Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We have an accepted offer on a short sale. We just had the inspection. Few things at first seller refused to allow us to do the inspection. Second saw no sign of their intent to move. Bank set drop dead close date of May 14th. Our agent said we could close as early as May 2nd. Can the bank force the seller to accept May 2nd close date. What actions or things would happen if seller doesn't move out by May 14th?
We have an accepted offer on a short sale. We just had the inspection. Few things at first seller refused to allow us to do the inspection. Second saw no sign of their intent to move. Bank set drop dead close date of May 14th. Our agent said we could close as early as May 2nd. Can the bank force the seller to accept May 2nd close date. What actions or things would happen if seller doesn't move out by May 14th?
You need a clause in your purchase agreement that the house must be vacant before you sign papers.
Once the close date is set by the bank, the probably won't change it. The seller might go ahead and move early, but there's not much incentive to do so.
I had a similar situation recently. The buyers had loan docs at escrow and signed all the paperwork, but instructed the lender not to fund the loan until the sellers vacated and they did the final walkthrough.
yea we have a clause that they must vacate the property before closing. Question is what if they don't or they trash the place? I am requesting a early close date if the bank agree's can they force the sellers to close early?
yea we have a clause that they must vacate the property before closing. Question is what if they don't or they trash the place? I am requesting a early close date if the bank agree's can they force the sellers to close early?
You don't close until you're satisfied with your final walk-through. If they won't leave, you walk.
yea we have a clause that they must vacate the property before closing. Question is what if they don't or they trash the place? I am requesting a early close date if the bank agree's can they force the sellers to close early?
You might want to check this with your attorney, but I very strongly believe that the bank CANNOT force them to move early. Remember, they are still the owners of the house, right up until the moment they sign over the title to you and they get their money. Most contracts state that the property will be delivered in the condition seen and accepted by the buyers. Your contract should have a clause in it that survives closing, spelling out the ramifications of the place not being in the same condition, as well as properly empty and clean.
Last edited by Bill Keegan; 04-17-2012 at 12:35 PM..
Reason: Added some info
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
