Owner staying in house after Closing?

[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 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

Can you say Jingle Mail

 

[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 ). 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.