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Replies (14)
- Debbie Ullom, "Homerealtykiowa"
- Contributions:15
Include a provision in the contract for an escrow of additional funds to be released upon a walk thru. The buyers usually have a clause that if they sellers aren't out they have to pay a agreed upon amount per day. Good Luck.
- falsedawn
- Contributions:98
Very bad idea with possibly disasterous consequences.
Just push the closing back by 5 days.
Messing up the house is the least of your worries. What about if it burns down? What about if they refuse to leave?
Even with an attorney to draw up a suitable contract, it's not a scenario I would ever want to entertain.
- wetdawgs
- Contributions:26841
I would either say no, or ask for a $10,000 deposit to be released after a satisfactory walk through.
Should they decide not to leave, then you are stuck with the laws about eviction and that could be very painful!
Should they decide not to leave, then you are stuck with the laws about eviction and that could be very painful!
- Yousef Abughazaleh, "Mr.shortsales"
- Contributions:242
Dont do it! Once it closes and records YOU are responsible. If there is any type of accident or fire or anything YOU will be held liable.
- Marie Bumback, "Marie Bumback"
- Contributions:12
Do you already have a valid contract with the sellers, or are you still in negotiations? It's pretty unusual to ask for an additional amount of time after closing to move out. See if you can find out what their reason is. If it's just that they're slow, or tend to procrastinate, try to work with that issue. One way to do so is to push them to be out even sooner than the closing date by having a really early walk-thru date. That seems counter intuitive, but if procrastination, denial, fear of change/moving are at the forefront of their emotions, then upping the walk-thru date will help, because the new "last minute" will actually take place before closing. However, if the sellers need the funds from the closing in order to purchase another property to move into (and they don't want to have to move all their stuff twice), then you may want to consider the closing plus 5 day extension. In this situation, the sellers choices are pretty limited, so your understanding will go a long way. You should still protect yourself by 1) requesting a hold-back of funds in escrow for any necessary repairs, 2) getting a rental agreement signed (since you will own the property for those 5 days). The agreement should stipulate the terms, including any rental fee if any, and smoking policy, and that you will maintain adequate smoke detectors and home owners insurance on the property. If you feel more comfortable, you can also contact a real estate attorney for advice.
- Jeff Konstant, "jkonstant"
- Contributions:1970
This is a real issue that will never go away. As a seller you always wonder whether the buyer will actually perform. So what do you do? Do you move out with uncertainty or do you do so and hope for the best. Even if you leave, will something come up during walk-through, even if minor that sets everything back 24-48 hours. Will the seller get a cashiers check at closing or is it scheduled for late Friday afternoon meaning Monday is the earliest they get their money yet the buyer has had all weekend to take over the property. Every day, sales fall apart at the last minute and often without proper warning that there was trouble coming.
The only reasonable explanation for a seller needing 5 days is another obligation that cannot be met sooner. When I sold in late October 2008 (remember the sky was falling) I asked for and received 48 hours. We were already packed and were out early the morning following settlement. As a concession, I offered space to the buyers so they could move some things in before settlement.
Sometimes it is a good idea to let the buyer & seller sit down together and get more comfortable with each other so they can come to an agreement. Too often, persons other than the principals become an obstruction to what could be an easily workable solution. There is no right or wrong answer, but a well drafted pre or post possession contract with specific performance and automatic release clauses would go a long way in settling nerves. Of course that would require an attorney or two and for some reason attorneys are all too often left out of resolving real estate issues before they become problems.
The only reasonable explanation for a seller needing 5 days is another obligation that cannot be met sooner. When I sold in late October 2008 (remember the sky was falling) I asked for and received 48 hours. We were already packed and were out early the morning following settlement. As a concession, I offered space to the buyers so they could move some things in before settlement.
Sometimes it is a good idea to let the buyer & seller sit down together and get more comfortable with each other so they can come to an agreement. Too often, persons other than the principals become an obstruction to what could be an easily workable solution. There is no right or wrong answer, but a well drafted pre or post possession contract with specific performance and automatic release clauses would go a long way in settling nerves. Of course that would require an attorney or two and for some reason attorneys are all too often left out of resolving real estate issues before they become problems.
- James Dunn, "DunnRealtors.com"
- Contributions:373
I agree with everyone else in this thread, DON'T DO IT if you don't have to. Your best case scenario is to bump the closing 5 days if they need time to pack beyond the date already set for closing. And why does it take 5 days to move? Sure, they may be worried about whether the deal will close or not, but generally most of the major contingencies of a contract are met at least a few days before closing, with only a final walk-thru left to seal the deal, so they have no reason to request an additional 5 days after the close to move.
And, as mentioned by the others, if you MUST give them the opportunity to stay in the house beyond closing, demand some amount of money be held in escrow until you take possesion of the home and give final authorization that the home was received in satisfactory condition.
And, as mentioned by the others, if you MUST give them the opportunity to stay in the house beyond closing, demand some amount of money be held in escrow until you take possesion of the home and give final authorization that the home was received in satisfactory condition.
- John Stewart, "nwhome.us"
- Contributions:2166
I have also been involved in a sale where the seller stayed and in the process of moving, burned the property (by accident).
The situatioin is, however, easily covered with a standard rental agreement for the 5 days. The agreement includes a walk-through at closing and a walk-through upon vacancy. It includes a damage deposit and, most importantly, includes language so that the renter is required to carry rental insurance for the time period. You also have to notify your own insurance company that you are renting the home for the time period.
All of the issues are covered in a standard rental/lease agreement.
Frequently, no actual rent is charged, just the deposit held.
The situatioin is, however, easily covered with a standard rental agreement for the 5 days. The agreement includes a walk-through at closing and a walk-through upon vacancy. It includes a damage deposit and, most importantly, includes language so that the renter is required to carry rental insurance for the time period. You also have to notify your own insurance company that you are renting the home for the time period.
All of the issues are covered in a standard rental/lease agreement.
Frequently, no actual rent is charged, just the deposit held.
- HomeSand.net, "White Picture"
- Contributions:4396
Maybe it turn out to be nothing, my grand family bought 15 houses most of the times the sellers want to stay for a few days or one week and those turn out to be fine, make sure do the contracts and take the deposit.
- tibet71
- Contributions:130
Thank you so much. We didn't think of all the consequences.
- Kathy Boyer, "HeartlandCA"
- Contributions:20
That is an issue but the biggest issue is what if they don't move out and then you have to file an eviction. Be very careful with this especially if this home you are purchasing is a "short sale", why would they want to move out. If it is not a short sale and you decide to let them do this, you want to write up an agreement to charge a daily rent, especially based on what your piti is going to be plus some? Good Luck.
- Nathan Wolf, "natewolf"
- Contributions:1825
Many states have a standardized form for this situation. Ask your Realtor. It is sometimes called a "Seller's Possession After Closing."
Essentially this is a short-term lease and spells out very plainly what the agreement is, and what is expected.
Essentially this is a short-term lease and spells out very plainly what the agreement is, and what is expected.
- tibet71
- Contributions:130
My agent didn't mention anything when I asked her. She said since this is a normal sale, it should be fine. Now I wonder about her!
- HomeSand.net, "White Picture"
- Contributions:4396
It used to happen with the move-up sellers, after your money was funded into their account, the seller takes that money to pay for the new home, therefore they needed a few days between the transactions, they can't go rent somewhere for a few days.
Seller wants to stay 5 days after escrow?
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