Profile picture for sparkie455

How does this all work?

My house in under contract.  I am feeling stressed about the dates that have been set and when it is safe for me to hire movers to move me out.  The loan objection deadline is 9/19, the closing date is 9/24 and the possession date s 9/26.  Is it true that the buyers can back out any time until the actual closing?  Shouldn't  I wait to pay $1000 to the movers to move me out until after the closing?  Is it typical for realtors to write up the contract so that the seller only has 2 days to move?  I am feeling stressed about all of this and wonder if it is typical to only have two days to move out. 
  • September 10 2013 - Aurora
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Answers (9)

Sparkie, you had a lot of good answers from other agents. Hopefully you was able to negotiate better dates that work for you.
  • September 11 2013
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The best thing for you to do is communicate. The worst thing for a homeowner is to feel stressed when selling a home. Most people rejoice that their home was even considered by another family. The most important question I have to ask is, "did you get an appraisal done on your home?" Most people regret not hiring an appraiser after the closing date.

If not, you should check out [link removed by Zillow moderator] . It can help you with any future tips you may need to know when buying or selling a home.

Try and relax and Enjoy your week!
  • September 11 2013
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This situation points to the necessity for good communication between agents and their clients, so there is no confusion regarding the process.  It is very common for the loan conditions deadline to fall near the closing date, due to the somewhat lengthy and often complicated process involved in order to obtain final loan approval.  In order to give yourself greater confidence in the move scenario, you may want to ask the Buyer(s) if they would be willing to extend the closing date, or do a lease back after closing, to allow you more time to complete the move, with confidence that the deal closed.  These scenarios would require an Amend/Extend to the original contract.
  • September 11 2013
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Profile picture for Scott Kompa
In real estate everything is negotiable.  However, in this case, what is done is done and unless both sides agree to the change you are locked in.  Depending on your state laws, you may be able to go after the buyer should they back out for no reason.  Selling your home is stressful for the buyer and seller.  In most cases the sale goes as planned and only in rare instances are there problems with the sale.  The important thing for your agent and you is to stay in the loop so you know what is happening with the loan and buyer.  Good luck to you and congratulations!
  • September 11 2013
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Yes, of course it's stressful, but.

I don't know what it was like for you when you bought the home, but most buyers want to take possession at the moment of ownership, rather than wait a day or several for the seller to move at an unknown pace and perhaps leave the property in a condition that induces disappointment.

Of course, sellers want the security of having the deal close, then after it closes, go about the task of moving out.

The way we "meet in the middle" is for the seller to occupy the property until ownership is transferred, give or take a few hours, then give it up to the buyer.

There are risks to this. Yes, the loan may not fund and the sale may not close. It can and does happen. From the buyer's point of view, the seller's movers might not show up on time, and then what?

Talk to your agent, congratulations on a sale, and best wishes.
  • September 11 2013
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I agree with wetdawgs your agent should be helping you here, too. By chance, is the same agent working both sides of the deal? There's nothing wrong with that, just curious. Yes, as the seller, my strategy is to have the loan locked as soon as possible and remove the loan objection from the equation. Remember that while the general purpose is to ensure they can get the loan, it's quite a generic clause that translates to "I don't like the terms of my loan (in my entirely subjective opinion), I can walk away without loss of my earnest money." Regarding closing, sure you want that ironclad assurance they'll sign before you move out...but the buyer wants a clean house, too. Typically, the seller is out of the home before closing.
  • September 10 2013
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Profile picture for wetdawgs
The normal way this works is that the seller moves out before closing and the buyer has an opportunity to do a pre-closing  walk through in the empty property.   (As a buyer, I would not close if the house was not empty or nearly empty before closing).   You should be packing now (unless you are a speedier packer than I am)

As the dates are so tight between the loan commitment date, communication is key.     Yes, unfortunately, there is a risk that they won't be able to close due to lack of loan commitment or they will request an extension.    Please discuss your concerns with your agent.
  • September 10 2013
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Profile picture for sparkie455
Thanks for your response.  Just so I have this right,,,   I (the seller) should want the  loan objection date should be close to the time I go under contract and not close to closing.  The loan objection date tells me that the buyer really can get the loan, right?

If I move out on the same day or before closing and the buyer backed out - I would be out $1000 for moving costs and my deposit on an apartment.  Since I would split the ernest money with my agent, the ernest money would not cover those expenses, if the buyer backed out.  That seems backward to me. I want to move out after the buyer signs the paper.  

This is so stressful!  
  • September 10 2013
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This is just my subjective opinion; however, the buyer's agent scored a victory in getting the loan objection deadline so close to closing.  From the buyer's perspective, that gives them an effective get out of jail free card right up until that date.  

From your perspective, that's something you want to get out of the way as close to going under contract as you can.  

The buyers can walk at any time up to their signatures at the closing table.  There are penalties for doing so, such as the forfeiture of their earnest money.  

This is an interesting series of dates you've laid out here; I'm surprised the buyers agreed to close days prior to possession.  It's more typical that the seller is out of the property days prior to closing so the buyer can do the final walkthrough and ensure they are ready to close; possession is normally (in my experience) the same day. 
  • September 10 2013
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