Owner staying in house after Closing?

[Maikeru-sama]

A few hours ago my Real Estate Agent told me that the couple I am buying my house from are not too thrilled about the condition of the pre-owned home they just closed on last friday (I thought that was what inspections were for :cool: ). Appearantly, the Wife is putting alot of pressure on the Husband to get the house move-in ready before they move in.

He stated that their Real Estate Agent wants to know if I would agree to keep the July 1st Closing Date but to let them occupy the home until possibly September, since my Apartment Lease doesn't end until then (Yes, you read correctly, 3 ENTIRE months). My Real Estate Agent wanted to know if I would be willing to agree with this, if the Seller agrees to pay my Mortgage (plus an extra $100 added each month) for the month of July, August and September.

Over the phone, I initially told my Real Estate Agent that would probably agree because this works out okay for me because my apartment lease doesn't end until September and by closing on July 1st, my first Mortgage Payment isn't due until September, so the Seller's Mortgage Payment to me for July and August would just be pocketed.

However, after doing more research, I am having second thoughts. What I am worried about is that on July 1st, I will be responsible for the property and I am worried that something could break in the house and I could be on the hook for it because I would literally be a Landlord at this time.

I am told to consult with a Real Estate Lawyer, but does anybody know how much a Real Estate Lawyer costs and does anybody else think letting the Seller stay in the house 3 Months after closing is a bit long?

[Yeagermeister]

A few hours ago my Real Estate Agent told me that the couple I am buying my house from are not too thrilled about the condition of the pre-owned home they just closed on last friday (I thought that was what inspections were for :cool: ). Appearantly, the Wife is putting alot of pressure on the Husband to get the house move-in ready before they move in.

He stated that their Real Estate Agent wants to know if I would agree to keep the July 1st Closing Date but to let them occupy the home until possibly September, since my Apartment Lease doesn't end until then (Yes, you read correctly, 3 ENTIRE months). My Real Estate Agent wanted to know if I would be willing to agree with this, if the Seller agrees to pay my Mortgage (plus an extra $100 added each month) for the month of July, August and September.

Over the phone, I initially told my Real Estate Agent that would probably agree because this works out okay for me because my apartment lease doesn't end until September and by closing on July 1st, my first Mortgage Payment isn't due until September, so the Seller's Mortgage Payment to me for July and August would just be pocketed.

However, after doing more research, I am having second thoughts. What I am worried about is that on July 1st, I will be responsible for the property and I am worried that something could break in the house and I could be on the hook for it because I would literally be a Landlord at this time.

I am told to consult with a Real Estate Lawyer, but does anybody know how much a Real Estate Lawyer costs and does anybody else think letting the Seller stay in the house 3 Months after closing is a bit long?

I would get something in writing that says they would be responsible for anything that breaks or is damaged.

[Maikeru-sama]

What also sucks is that I had a line of contractors (painters, landscapers, carpet and appliance guys) ready to roll in at the beginning of July to get my house "move in" ready.

I figure I can still get the Landscape guys going on the lawn while the seller is there, but I can't paint, clean the carpet and put new appliances in until they move.

Besides, up until a few days ago I decided to go ahead and move in July instead of waiting until September but now it looks I may be stuck in the apartment for a few more months :D .

[jimmy40]

A few hours ago my Real Estate Agent told me that the couple I am buying my house from are not too thrilled about the condition of the pre-owned home they just closed on last friday (I thought that was what inspections were for :cool: ). Appearantly, the Wife is putting alot of pressure on the Husband to get the house move-in ready before they move in.

He stated that their Real Estate Agent wants to know if I would agree to keep the July 1st Closing Date but to let them occupy the home until possibly September, since my Apartment Lease doesn't end until then (Yes, you read correctly, 3 ENTIRE months). My Real Estate Agent wanted to know if I would be willing to agree with this, if the Seller agrees to pay my Mortgage (plus an extra $100 added each month) for the month of July, August and September.

