Concern over seller's insistance over possesion after close

[Slytrix]

For me, being the seller, I wouldn't accept a contract without possession being x days After closing. Look no further than some of the other current threads and it could be a way worse nightmare for the seller than the buyer.

I just sold my BIG house and rightsized for retirement. I negotiated 8 days after closing and it worked for both parties.

[Spottednikes]

See if you can close a few days later than when lender gives the "clear to close". Most sellers are concerned about moving out and then something comes up the day before closing, and it doesn't close.
Get a cleared to close, and then close 5 days later. Do walk thru morning of close. House should be empty for walk thru.

Talk to your agent, and have her talk to sellers agent or seller if it's a fsbo, and find out exactly why they are wanting the extra days. I bet its for the reason I listed above.

[TexasHorseLady]

Here in this very hot seller's market it is not at all uncommon as houses can go under contract within a day or two and the sellers still have to find their house to move to and get it under contract when every house out there is a multiple offer situation, and there is a promulgated addendum to the contract for a Seller's Temporary Residential Lease. The leaseback is negotiated at the time that you negotiate the contract. A daily rent is determined, a deposit is determined, and those funds are taken from the seller's proceeds at closing by the title company and credited to the buyer.

There's a similar form for a buyer to move in before closing, but that one is very rarely used and is MUCH scarier because what if the seller moves out, the buyer moves in, and then it doesn't close?

[dblackga]

Originally Posted by Lockdev

Normally, people do this because they want more time. It's often procrastinators and it is taking them much longer to move than they thought.

Sorry, I have to disagree with this. This is usually carefully thought-out at the time of the offer/binding contract, it's not a question of a seller who just lets time slip away from them and then wakes up and goes "Holy s---! I'm closing in two days! I'll never get this stuff packed!" and then begs for a couple of extra days. Your comment seems to imply that any seller who requests this is just being lazy, and I have not found that to be the case.

In Georgia, there's a form called a "Temporary Occupancy Agreement" - it details dates, times, amounts to be paid for the period, if any, and penalty amounts, as well as making it clear that it does NOT create a landlord-tenant relationship, pets, condition of home, no changes to be made to home, utilities remain in Seller's name through that period, and liability. It's a page full of 8-point print.

[Ohiogirl81]

Originally Posted by dblackga

Sorry, I have to disagree with this. This is usually carefully thought-out at the time of the offer/binding contract, it's not a question of a seller who just lets time slip away from them and then wakes up and goes "Holy s---! I'm closing in two days! I'll never get this stuff packed!" and then begs for a couple of extra days. Your comment seems to imply that any seller who requests this is just being lazy, and I have not found that to be the case.

Thank you. When I sold most recently, I asked for one day because of when I had the movers scheduled, and was granted a second day, which I used to clean the house after the movers messed it up. Asking for the extra day was no big deal, and then the buyer said he wasn't coming over until after work Friday anyway, and simply to call him when I was leaving for good.