Delayed Possession After Closing Thoughts?

[HonorAndHonesty]

So buying a place, it worked out that the seller needs some time before moving out, and we don't necessarily need to be in right away. The seller got 3 other offers, all at asking price, our offer was 10k less with fast closing and possession 3 weeks after closing.

I have done delayed possession a week after closing before, and its not a great feeling having someone living in your house that you own and are responsible for, for 10k is it worth it to give them 3 weeks?

Any wisdom?

 

[thunderfog]

I mean, can't something be written into the contract that says they won't tear the place apart? It was 15 years ago, but I bought a house, and they also needed 3 weeks after the closing date because the house they had built wasn't quite done. I just remember us doing something like that...

 

[JohnnyJohnson]

So buying a place, it worked out that the seller needs some time before moving out, and we don't necessarily need to be in right away. The seller got 3 other offers, all at asking price, our offer was 10k less with fast closing and possession 3 weeks after closing.

I have done delayed possession a week after closing before, and its not a great feeling having someone living in your house that you own and are responsible for, for 10k is it worth it to give them 3 weeks?

Any wisdom?

Well if the Mortage company put a hold on their check until they moved out I wouldn't have a problem with that!

 

[CKN]

I would do a three week rental (standard) agreement for a nominal sum. If you don't do this it opens you up to a potential disaster.

 

[JTK]

I would do a three week rental (standard) agreement for a nominal sum. If you don't do this it opens you up to a potential disaster.

I agree and are surprised the attorney who did the closing didn't suggest this.

 

[ammolab]

We stayed in our home after closing. We sighed a rental agreement and paid the new owners VERY WELL.

 

[dishdude]

Not a great idea, you'd officially be a landlord and if they need more time or refuse to move out you need to go through the eviction process. I did it on one house purchase and it worked out, but it could have been a real nightmare - I didn't realize the risk I had taken at the time.

 

[HonorAndHonesty]

So she did sign a contract, its 100 dollars a day rent if she's not out in time....

 

[eljefino]

^ That's cheaper than a hotel, be careful.

 

[c502cid]

I did the same thing. My realtor suggested and we did a 30 day lease (at no cost) and required renters insurance. It all worked out fine.

 

[John105]

I wouldn’t like it, because most folks are mature but it could be 3 weeks now of trashing the place. In other words the demarcation should be abrupt, not drawn out. Just me…

“Honey, know how we always wanted to live like rock stars?!”

Wife smiles back…

 

[TiGeo]

I rented back for a few mos when we sold our house and the new one wasn't built. I don't recall any drama. It was all handled at closing.

 

[Quattro Pete]

Around here in MI, sellers frequently ask for 30-60 day possession. Seems pretty common these days. It's still very much a seller's market here, so sellers get away with just about anything, including getting way over asking price.

 

[earlyre]

My neighbors are moving to Florida. New house won't be finished until August.
They put it up on the market 2 weeks ago. Sold with the first 2 days.
Older couple from Cali, offered cash over the asking price.
They did get a second, higher cash offer, but those folks wanted possession in 30 days or less.
The couple from Cali will let them stay until August.

 

[bullwinkle]

When we bought our current house back in 1998, the previous owners wanted NINETY DAYS to clear out. Much laughter ensued! We gave them 30, still had to throw out a bunch of their junk…

 

[RhondaHonda]

My in-laws bought a lake property in December and let the sellers stay for 4 months as they only use it for the warm months . The “rent” was an adjustment to the sale price, so there weren’t any tax implications as it was a fairly significant amount. It went smoothly but I could see where things might get complicated.

 

[alarmguy]

Typically money is held in escrow until they vacate.
Once you confirm no damage to the home on move out day money is released to the seller.
I assume that is already in place.

Do what you feel comfortable with. Is your situation uncommon? No
Is it ideal? No

 

[PWMDMD]

Withhold money in escrow/they rent at a per day rate for every day they are there.

 

[alarmguy]

In addition to my post two posts up to help you make sense of this.
You say you saved $10,000 on the price of the house because of the deal you offered. As I posted 2 posts above one other question to you would be. Is it worth it to you to let someone rent your house for 3 weeks paying you $10,000?
Ive done A LOT of real estate transactions Ive never had a case where someone destroyed a home before they moved out in a similar situation.
But then that refers to my post 2 post up for the remainder of my answer.
I cant help but wonder if something is making you uncomfortable with the people who are selling you the house, if that is the case and they seem questionable to you, maybe you should pass on that deal or ask your attorney what he/she thinks.

 

[Vil_Riker]

With the last house we gave the seller a month.

Not a big deal with a final walk through.