Over the phone, I initially told my Real Estate Agent that would probably agree because this works out okay for me because my apartment lease doesn't end until September and by closing on July 1st, my first Mortgage Payment isn't due until September, so the Seller's Mortgage Payment to me for July and August would just be pocketed.

However, after doing more research, I am having second thoughts. What I am worried about is that on July 1st, I will be responsible for the property and I am worried that something could break in the house and I could be on the hook for it because I would literally be a Landlord at this time.

I am told to consult with a Real Estate Lawyer, but does anybody know how much a Real Estate Lawyer costs and does anybody else think letting the Seller stay in the house 3 Months after closing is a bit long?Yeah, I'm sure they'll take care of the place for you. :eek:

[jksmith269]

I wouldn't and for the main reason being that if you do this, it's basically you're leasing the house to them for 3 months, and what happens if their deal on the house they are buying falls through, and they decide they need more time. you'd have to go through an eviction process which not sure about your state but in some is as long as 6 months. and as you pointed out what if something breaks granted you could have it in the "lease" that if anything breaks they are responsible to fix it.

If it were me, I'd say no, as you said they knew what the house looked like when they decided to buy theirs...

btw again not sure about your state or apartment but a lot have a clause that if you purchase a house you can get out of your lease... just a thought

[Maikeru-sama]

I would get something in writing that says they would be responsible for anything that breaks or is damaged.

Yeah, I am definately going to make sure something like that is in the agreement.

[jimnabby]

A few hours ago my Real Estate Agent told me that the couple I am buying my house from are not too thrilled about the condition of the pre-owned home they just closed on last friday (I thought that was what inspections were for :cool: ). Appearantly, the Wife is putting alot of pressure on the Husband to get the house move-in ready before they move in.

He stated that their Real Estate Agent wants to know if I would agree to keep the July 1st Closing Date but to let them occupy the home until possibly September, since my Apartment Lease doesn't end until then (Yes, you read correctly, 3 ENTIRE months). My Real Estate Agent wanted to know if I would be willing to agree with this, if the Seller agrees to pay my Mortgage (plus an extra $100 added each month) for the month of July, August and September.

Over the phone, I initially told my Real Estate Agent that would probably agree because this works out okay for me because my apartment lease doesn't end until September and by closing on July 1st, my first Mortgage Payment isn't due until September, so the Seller's Mortgage Payment to me for July and August would just be pocketed.

However, after doing more research, I am having second thoughts. What I am worried about is that on July 1st, I will be responsible for the property and I am worried that something could break in the house and I could be on the hook for it because I would literally be a Landlord at this time.

I am told to consult with a Real Estate Lawyer, but does anybody know how much a Real Estate Lawyer costs and does anybody else think letting the Seller stay in the house 3 Months after closing is a bit long?

Renting back isn't uncommon (well, 3 months is), but definitely make sure you protect yourself in writing. This article (http://online.wsj.com/article/SB121379899043784299.html) may be useful to you.

[Maikeru-sama]

I wouldn't and for the main reason being that if you do this, it's basically you're leasing the house to them for 3 months, and what happens if their deal on the house they are buying falls through, and they decide they need more time. you'd have to go through an eviction process which not sure about your state but in some is as long as 6 months. and as you pointed out what if something breaks granted you could have it in the "lease" that if anything breaks they are responsible to fix it.

If it were me, I'd say no, as you said they knew what the house looked like when they decided to buy theirs...

btw again not sure about your state or apartment but a lot have a clause that if you purchase a house you can get out of your lease... just a thought

Agreed, however they closed on their house last Friday, they are stuck with it.

Besides, in this economy, I don't know too many people that can afford two mortgages.

[lewpac]

They probably love the home as much as you do, having owned it and lived in it prior to the sale. They'll more than likely baby it like they always did. I assume it's a nice place or wouldn't have bought it. It's NICE for a reason. THEM.
If there's no bad-blood or hiccups between you two, I wouldn't worry. Something in writing is still advised, but it sounds like a minor detour in your home-ownership future.

