Buyer Lease Back

[Bruce Hartman]

I have just been notified that I have been selected as the successful buyer in a short sale purchase. I have been offered directly by the seller a lease of the property until escrow closes. Is there any legal or major risk in accepting this offer? I plan on taking full time residence there after close. BTW, I live in California. I appreciate any advice you can throw my way.

[Ann Bellamy]

I would think the shorting lenders would get a little cranky that the seller was accepting funds from the buyer, and the banks weren't getting any of that money. It doesn't really matter to them that the funds are rent, they could dig in and refuse to close if they didn't get that money also, I would think.