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I'll start with a thought. Some people buying a home in this situation don't realize that during prepossession they will be tenants, not owners. Even some sellers don't realize this, that they will be landlords for a little while.
It might 'lighten the load' with the owner, so to speak, if the people can just move in and leave the possessions until you own the house.
That said, I would personally never do buyer prepossession, nor seller rent back. I've had too much experience and too many odd things that can come up that one would ordinarily not even think of. Like the intelligent guy I know who owns a lot of property just this past week who lost focus on timing because he won a million dollars through Pub Clearing House and was told to get several items of paperwork and personal info for them. So he spent two full days working on that. Can you guess it was a scam? The very kind buyers nicely let him store things in the packed garage for a couple of days after settlement.
Not that you would do that, and you do have a very real issue....just that crazy things seem to happen all the time beyond one's expectations and belief.
It's very rare for a seller to be ok with this. In almost 17 years, I've had it 4 times. They've all worked out, but you have to be careful. One of them wanted it because they wanted to start the updates. We had to put lots of language that the buyer wasn't going to be reimbursed for any expense/upgrades if they didn't close.
Be prepared to pay a hefty deposit. That is needed in case you don't close and they have to evict you...
So many things can go wrong, you're wanting it, so you'll have to jump through their hoops to help with their comfort level. It's saving you money from going to a hotel, so be prepared to pay that to them as compensation for them accommodating you.
If you can present it as a Win/Win, it'll be easier to get an agreement.
I'm prepared for it to be more like a "rental" situation as opposed to moving in early to our new house. It's shelter for a few days, that's all. No unpacking and painting or anything like that. Sleeping bags and a coffee maker.
If I were a seller I would not look favorably on an offer with pre-possession. Maybe in a cold market with no other offers. Otherwise the offer would have to be very attractive in some other way.
Might be doing this if seller is up for it. We're getting kicked out of our rental a week before closing.
Thoughts? Opinions?
My thoughts, put your stuff in storage and stay in a long term hotel rental like an Extended Stay America.
There's absolutely no guarantee that a seller would give you possession of the house prior to closing. I would flat out refuse. There's been dozens of horror stories on here.....absolute horror stories. no way would I do it.
We're going to be squatters in our current place.
That's the plan as of now.
I expect that would be your best plan of action. Evictions take time.
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