[Yeagermeister]

What also sucks is that I had a line of contractors (painters, landscapers, carpet and appliance guys) ready to roll in at the beginning of July to get my house "move in" ready.

I figure I can still get the Landscape guys going on the lawn while the seller is there, but I can't paint, clean the carpet and put new appliances in until they move.

Besides, up until a few days ago I decided to go ahead and move in July instead of waiting until September but now it looks I may be stuck in the apartment for a few more months :D .

If you go in and talk to the apartment manager and explain what you are doing usually they will let you out of your lease. Not always but it wouldn't hurt.

[Maikeru-sama]

If you go in and talk to the apartment manager and explain what you are doing usually they will let you out of your lease. Not always but it wouldn't hurt.

Nah, these guys are greedy. I've tried just about everything. Im resigned to my fate. I broke my lease in Las Colinas in Irving to move up here to Allen, so I know that they draw up these leases to make sure it is more expensive to stay then to break the lease when you are 5 months deep into a lease.

[Yeagermeister]

Nah, these guys are greedy. I've tried just about everything. Im resigned to my fate. I broke my lease in Las Colinas in Irving to move up here to Allen, so I know that they draw up these leases to make sure it is more expensive to stay then to break the lease when you are 5 months deep into a lease.

I told you to rent from us. ;)

[Maikeru-sama]

I told you to rent from us. ;)

I'm having to learn the hard way what happens when you don't listen to the yeagermeister :bang2:

[Yeagermeister]

I'm having to learn the hard way what happens when you don't listen to the yeagermeister :bang2:

Oh we'd still tax you but we would be nice about it. :laugh2:

[peplaw06]

You move into your house... they move into your apartment. Everyone wins :D

[theogt]

I would get something in writing that says they would be responsible for anything that breaks or is damaged.It's called a lease. :)

By the way, Maikeru, this is totally common. Happens all the time.

[theebs]

I would do it.

Just be strict with them about everything staying in the condition that it is currently in and that all damages will be paid by them.

If you are stuck paying your rent anyway, I would stay in your apartment and skip the summer air conditioning costs. You will probably save close to 1000 or a little less depending on the size of the house for the couple months you dont have to pay that energy cost.

Unless you get the impression they are careless people or they are classless I think you should be ok.

Most importantly I would make it be known these 3 months are it, no going back and no extending.

[Maikeru-sama]

You move into your house... they move into your apartment. Everyone wins :D

:lmao2: :bow:

[Maikeru-sama]

I would do it.

Just be strict with them about everything staying in the condition that it is currently in and that all damages will be paid by them.

If you are stuck paying your rent anyway, I would stay in your apartment and skip the summer air conditioning costs. You will probably save close to 1000 or a little less depending on the size of the house for the couple months you dont have to pay that energy cost.

Unless you get the impression they are careless people or they are classless I think you should be ok.

Most importantly I would make it be known these 3 months are it, no going back and no extending.

Yeah, they seem like really nice people. Everytime I have asked them to let a Contractor in to see the house, they have had no problem with it.

Im still curious as to why this stuff with their house didn't show up during the inspection and if it did, why did they still close?

Also, what in the heck could be so wrong with their house that it would take 3 months to fix?

[big dog cowboy]

does anybody else think letting the Seller stay in the house 3 Months after closing is a bit long?
Yes.

By about 3 months.

[Maikeru-sama]

I wouldn't and for the main reason being that if you do this, it's basically you're leasing the house to them for 3 months, and what happens if their deal on the house they are buying falls through, and they decide they need more time. you'd have to go through an eviction process which not sure about your state but in some is as long as 6 months. and as you pointed out what if something breaks granted you could have it in the "lease" that if anything breaks they are responsible to fix it.

If it were me, I'd say no, as you said they knew what the house looked like when they decided to buy theirs...

btw again not sure about your state or apartment but a lot have a clause that if you purchase a house you can get out of your lease... just a thought

Now this is something I have never heard before. I am going to look into this.

