On the other hand, it is possible that your suspicion is correct. Ask your realtor to show lender's condition either in the commitment or in any other print form.
There is however sound reasoning behind why this request has been made. Mortgage lenders finance real property. They do not and will not finance personal property. Since the furnishing presently in the home represent personal property, they are likely seeking reassurance that their funds are being used to purchase the home and not the furniture.
This request has nothing to do with the buyer's ability to move in sooner than later....and is intended to protect the lender only!
Hope this is helpful,
I have never heard of a prior-to-processing condition, donâ€™t even know how the lender would know the property is occupied prior to ordering an appraisal which isnâ€™t done until they start processing the loan application. SOOOOO, just based on what you have shared I would guess your home is located in a somewhat isolated location/area, the buyer isnâ€™t for real, neither is the lender, it is a scam to get you out of the house so they can steal the wiring, plumbing, HVAC, anything else attached of value.
Make an appointment to visit the loan officer that conveyed the condition to your agent and insist meeting in their office. I suspect this is the quickest route to finding out the truth, good luck,
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Bill Vossos - Associate Broker
Century 21 Executive Realty
"Making the American Dream a Reality"
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I have NEVER heard of this. Check your purchase contract for date of possession. Date of possession is when you have to be moved out - which should have nothing to do with the buyer's lender. Maybe the buyers should find a different lender?
A&M Mortgage Group
219.973.6644 or the office number is 219.794.0600 ext: 253
Sometimes the way you understand the information given to you is lost in translation when it goes from the lender to the buyer's agent to your agent and then to you. This could be the case as well. I am guessing you don't have hundreds or thousands of transactions under your belt. You may wish to use an attorney to assist you. Although many agents practicing only in Indiana will tell you it is not common to use them, it can still be a very good idea when issues get sticky. They are used in Illinois all of the time and it often helps as you have two people on your team working for you, both with different perspective and one with the legal ability to act on your behalf. They are used on almost every transaction in Illinois. It's just accepted as a part of the transaction.
There are several attorneys who specialize in real estate in and around Crown Point (I just referred one to a client on a particularly interesting transaction). They do not cost that much. Considering the size of the transaction I believe they are generally a great investment.
Have your attorney communicate with the lender and other side. The goal is not to upset the transaction, but to keep all hands above board so the transaction closes smoothly with no undue duress on your behalf.
Good luck and you can feel free to call for referrals.