I will be closing on a foreclosure home tomorrow (tuesday) and today is Monday. I know the combination to get in the house and I rented a Uhaul and it has to be turned in today. It is full of stuff and instead of unloading it and then having to load the same stuff back in, I was just going to put the furniture in the basement. A bank owns the house. You think this would be ok and does anyone go and check the house a day before closing to where the bank owns it? Your opinions and thoughts and if your a realtor, your skills on this also!
2007-05-14 03:10:01 · 10 answers · asked by hotncguy18 1 in Business & Finance ➔ Renting & Real Estate
All i was needing to know is would someone from the bank go and check the house or anything before closing? If the home is a foreclosure!
2007-05-14 03:23:36 · update #1
I dont think it would be breaking and entering if I had a key, right? The combination to the lock the realtor gave to me.
2007-05-14 03:25:25 · update #2
If you can hold off for one day it's best that you do. This is allowed at times but it's after the approval of the home owner. In other words, if you do choose to move forward with this it is best that you do it with the approval of the bank. If something, a punch list, a dollar amount, etc. is not agreed upon it will happen within the last 24 hours before closing and that's when you're talking about moving your stuff in.
2007-05-14 03:16:12 · answer #1 · answered by Scadle 4 · 1⤊ 0⤋
You should consult an attorney, but IMHO:
It's not the right thing to do because there is a liability to you if something happens to the house while your stuff is in there (illegally at that) ... The bank that owns it could come after you and accuse you of wrongdoing.
Usually in cases like this, people get what's called a U & O (Use and Occupancy) and the bank (if they agree to give you the U&O) could also ask you to sign what's called a "hold harmless clause" -- that says that if anything should happen to you or any of your stuff, it's not their problem.
Situations like this (bank owned) usually have no problems with U & O's ... they just want to get rid of the property- they're not in business to hold real estate. You can have an attorney draft something and they can work off of a fax if time is of the essence.
Whatever you do, don't just put your stuff in the house though without going through the "proper channels" .... you have too much to lose.
Hope this helps...
2007-05-14 03:48:21 · answer #2 · answered by Michael S 2 · 0⤊ 0⤋
I am a Realtor in Las Vegas and have had clients in this situation a few times. What I usually do is obtain (in writing) permission for my client (usually the buyer) to place the items in the garage. My argument to the seller is that this makes the buyer even more committed to going through the close.
The difficult part in your situation is that you are dealing with a bank. In Nevada, the banks employ an agent who represents them and this is the person you have likely been dealing with if you don’t have an agent of your own. I would call this person (or have your agent call them) and seek permission before you enter the home. I am not a lawyer, but entering without permission could be construed as breaking and entering.
Eric Fernwood
Eric@ISellLVHomes.com
http://www.iselllvhomes.com/
2007-05-14 03:22:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Because it was a foreclosed property and if the realtor has given you the key already it means it is yours, they don't care, but if for whatever reason the wire or funding was pulled, you'd be in just the trouble of taking all your stuff out of there all over again, if this property belongs to the bank now, it's not a big deal like a bunch of people think here and make such a big stink about it. Please! when are people going to stop sweating for no reason!
2007-05-21 21:50:48 · answer #4 · answered by Lily 2 · 0⤊ 0⤋
if you do and for some reason the deal does not close, then all your stuff belongs to the bank unless you have an agreement in writing. Do yourself a favor, rent the uhaul for 1 more day.,
2007-05-14 03:20:18 · answer #5 · answered by daniel r 4 · 0⤊ 0⤋
They gave you a key already, before close? That's unusual.
Technically, you are better to wait until tomorrow after you close. But if you have access and move the stuff in, odds are that you'll be OK.
2007-05-14 03:20:49 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
1
2017-02-10 18:05:53 · answer #7 · answered by ? 4 · 0⤊ 0⤋
Never, I would never, never, never move anything into a house prior to closing.
2007-05-14 03:17:15 · answer #8 · answered by jimmy dean 3 · 0⤊ 0⤋
i dont think that would be wise
2007-05-20 18:48:32 · answer #9 · answered by tennessee 7 · 0⤊ 0⤋
Don't be lazy and stupid.
2007-05-21 11:27:54 · answer #10 · answered by scottsnyderhomes 1 · 0⤊ 0⤋