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In THIS market, considering we are doing a short sale I AM NOT leaving until I know this house has been closed on. That is not very smart of us to assume anything and sign another lease and move in somewhere else and create a finacial problem if anything were to happen. I am glad your not the buyer's realtor, kicking us to the curb at closing.
Kicking you to the curb? No, it's simply that, as soon as the closing happens, it's no longer your house. The buyers may be intending to move in, paint the place, change locks, whatever. It is their house at that point, and they expect to be able to treat it as such. Perhaps their landlord expects them to be out that day so he can paint the apartment and get the new tenants, who may have alreadyt signed the lease and are expecting to move in on that day too. You can't just stay in someone elses house and expect that to be perfectly ok. If you feel you NEED to stay, you NEED to discuss it with the buyers and their representatives. Be prepared to have them say NO, as most agents would recommend and most buyers would do even without the recommendation.
I should add that this is the norm HERE, in MY market area. I hear there are parts of the world where sellers often stay for at least a few days after the closing. Weird, but apparently true.
Wow.. what a reaction, keep in mind that the buyers mortgage starts the day of closing, so technically they're paying to "let" you to stay to "make sure it closes".. Beanie, I think you may be over reacting.. remember you're the one that did a short sale.. you act as if the buyer is lucky to get the place and they should bow to your requests.. they may be lucky to get a deal, but you're just as lucky to be able to get out of a mortgage for less than you owe. I would make arrangements to vacate the house on 11/27 if I were you.
In THIS market, considering we are doing a short sale I AM NOT leaving until I know this house has been closed on. That is not very smart of us to assume anything and sign another lease and move in somewhere else and create a finacial problem if anything were to happen. I am glad your not the buyer's realtor, kicking us to the curb at closing.
In my area, it USE to be normal for possession to take place 48 hours after closing, for exactly the reason you are saying. These days, though, it is totally the norm for possession to be as of closing. Many people do simultaneous closings on a house they are buying and a house they are selling, so they can move all in one day.
Look at it this way. If the person buying your home closed on the home they were selling the same day, they are homeless until you move out of what will be, at that point, THEIR house. They would be perfectly within their rights to serve a legal eviction notice on you to vacate their home.
Either way, people keep asking you if you have spoken to the other agent to find out if they will allow you to stay after closing, and you haven't answered, so I'm assuming the answer is no. That is your only LEGAL option. If you stay in the house after closing, without the new owner's permission, you are there illegally. It isn't an issue of kicking you to the curb, its an issue of you not complying with the terms you agreed to, in writing, in the contract.
hmmm, I don't think the owner can stay and pay rent. All the short sales I have ever seen, the mortgage company does not allow there to be any agreements like a rent agreement. So, I can't sell my house short and have a rental agreement to stay in the home. And I would never allow a buyer client of mine to allow a seller to stay in the home without some sort of legal (rental/lease) agreement and a deposit of money.
and the RE Agents have to sign an affadavit that there are no agreements outside the agreement(s) the mortgage has seen. So it would be fraud to have a rental/lease agreement and not share ith with the mortgage company.
Basically, beanie, you should be making plans to move.....
shelly
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