stake a claim for it becoming your food and dish, nor do I find that aesthetically pleasing in the slightest.

The stairway was not designed by NASCAR and is not a racetrack Racing me to the bottom is not the object. Tripping me doesn't help because I fall faster than you can run.

I cannot buy anything bigger than a king sized bed. I am very sorry about this. Do not think I will continue sleeping on the couch to ensure your comfort, however, dogs and cats can actually curl up in a ball when they sleep. It is not necessary to sleep perpendicular to each other, stretched out to the fullest extent possible. I also know that sticking tails straight out and having tongues hanging out on the other end to maximize space is nothing but sarcasm.

For the last time, there is no secret exit from the bathroom! If, by some miracle, I beat you there and manage to get the door shut, it is not necessary to claw, whine, meow, try to turn the knob or get your paw under the edge in an attempt to open the door. I must exit through the same door I entered. Also, I have been using the bathroom for years--canine/feline attendance is not required.

The proper order for kissing is: Kiss me first, then go smell the other dog or cat's butt. I cannot stress this enough.

Finally, in fairness, dear pets, I have posted the following message on the front door:

TO ALL NON-PET OWNERS WHO VISIT AND LIKE TO COMPLAIN ABOUT OUR PETS:

(1) They live here. You don't.
(2) If you don't want their hair on your clothes, stay off the furniture. That's why they call it 'fur'-niture.
(3) I like my pets a lot better than I like most people.
(4) To you, they are animals. To me, they are adopted sons/daughters who are short, hairy, walk on all fours and don't speak clearly.

Remember, dogs and cats are better than kids because they:

(1) eat less,
(2) don't ask for money all the time,
(3) are easier to train,
(4) normally come when called,
(5) never ask to drive the car,
(6) don't smoke or drink,
(7) don't want to wear your clothes,
(8) don't have to buy the latest fashions,
(9) don't need a gazillion dollars for college and
(10) if they get pregnant you can sell their children...

Once again, it's Ralph's Rhyme Time.

Make up a clever rhyming phrase or story for "short sale" and post it here.

You can put the phrase either before or after "short sale"

Let's see how creative we can get.

No duplicates allowed, so make sure you read everyone's post before posting, or you're a big Ol' LOSER!!

For example, I'll start: "It feels like I got hit in the head with a nail, after 9 months of waiting on my sellers short sale"

OK, Active Rain Peepsters......LET'S SEE WHATCHA GOT...................

Here are some common mistakes to avoid as a home buyer. The more volatile the market, the more you need to be attentive to these:

1. Making a low-ball offer early on in the listing - don't do it. If the property is overpriced, let the seller have enough time to realize it before you present a lowball offer.

2. Not seriously reviewing comps before making an offer - don't make the mistake of offering what YOU think the property is worth, because what YOU think is irrelevant to what the MARKET thinks.

3. Not knowing what it's really going to take to get an accepted offer in the current market - don't use strategies that you learned or read about from a year ago. KNOW YOUR CURRENT MARKET and know what the competition/pool of buyers is like right now.

4. Bombarding your agent with blanket offers all over the place - don't do it. Don't burn your agent out and/or give them the impression that you're a frivelous buyer by making low-ball or unrealtistic offers all over the place. If you do so, you're agent will not be able to have laser focus and the sharpness necessary to do what it takes to get you into a home.

5. Being discourteous before or during a showing - don't treat the sellers home or schedule like it's disposable trash that you can take or leave. THIS IS STILL SOMEONE'S HOME AND YOU NEED TO RESPECT THAT. Regardless of what condition it is in, it is still someone else's home and NOT yours yet!! Be courteous with your showing requests, and be courteous once you are in their home. Ask if it's necessary to take your shoes off, don't make ANY negative comments about the home until AFTER you leave the house and are a safe speaking distance from the house. Play the reverse role: how would you feel if someone stepped foot into your home and was rude and careless?

6. Being discourteous to the listing agent - same as #5 above. Don't make any negative comments while the listing agent is around, and be courteous to them or their schedule. YOU NEVER KNOW IF THE NEXT LISTING YOU ARE INTERESTED IN WILL BE WITH THE SAME AGENT!!!

7. Writing a sloppy offer - don't do it. Any good listing agent will probably shy away from an offer that looks like something the cat dragged in, because it's probably reflective of the type of escrow you'll be putting them through. Make sure you have your current pre-approval, proof of funds, copy of deposit check (although that seems to be going away), FICO scores along with the COMPLETE offer (meaning all the right forms, depending on the type of property - i.e. short sale addendum, etc.). If you feel it's too tedious to keep doing this over and over, then that's probably a sign that you're going around town blitzing offers all over the place. BE SELECTIVE ABOUT WHICH PROPERTIES YOU WRITE ON.

8. Writing an offer with the appearance of "rape and pilfrage" - do not write offers asking for tons of personal property as personal property is not part of real property, it is entirely seperate. Appliances, mirrors, rugs, etc. - THEIR NOT YOURS, NEVER HAVE BEEN AND NEVER WILL BE. At best, be willing to negotiate a fair price for personal items if you feel the need to do so. Try to do it outside of escrow if possible.

Overall, be respectful of the entire process so that negative energy doesn't end up following you into your home once you're in. Be respectful of all the professionals that have to spend time working with you - your agent, teh listing agent, the seller, the escrow officer, the appraiser, your loan officer, the inspector - ALL OF THEM.

You want to be able to feel good about your purchase, good about the process, and feel like you've made a fair deal.