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I am the seller and want to stay in the house I am selling for up to 30 days after closing.
The reason is two fold. I do not want to move twice. I would have to put "Everything" in to storage ( would need at least 2 storage units ) and find a temporary place to live and then move again to the duplex.
Second reason I have tenants in the duplex and will be asking both sides to move. I do not want to lose my tenants until I know for sure the sale is signed, sealed and delivered.
The buyer has stated I have finally had a chance to touch base with my attorney, insurance agent, and mortgage lender. All have advised against signing a contract that includes a contingency for a seller to remain in the property for 30 days after closing due to liability concerns.
There MUST be a way around the liability concerns because I have heard of this being done before.... I already have insurance and that must be able to cover me... Any thoughts?
Can anyone find where FHA approves the seller staying in the house for up to 30 days after closing so I can pass that information onto the buyer?
I would really appreciate your effort. I have tried and tried to locate this information but keep coming up with nothing.. and my computer is very old and slow...
Upon closing, the house no longer belongs to you and if the buyer doesn't want to allow you to stay, then you have no legal right to do so. Even if FHA says it's OK, it's still the buyer's decision -- and it sounds as though s/he doesn't want you there.
When I bought my house we ended up closing escrow in 10 days. She was unable to move for 60 days as her new home was not ready. She paid me rent for the 60 days based on my monthly payment. Her family owned the escrow company we used.
Any condition can work. How bad do you want to sell? When I sell this house I plan on pulling my trailer of furniture that day.
If you stick around you might find yourself involved in business that is not yours, the evicting of the renters. You may even find yourself in court.
I, the seller, own the duplex and will move in to it when I sell this house. I will be evicting both tenants on both sides as I am going to use both sides.
I cannot afford to evict my tenants before the house closes because I am not able to make the mortgage payments without their rent. If for some reason the sell does not close, I would lose it to foreclosure.
The situation between the buyer and me the seller, goes into more detail as I have given in to ALL of his wishes even going so far a putting on a new roof when the old roof did not leak but due to the inspection report which said, roof has a life span of 1 to 3 years, I was asked to put a new roof on. FHA requires that a roof life span be 2 or more years.
Now he and FHA are asking me to do something else so I feel it is time for me to ask for something. That is why I was looking for facts pertaining to FHA allowing me to stay for up to 30 days after closing. And that is why I was looking for facts as to how to be able to stay here for 30 days after closing without any liability concerns.
I understand once I sell the house that is does not belong to me, that was not one of my questions...
The only way to negate their liability is for them to lease you the property for the time period you are asking. If they do this, instead of immediately using the property for their primary residence, the FHA may want to assess the home as an income property, and/or look at their debt to income ratio without a home owners exemption on the property taxes. Dollars to donuts these are the reasons they are being advised against allowing your contingency. I don't think you're going to be able to find a way around moving twice. Sorry.
I am the seller and want to stay in the house I am selling for up to 30 days after closing.
The reason is two fold. I do not want to move twice. I would have to put "Everything" in to storage ( would need at least 2 storage units ) and find a temporary place to live and then move again to the duplex.
Second reason I have tenants in the duplex and will be asking both sides to move. I do not want to lose my tenants until I know for sure the sale is signed, sealed and delivered.
The buyer has stated I have finally had a chance to touch base with my attorney, insurance agent, and mortgage lender. All have advised against signing a contract that includes a contingency for a seller to remain in the property for 30 days after closing due to liability concerns.
There MUST be a way around the liability concerns because I have heard of this being done before.... I already have insurance and that must be able to cover me... Any thoughts?
Can anyone find where FHA approves the seller staying in the house for up to 30 days after closing so I can pass that information onto the buyer?
I would really appreciate your effort. I have tried and tried to locate this information but keep coming up with nothing.. and my computer is very old and slow...
Thank You !!!!!!!!!!!!!!
That could be because there is none . when you sell something you release all interest in that property. If you and the buyer can't come to an agreement then your done. I don't understand what liability your talking about , sounds like your wanting to have your cake and eat it too . Move your tenants out, you have A signed sales agreement ? with penalties if the buyer backs out ? . It is really that simple ,plus I don't think FHA has or will take any authority in this area . As far as they are concerned , once all the papers are properly signed the property belongs to the buyer , so you had better work with or face a law suit for breach of a contract.
Since you own the duplexes and knew the potential problem of getting your tenents out before you decided to sell your house, why did you not set the terms of the closing date in the sale of your home to conicide with the date you could get your own tenents out and avoid a "double move"?
It does not sound as though you thought this out very well before signing the sales contract. As the seller this really baffles me why you wouldn't CYA.
If you cannot peacefully work this out with the Buyer by offering enough $$ to make it worth his/her while, and if the Buyer wont agree to amend the contract to postpone closing for you for a reduced saled price, I believe you are SOL. Can't fault the Buyer for taking the advice of his/her attorney. Personally, I am not trusting enough to allow a Seller to rent back after the title has been registered at the courthouse in my name either.
You are asking that the Buyer assume all the risk and inconvenience after they legally own the property and the money from closing is in your bank account. So, what is in it for them?
I am the seller and want to stay in the house I am selling for up to 30 days after closing.
The reason is two fold. I do not want to move twice. I would have to put "Everything" in to storage ( would need at least 2 storage units ) and find a temporary place to live and then move again to the duplex.
Second reason I have tenants in the duplex and will be asking both sides to move. I do not want to lose my tenants until I know for sure the sale is signed, sealed and delivered.
The buyer has stated I have finally had a chance to touch base with my attorney, insurance agent, and mortgage lender. All have advised against signing a contract that includes a contingency for a seller to remain in the property for 30 days after closing due to liability concerns.
There MUST be a way around the liability concerns because I have heard of this being done before.... I already have insurance and that must be able to cover me... Any thoughts?
Can anyone find where FHA approves the seller staying in the house for up to 30 days after closing so I can pass that information onto the buyer?
I would really appreciate your effort. I have tried and tried to locate this information but keep coming up with nothing.. and my computer is very old and slow...
Thank You !!!!!!!!!!!!!!
I rented our newly-bought home to the seller for a specified time period. It was agreed upon in the purchase agreement. A separate contract was then drawn up. You can buy renter's insurance for that time period (cheap).
However, note that if this cannot be agreed upon, then either you must go or risk not selling the home. If these are conditions coming in toward the end of the close, then you would have giventhe buyer just cause to walk away from the purchase with good faith money intact.
It all depends on the vibe between you and the buyer and the terms as laid out in the contract.
Thank you everyone. We have agreed that I will stay 2 weeks after closing which works for both of us !
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