My Fiance and I are are in the process of buying a home, we have found a house that we love but the closing date the seller has proposed is not until the end of June. The reason being, they still need to find a home to move into. We are nervous about the date being so far out, so we proposed closing the end of May and renting to them for the month of June. What are some thoughts about this?
2007-04-05 02:13:36 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It sounds OK to me. When I bought my home, the sellers had not even started looking for another home. When I agreed to buy their question was: "Now what do we do?"
The answer is: you don't owe the sellers any favors. If you need an earlier closing date, go for it. There is a lot of money at stake. Lots of people have to get involved...attorneys, realtors, mortgage companies, inspectors, appraisers. It is not practical to put everyone on hold while the sellers take their time about moving out.
In my case, I presented the sellers with the name and telephone # of a moving company and the name and telephone # of an extended stay motel. I suggested they move out, put their property in storage, stay in the motel until they were ready to buy what they really wanted.
They were out of my new house in two weeks.
2007-04-05 02:22:23 · answer #1 · answered by regerugged 7 · 0⤊ 0⤋
Go ahead and close out the deal with the clause that the seller can rent back from you. Its done all the time especially when sellers have not found a new home. Have your agent write up the month to month rent agreement- call your insurance agent fee if there are any special requirements. Get it closed! Time is of the essence.
2007-04-05 14:10:03 · answer #2 · answered by sylviavnpttn 5 · 0⤊ 0⤋
We just signed a contract for a closing in late June also. A 90 day closing contract is not unusual at all. If you are under contract with them it wont matter, unless you need to move right away. Most buyers perfer longer closings since it give you more time to prepare and get your finances in order.
2007-04-05 09:34:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Talk with the sellers honestly and explain your concerns. Rather than lose the sale, I'm sure they would be willing to work with you on another move in date.
2007-04-05 09:23:19 · answer #4 · answered by ne11 5 · 0⤊ 0⤋
Only problem could be if they haven't found a place; eviction can be a lengthy problem in some states; have your atty review the proceedures behind them contracting to leave without eviction.
2007-04-05 09:18:22 · answer #5 · answered by wizjp 7 · 0⤊ 0⤋
Will one month make a big difference? You can lock in mortgage rate anytime before 30 days of settlement.
2007-04-05 09:22:31 · answer #6 · answered by Anonymous · 0⤊ 0⤋
That will work. It's been done before.
2007-04-05 09:16:42 · answer #7 · answered by Venita Peyton 6 · 0⤊ 0⤋
Sounds logical if they'll go for this.
2007-04-05 09:21:59 · answer #8 · answered by luckford2004 7 · 0⤊ 0⤋