This is a reminder that Fannie Mae, Freddie Mac and most Jumbo lenders allow sellers to “rent-back” (retain possession of a property after they sell it) for up to 60 days after close of escrow.
Some lenders, however, have an “overlay” (a requirement stricter than Fannie or Freddie’s) that limits rent-backs to 30 days. Be sure to check with your lender if a rent-back is longer than 30 days.
If a rent-back needs to be longer than 60 days (for whatever reason), it should be on an addendum that your lender will not see or know about.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646