We are at it again, looking at houses due a problem that has come up in our rental and we were told we could get out the lease.
What is everyone's take on offering on vacant vs occupied houses? Does it seem that if they are occupied does closing take longer?
Prior we had only ever offered on vacant houses.
However, we offered on an occupied house this past weekend. Well the seller was appalled we wanted her to move in 8 weeks (that is typical contract closing length correct, or was our agent wrong?)
Well, thats fine and we moved on. But I actually found out I work with this woman and overheard her complaining, really? LOL
I guess she doesn't want to sell that bad.
I think I will stick to vacant homes. lol
Most people move withing 10-15 days after closing. She will have a difficult time finding buyers to wait that long, even if she pays the rent. It shouldn't take you 8 weeks to close- most loans can be closed within 30 days if everyone involved moves in a timely manner.
Mamaspoon's comments shows how real estate transactions vary from state to state. Here it is normal to take possession as soon as the closing is registered. Extra forms are required and prior request must be made for the seller to remain in the house following closing.
With the increase in traffic it is taking 6+ weeks for banks to process a mortgage. If you are preapproved and have all the initial paperwork completed you should be able to close closer to 6 weeks.
Plus - do you really want to purchase a house from someone you work near?This message has been edited. Last edited by: Charming,
I would hazard a guess that the closing timeframe for occupied properties will generally be longer than the timeframe for vacant properties. There's always exceptions, like our neighbors who occupied their home but were able to close within 3 weeks so the buyers could move in before the start of school.
At any other time of the year, your co-worker would be out of her gourd for complaining about an 8 week closing as it is a very standard timeframe. However, I can kinda/sorta understand not wanting to move the week of Christmas. Not a lot of packing can be done ahead of time if family is coming for the holiday. Plus, it might be difficult to find a movers and other necessary service people willing to work that week.
If you love the house, you might offer to extend the closing until mid-January.
As far as possession after closing, 2 days is standard in our area.
In NE and CO, closing date is normally the same time the new owners take the keys and possession of the home and the contract for sale is completed with transfer of title, money or loan cash. The sellers and their possessions are either completely out of the house (or some special rental arrangement contract has been agreed upon prior to closing).
A month or two is common here for completion.
Closing times can also vary depending on type of loan acquisition, any needed repairs to the property prior to sale (among other factors) and all that is negotiated along with the agreed upon sale price.
Once again, shows how different every market is. Rule of thumb here, you have your house listed for sale, you must want to move. Moving requires packing etc. It is not a huge surprise. If they don't want to move during the holidays they might want to take it off the market.
I moved one year over the Christmas weekend. Not fun. But the biggest problem was an unusually cold December. Another year we lived in transitional housing while our house was built. Friends and family knew and we adjusted. Or they could get over it, whichever worked best.
Once in a great moon I will see a listing where a seller has a specific date to close, that is no earlier than, but that is rare. It is also in a listing that is 9 months old or more and that date has come and gone. This message has been edited. Last edited by: Charming,
Charming, I actually didn't know I worked with her until I saw her this past Monday. I only recognized her because she was present at the house when we were looking at it. So all in all it might be good it didn't work out.
Jewel, Well she has to buy a house in the same school district. I think that is the problem. As we are looking in that area also it's slim pickings. Of course again her budget may be bigger than ours. And I completely understand which is why we have simply moved on. We have to get out of our rental which is why we are on a time crunch.
Don't let your experience with one seller stop you from looking at occupied houses. Each seller is different and most will probably be willing , maybe even anxious, to move by the closing date.
I would expect to take full control of any property on the date of closing. That's what the closing is - the official transfer of the property. Why should anyone expect to wait for someone to move out after they've relinquished ownership?
That said, a lot of times sellers will want to stay past the closing date. It isn't uncommon for someone to sell and then rent back for a month or two while they buy another place. That should have be made known to any potential buyer right up front.
(I actually did the reverse. I made an offer on a vacant house and moved in a month prior to closing. I paid rent to the seller for that month.)
Check with your state. Some places it isn't "officially" yours until the deed is recorded.
I have done that, I have rented while closing was finishing, It was convenient for me and the seller didn't have a problem.
I have always been able to vacate by the time closing was completed.
Post occupancy is all part of negotiation here.
Nothing worse than a seller to be moved out for preparation of closing and the buyer having a last minute problem with financing. For instance, newly recorded Buyer I- R-S lien. Remember mortgage company pulls credit again just before closing. Death, loss of job, health problems, hospitalization, down payment problems are other examples of last minute snafus.
I think a good safety measure is to allow seller
48 hours post occupancy.This message has been edited. Last edited by: real estate lady,
That's the way all our transactions have always progressed, REL. We packed up most stuff prior to closing but waited to finish packing,loading the truck, and finish cleaning until we had the money from the sale in the bank. Those 2 days after closing were for loading the truck and cleaning. I've heard of a couple domino-effect situations where the buyer for house #1 failed to close which derailed the next 3 "upstream" closings. Makes no sense to move completely out until everything is copacetic.
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