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Old 07-01-2011, 09:03 PM
 
Location: Huntington
1,214 posts, read 3,629,609 times
Reputation: 873

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Neneloco - If you end up closing on this house, my advice is to not rent the house back to the sellers once the deal is done. Just move into it yourself. Being landlords to the seller can turn into a nightmare.
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Old 07-03-2011, 10:18 AM
 
Location: Long Island and Westchester, NY
53 posts, read 204,292 times
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The Realtor offered to do a rent back with $10k in escrow. They are sending the addendum to my attorney to review.

The only clause in the contract for extra money is if they do not move out after we close, then they are charged per day.

We are expecting a child in the end of July and had wanted to be moved in before that.

Guess we will wait and see with the addendum sent to my attorney.
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Old 07-04-2011, 03:34 PM
 
1,386 posts, read 5,326,753 times
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This is probably off point, but why are you asking here?

in your first post you state you discussed with a RE attorney, which really is the approriate course of action. The rest of us here cna just speculate.

my own experience is that RE contracts aren't really worth the paper they're printed on. there are always outs. On top of that, you have an on or about date in the contract. normal practice is that you can close a month after that without really having anything executed, an extension beyond that happens too....

keep in mind in all of this is that if you say no, you still won't be in another house by your proposed close date.
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Old 07-04-2011, 03:59 PM
 
Location: Over There
402 posts, read 1,403,283 times
Reputation: 779
Cool Close or Lose

Quote:
Originally Posted by neneloco View Post
Hi,

I am under contract to purchase a home in Nassau County, NY. The seller has 60 days from commitment to close.

They have just advised my attorney that they need an additional 3 months to close on top of the 60 days provided by the contract. The house that they are buying, the deal fell through and they are buying another house.

I told my attorney that there is no way we would agree to that and would pull out of the deal if we do not close by the time allowed in the contract. . . .
Is there is a contingency (for the seller to find housing) in your contract? If there is no such contingency and there is a clear "60 days to close" clause, just tell the seller to close on time or forfeit the sale due to breach of contract and refund any deposit. You can request reimbursement for appraisals, etc. but you probably won't get that unless you sue.

IF the seller wants to continue with this sale, he will have to move out and rent something until he can get into his new house. He is not allowed to purposefully hold up escrow--FOR HIS CONVENIENCE--without your consent. If he is concerned with getting a new buyer, he will jump through hoops to make this happen.

Obviously, you are NOT OBLIGATED to rent your house to the seller. That is YOUR choice. This is just what your seller WANTS.

If you do not LOVE this house, you can walk away and find another one. Maybe, it'll be easier to move after your baby is a few months old.

Best wishes.
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Old 07-05-2011, 07:41 AM
 
Location: Long Island and Westchester, NY
53 posts, read 204,292 times
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Quote:
Originally Posted by Justin Time View Post
Is there is a contingency (for the seller to find housing) in your contract? If there is no such contingency and there is a clear "60 days to close" clause, just tell the seller to close on time or forfeit the sale due to breach of contract and refund any deposit. You can request reimbursement for appraisals, etc. but you probably won't get that unless you sue.

IF the seller wants to continue with this sale, he will have to move out and rent something until he can get into his new house. He is not allowed to purposefully hold up escrow--FOR HIS CONVENIENCE--without your consent. If he is concerned with getting a new buyer, he will jump through hoops to make this happen.

Obviously, you are NOT OBLIGATED to rent your house to the seller. That is YOUR choice. This is just what your seller WANTS.

If you do not LOVE this house, you can walk away and find another one. Maybe, it'll be easier to move after your baby is a few months old.

Best wishes.
no contingency in the contract that says contract is pending seller finding another house (just straight 60 days to close)

my wife and attorney are against the idea of a rent back. The seller's agent (dual agent), is pushing for the rent back which I know why he would....he gets paid once the closing happens and he walks away hands clean and will let us deal with getting the sellers out.

Thanks for all the advice. I have consulted with other attorneys and they all agree that the contract is pro seller and nothing we can do except wait until the contract date is up and walk away or wait for the house.
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Old 07-05-2011, 10:30 AM
 
166 posts, read 531,025 times
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Quote:
Originally Posted by neneloco View Post
no contingency in the contract that says contract is pending seller finding another house (just straight 60 days to close)

my wife and attorney are against the idea of a rent back. The seller's agent (dual agent), is pushing for the rent back which I know why he would....he gets paid once the closing happens and he walks away hands clean and will let us deal with getting the sellers out.

