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So we are closing tomorrow on a house we purchased.
Seller is staying in the house for an extra month after closing.
Should we bother doing a final walkthrough today or not? (will do one on the day she moves out as well).
The list of things that absolutely will covey to you is long but typically includes things like appliances, built-in window treatments and a whole lot of things that would be very easy for some one "attached to their things" to have second thoughts about. If those items are not I place at the offical closing WHEN YOU HAVE THE MOST LEVERAGE you won't see 'em at "tenant move out". The sellers need to be on a "timetable" and the more professionally you handle things NOW the less likelihood there will be problems later...
Absolutely!!!! One of my coworkers rented to the former owner for a month or so. In the mean time, he went over there to start working on some projects on the property (but not in the house). Bad will built up and the former owner willfully trashed the entire house -- to the point of smearing dog feces on everything!!
Make sure there is language in the agreement as to the condition of the property when the tenants vacate.
Well, another inspection right before closing wouldn't hurt...but the important walk-through will be when they vacate.
Will you be holding back a significant amount of the purchase price pending them vacating the property? I sure hope so. If not, lots can go wrong and you'll have little chance of being able to recover any damages.
Thanks for the advices, I will make sure to go today.My RA is going to be here as well.
We signed an "agreement to occupy after close of escrow" and it states that seller will leave thous house vacant and cleaned.
Quote:
Originally Posted by Blinx
Absolutely!!!! One of my coworkers rented to the former owner for a month or so. In the mean time, he went over there to start working on some projects on the property (but not in the house). Bad will built up and the former owner willfully trashed the entire house -- to the point of smearing dog feces on everything!!
Make sure there is language in the agreement as to the condition of the property when the tenants vacate.
Not holding back anything but she is paying us for the month upfront.Hopefully it will go smoothly. Its a single woman who took great care of her house so I'm not too worried.
Quote:
Originally Posted by jackmichigan
Well, another inspection right before closing wouldn't hurt...but the important walk-through will be when they vacate.
Will you be holding back a significant amount of the purchase price pending them vacating the property? I sure hope so. If not, lots can go wrong and you'll have little chance of being able to recover any damages.
Definitely. I don't think you realize you are buying this house now and that's one subject. To accomplish this you need a thorough walkthru.
Next up, you need the rental agreement firmed up with your tenant. You need an inspection sheet signed by the tenant. You need a deposit as well as the rent up front each month. No telling what can happen in a month. Or how badly her movers might treat the house or what relatives might take intentionally or by mistake in a move. You need to state what you the LANDLORD are providing this nice woman the TENANT and what will therefore be in place in the same condition when the TENANT leaves. Difficult to get one's mind around but it is important. A new vocabulary can help.
Absolutely!!!! One of my coworkers rented to the former owner for a month or so. In the mean time, he went over there to start working on some projects on the property (but not in the house). Bad will built up and the former owner willfully trashed the entire house -- to the point of smearing dog feces on everything!!
Make sure there is language in the agreement as to the condition of the property when the tenants vacate.
Quote:
Originally Posted by gabrielh
Wow
We signed an "agreement to occupy after close of escrow" and it states that seller will leave thous house vacant and cleaned.
Not holding back anything but she is paying us for the month upfront.Hopefully it will go smoothly. Its a single woman who took great care of her house so I'm not too worried.
It doesn't matter how great she took care of the house. Once you close, it's no longer her house. It's your house. If she's not going to do any damage to it, then she should have no problem with some money being held back at the closing to act like a deposit. Once she moves out and you see everything is OK, you release the money. If not, it's there for you to make repairs.
Regardless, the damage doesn't have to be done by her. It could be caused by someone working for her like the mover. It could work out fine, but I think you're making a major mistake.
When my home closed the previous owner stayed two months before I received keys.
I received a rent check for the two months as well.
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