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Old 04-15-2016, 04:28 PM
 
Location: somewhere
198 posts, read 211,223 times
Reputation: 172

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Quote:
Originally Posted by RubyMA View Post
Hello everyone,
We are a couple of weeks away from closing but the seller has contacted us through her lawyer that the earliest she can move out is a week after the closing date. This completely messes us up and we can't afford to pay another month of rent for May. Our lawyer said suing her would take too long. This is unbelievable! We are dealing with a stubborn seller and she will not budge, I have never heard of this situation. What are our options? What can we do?
I am selling my house in So. Cal......I am having problems as I am the only one that can pack up everything and dealing with an elderly person who really does not want to leave and cannot help me at all......I work full time.

Realtor put in a clause....called a rent-back or something like that...meaning that if not out of house by end of escrow (which I hope is not the case), then seller would have buyer (new owner) rent....they can calculate it out....they can prorate this...this is an option.

I am actually heading back to your area and need all the money to purchase home back there.
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Old 04-15-2016, 04:30 PM
 
Location: somewhere
198 posts, read 211,223 times
Reputation: 172
I did not make clear..sorry, seller would have to pay new owner rent until they vacate premises...
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Old 04-15-2016, 04:33 PM
 
3,176 posts, read 3,697,239 times
Reputation: 2676
Quote:
Originally Posted by Scratch33 View Post
The appraiser.
The appraiser is hired by the lender so it makes sense they would compensate you in that case. Although appraisals are usually done pretty early on in the process.
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Old 04-17-2016, 09:28 PM
 
Location: Southern New Hampshire
4,643 posts, read 13,947,733 times
Reputation: 4626
Wouldn't it be simpler all the way around to extend the closing date to be closer to the day that she is planning to vacate? I would be very uncomfortable with a client of mine in this situation. I've seen a number of rentbacks ovet the years, but they have always been win-win situatiins for each side-this seems very one sided, and she is being allowed to rent back without incurring any costs? This doesn't seem right...

I also have to ask-you mention your attorney... is this YOUR attorney or is it the attorney representing the lender? While it might not make a difference in 98% of transactions, when you need an attorney in YOUR corner, that is generally not going to be the attorney that was hired by the bank...
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Old 04-18-2016, 08:50 AM
 
Location: Cape Cod
24,492 posts, read 17,232,699 times
Reputation: 35784
I would say you can get an extension on the closing date or you could close on the set date and rent the house back to the owner. I'm not a fan of renting back.

Why is she expecting a problem with meeting the closing date? Is it an issue of getting her stuff moved out or is she having sellers remorse ?

Have the agents talk it out for answers then turn to the attorneys. If you have operated in good faith you should be able to get all your deposit money back.

Good luck.
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