Renting back isn't uncommon (well, 3 months is), but definitely make sure you protect yourself in writing. This article (http://online.wsj.com/article/SB121379899043784299.html) may be useful to you.

Thanks for the link.

[bbgun]

Also, what in the heck could be so wrong with their house that it would take 3 months to fix?

Is this a bad time to tell you it was built atop an Indian graveyard?

[Bob Sacamano]

Is this a bad time to tell you it was built atop an Indian graveyard?

"hello? HELLO? I'm still in the TV"

if you hear this mick

just run

[Maikeru-sama]

Is this a bad time to tell you it was built atop an Indian graveyard?

"hello? HELLO? I'm still in the TV"

if you hear this mick

just run

:lmao:

Can you say Jingle Mail (http://www.investopedia.com/terms/j/jingle-mail.asp)

[MetalHead]

A few hours ago my Real Estate Agent told me that the couple I am buying my house from are not too thrilled about the condition of the pre-owned home they just closed on last friday (I thought that was what inspections were for :cool: ). Appearantly, the Wife is putting alot of pressure on the Husband to get the house move-in ready before they move in.

He stated that their Real Estate Agent wants to know if I would agree to keep the July 1st Closing Date but to let them occupy the home until possibly September, since my Apartment Lease doesn't end until then (Yes, you read correctly, 3 ENTIRE months). My Real Estate Agent wanted to know if I would be willing to agree with this, if the Seller agrees to pay my Mortgage (plus an extra $100 added each month) for the month of July, August and September.

Over the phone, I initially told my Real Estate Agent that would probably agree because this works out okay for me because my apartment lease doesn't end until September and by closing on July 1st, my first Mortgage Payment isn't due until September, so the Seller's Mortgage Payment to me for July and August would just be pocketed.

However, after doing more research, I am having second thoughts. What I am worried about is that on July 1st, I will be responsible for the property and I am worried that something could break in the house and I could be on the hook for it because I would literally be a Landlord at this time.

I am told to consult with a Real Estate Lawyer, but does anybody know how much a Real Estate Lawyer costs and does anybody else think letting the Seller stay in the house 3 Months after closing is a bit long?

No way jose.Change the closing date.
Once you close,you get your keys and the property is yours.
Don't leave yourself open to BS.Rookie mistake.
It's not your problem that they messed up on their other deal.

[Maikeru-sama]

No way jose.Change the closing date.
Once you close,you get your keys and the property is yours.
Don't leave yourself open to BS.Rookie mistake.
It's not your problem that they messed up on their other deal.

True.

The only problem is that I know for a fact if I change my closing date, I can kiss 5% interest rate I have locked in for 30 days goodbye.

[Yeagermeister]

Yeah, they seem like really nice people. Everytime I have asked them to let a Contractor in to see the house, they have had no problem with it.

Im still curious as to why this stuff with their house didn't show up during the inspection and if it did, why did they still close?

Also, what in the heck could be so wrong with their house that it would take 3 months to fix?

Are they buying a foreclosure that needs to be fixed up?

[Maikeru-sama]

Are they buying a foreclosure that needs to be fixed up?

Not sure.

My REA said that it was pre-owned.

He said that the Seller's wife was telling him that everytime she visits their new property that she gets bitten by insects and that the place needs to be repaired.

Honestly, since they have already closed on their property, they are ripe for the picking and we could hammering them but I want to be fair.

[Cajuncowboy]

Bad, bad idea Mick. You are the owner. They fall down the steps because of a loose hand rail. They now own that house again. You have so much liability as a landlord and you need to have the proper insurance as well. All this for 300.00 dollars?

Not only no but heck no. Tell them you have a binding agreement and they need to leave.

In addition they still have all their stuff in YOUR house. they still have to move out. Believe me, tell them to leave by the closing date.

[bounce]

Get a signed contract waiving you of all liability until the actual move out date - and have them pay a security deposit ($1000) that's refundable in full upon actual move out.

[bbgun]

This is why towns have sheriffs.