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We're scheduled to make settlement on Wednesday on the house we're buying. Our realtor informed us the other day that the seller would like one of the following 2 things to occur:
1. We do the settlement at 9am like we had planned BUT they don't have to be out until later
or
2. We push settlement back much later in the day.
Reason for this is that they scheduled their settlement for the house they are buying for Thursday and didn't realize they were a day apart. They have friends staying overnight on Tuesday and a truck coming on Wednesday to move everything out, because they screwed up. They suggested we do the walk through even before they're out.
We told our realtor we're not willing to wait and do it on Thursday nor are we comfortable doing a settlement without them being fully out. What other things should we be considering? The seller has been more and more of a hassle since we signed (including not wanting to give us a credit towards a new roof which is desperately needed on an extension even though she said she had the money to!).
In TX when I bought a house I did walk through and closing then had to wait a week for the owner to move out. Was customary there. So weird. Did not like it one bit but it turned out ok.
Is there some major reason you can't do it Thurs??? IHMO I would tell them they need to have the house empty and ready for final walk thru Thurs. by 10 am., with settlement later in the day. That will give you a little time between the 2 in case someting were to surface during the walk thru that needs correcting/addressing. Personally I would never do a walk thru while they are still in it.......nor a closing without proper paperwork /leaseback done.
good luck
I'm in Texas, and moving out after a week is not "customary". Most closings, the possession changes at "closing and funding". This means, even if you sign the documents to close, it hasn't funded and the sellers don't have to be out of the house until it funds. You can close in the morning and it not fund until afternoon. More times than not, you're doing a final walk thru with the sellers' stuff all a mess within the house. Why would a seller move before they have cash in hands?
We're scheduled to make settlement on Wednesday on the house we're buying. Our realtor informed us the other day that the seller would like one of the following 2 things to occur:
1. We do the settlement at 9am like we had planned BUT they don't have to be out until later
or
2. We push settlement back much later in the day.
Reason for this is that they scheduled their settlement for the house they are buying for Thursday and didn't realize they were a day apart. They have friends staying overnight on Tuesday and a truck coming on Wednesday to move everything out, because they screwed up. They suggested we do the walk through even before they're out.
We told our realtor we're not willing to wait and do it on Thursday nor are we comfortable doing a settlement without them being fully out. What other things should we be considering? The seller has been more and more of a hassle since we signed (including not wanting to give us a credit towards a new roof which is desperately needed on an extension even though she said she had the money to!).
Ideas, suggestions, things we need to consider?
What are the provisions in the contract on this subject? I’m sure it is addressed -- and will be binding on all parties. If one or both parties want something other than what is outlined in the agreement, then an amendment signed by all parties would be necessary.
This is a local issue I imagine. Our sellers have possession until the house is funded or 5:00 pm the day of funding unless otherwise agreed upon. We do walkthroughs all of the time with the sellers in the process of moving out. Many sellers request possession for 3-5 days after close of escrow in order to make sure the deal funds before they move. Moving before the house is funded can be a nightmare...
It's not a big deal out here.
Is your concern they will damage the house in the process of moving or something? Maybe you can do an escrow hold back account for $1,000 or something in order for the seller to stay there longer. After they are totally moved out you can reinspect for damage and use the escrow money to correct problems if there are any.
This is a local issue I imagine. Our sellers have possession until the house is funded or 5:00 pm the day of funding unless otherwise agreed upon. We do walkthroughs all of the time with the sellers in the process of moving out. It's not a big deal out here.
Walk-thrus, while still occupied, are very common in my area, too.
If a walk thru of a vacant home before closing is a buyer's requirement, it becomes a negotiated term as does a seller's desire to lease back the house, post closing.
there isn't much you can do, unless you are wiling to walk away from the house..... drastic, huh????
You can move everything one day and have the walk through you want
or
you can walk through with their stuff in there, and close that day as planned
and
you could ask for an escrow amount until you have the opportunity to see the house once all their stuff is out and to make sure they don't mar the floors, put holes in the walls, etc. Maybe a 1,000 to be released immediately upon move out without any problems. they may not agree to it though.
We're scheduled to make settlement on Wednesday on the house we're buying. Our realtor informed us the other day that the seller would like one of the following 2 things to occur:
1. We do the settlement at 9am like we had planned BUT they don't have to be out until later
or
2. We push settlement back much later in the day.
Reason for this is that they scheduled their settlement for the house they are buying for Thursday and didn't realize they were a day apart. They have friends staying overnight on Tuesday and a truck coming on Wednesday to move everything out, because they screwed up. They suggested we do the walk through even before they're out.
We told our realtor we're not willing to wait and do it on Thursday nor are we comfortable doing a settlement without them being fully out. What other things should we be considering? The seller has been more and more of a hassle since we signed (including not wanting to give us a credit towards a new roof which is desperately needed on an extension even though she said she had the money to!).
Ideas, suggestions, things we need to consider?
Why are you not willing to wait & do it on Thursday? If you have a good & valid reason, such as the truck will be packed on Tuesday night or early Wednesday, or you're closing on the house you are selling before this and will not have a place to live, then you can try to push the issue. See what your lawyer says will be the possible ramifications. I would thik things are slanted in your favor, as all you want to do is hold to the contract you all agreed to. If it's just because you want to force them to stick to the contract because you can, maybe you can reconsider just for the sake of being a nice person.
As to the walk through, I wouldn't do it, in fact we almost never do it, until the seller is out. The whole purpose of the walk through is to be sure you are getting the house you contracted to buy, in the condition you were told it would be. With all their stuff there, it's too easy for flaws, defects & damage to be hidden. Also, what happens if you walk through & find everything ok, then they damage walls & floors as they are moving out? Or they rip out the crystal chandelier and stainless steel refrigerator you were told is staying? Walk through an EMPTY house.
As several others mentioned, a lot of this has to do with the laws in your state regarding possession and ownership. In real estate a state is known as being wet or dry. I found the following explanation on-line and just copied it...
"Wet state vs. Dry state
First of all, in regards to real estate and mortgage lending, this has nothing to do with alcoholic beverages! Rather, this refers to the laws and customs in different states regarding when a new mortgage loan is closed and when new buyers may take possession of the property.
"Wet States", states that have "Wet Settlement" laws, require lending banks to disburse funds within a period of time. Depending on the states' Wet Settlement laws, some require the disbursement of funds to the sellers and other involved parties on the day of the settlement, others within 2 days of closing. Wet Settlement laws are in place to curb the bank practice of delaying funding after closing documents have been signed by the borrowers.
All of the prior to funding conditions must be met in order for the lender to allow doc to go to closing in Wet States."
I agree as to wanting to do the walk-through in an empty home.
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