Thanks for all the advice. I have consulted with other attorneys and they all agree that the contract is pro seller and nothing we can do except wait until the contract date is up and walk away or wait for the house.
Yeah, there really isn't much that can be done if the seller can't or won't sell for whatever reason.... but you can make them think really hard and long about what they can get out of you the buyer. Not sure what the limits are, but if the sellers want to rent back for a few months, then you the buyer should make it such a large amount that every day matters for them to move out asap or else they will be bleeding money out... to the point that (as the previous poster commented) that they would rather move out and rent a place until they can close on their house. The way I see it, there is a price for everything, and the price for the seller's convenience for moving twice should be a part of the rent back.
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Old 07-05-2011, 03:04 PM
 
Location: Huntington
1,214 posts, read 3,629,609 times
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Quote:
Originally Posted by jshlee View Post
Not sure what the limits are, but if the sellers want to rent back for a few months, then you the buyer should make it such a large amount that every day matters for them to move out asap or else they will be bleeding money out... to the point that (as the previous poster commented) that they would rather move out and rent a place until they can close on their house. The way I see it, there is a price for everything, and the price for the seller's convenience for moving twice should be a part of the rent back.
The problem with renting the house back to the seller besides the miserable responsibility of being their landlord, is that they may have to be evicted if they don't pay their rent (this happens more than most people realize), and the eviction will probably take 6 months, and that's 6 months without their rental income, with you, the landlord, supporting them in what is supposed to be your house.

I have friends who were in the same predicament as you are in now - wife was pregnant at the time as well, except they went ahead with the sale with the agreement the sellers would rent the house back. First few months, rent paid. Then the sellers wouldn't move with the excuse they had no place to live. Then the rent wasn't paid, then eviction proceedings ensued, then 6 months waiting, and then the sellers trashed the house. No kidding. DO NOT RENT THE HOUSE BACK. No matter how much of a nice act those sellers put on for you, don't do it.

I'd stick to my guns, not budge on the closing date, and definitely not do a rental back to the seller no matter what. I'd rather live in someone's cellar with a new baby crying all day than be a landlord to anyone. The crying baby is much easier to deal with than tenants. Instead of letting the seller string this whole process out, try and force the seller into a firm closing date this month. If they won't commit, be prepared to walk away and find another house. It's not like there are no other houses for sale out there.
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Old 07-05-2011, 03:41 PM
 
Location: Nassau, Long Island, NY
16,408 posts, read 33,193,220 times
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Quote:
Originally Posted by AndreaII View Post
The problem with renting the house back to the seller besides the miserable responsibility of being their landlord, is that they may have to be evicted if they don't pay their rent (this happens more than most people realize), and the eviction will probably take 6 months, and that's 6 months without their rental income, with you, the landlord, supporting them in what is supposed to be your house.

I have friends who were in the same predicament as you are in now - wife was pregnant at the time as well, except they went ahead with the sale with the agreement the sellers would rent the house back. First few months, rent paid. Then the sellers wouldn't move with the excuse they had no place to live. Then the rent wasn't paid, then eviction proceedings ensued, then 6 months waiting, and then the sellers trashed the house. No kidding. DO NOT RENT THE HOUSE BACK. No matter how much of a nice act those sellers put on for you, don't do it.

I'd stick to my guns, not budge on the closing date, and definitely not do a rental back to the seller no matter what. I'd rather live in someone's cellar with a new baby crying all day than be a landlord to anyone. The crying baby is much easier to deal with than tenants. Instead of letting the seller string this whole process out, try and force the seller into a firm closing date this month. If they won't commit, be prepared to walk away and find another house. It's not like there are no other houses for sale out there.
I agree with this advice. The seller is already attempting to make THEIR PROBLEM (interim living arrangements between sale of one home and purchase of another home) the problem of the buyer. That does not bode well for their expected future actions IMHO.
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Old 07-05-2011, 03:54 PM
 
Location: under the beautiful Carolina blue
22,618 posts, read 36,545,747 times
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I agree with Andrea too. When we moved here (N.C.) we were having a situation where the sellers wanted to move after the closing. This is not uncommon in NY, where you may give a seller a day or two to move (our buyers gave us that courtesy) however it's uncommon down here because RE attorneys cannot hold money in escrow "in case of damages" etc down here. My attorney told me in no uncertain terms "do not let the seller remain in that house after closing, I can tell he will drag his feet getting out....you'll end up living with him".

At previously stated, the sellers are trying to make THEIR problem YOUR problem.....in this market they are lucky to have a buyer. No house is worth this aggravation.
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Old 07-06-2011, 09:40 AM
 
1,386 posts, read 5,326,753 times
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"At previously stated, the sellers are trying to make THEIR problem YOUR problem.....in this market they are lucky to have a buyer. No house is worth this aggravation."

you can say that. However, basically they can make their problem, your problem. The contract is pro seller, they are the seller, generally, its very difficult to force someone to sell you their house. They can simply say, if you still want it, closing date is now extended, if not, sorry.
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