Home Buying in 55407>Question Details

Kate, Home Buyer in Minneapolis, MN

Rent while waiting to close on my house?

Asked by Kate, Minneapolis, MN Mon May 18, 2009

We are purchasing a REO property. I think our closing on the house we are buying may be delayed due to some judgments on the property. We are supposed to close the 22nd and I need to be out of my place by the 31st. I'm afraid we might not get to close before then. We won't have a place to live.

Has anyone ever heard of the seller (a bank in this case) renting the property out to the buyers until we can officially close???? Any help would be greatly appreciated! We are running out of time!

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If you need temporary accommodations, a great resource is VRBO.com, Homeaway.com and CHBO.com. They are websites for vacation rental homes by owner. They will rent their homes for days, weeks, or month to month. Most are fully furnished so you can leave your belongings in storage, and only have to move once, when you close on your home. It might be a good option for you since the banks tend to move on their own time frame instead of that of the buyer. Good Luck!
1 vote Thank Flag Link Tue Oct 25, 2011
Because this question is so old the answers are only relevant for another buyer who may have the same question. As others have said, banks will not usually let buyers move in before the closing and their lawyers are the first to say no. But the person asking the question did not mention that she went to her present landlord and pleaded for an extension on her lease. I would start there. If that does not work I would look for a furnished apartment that you can rent for a short time and put your belongings in storage.
0 votes Thank Flag Link Fri Nov 4, 2011
Banks will not normally let you rent prior to closing. In that case I would try to find out approximately how many days the closing will be delayed and make a decision at that point. If more than a week I would go to vrbo.com and find a furnished home to rent for a few weeks. If it would be less than a week probably would just rent a hotel room.
0 votes Thank Flag Link Thu Nov 3, 2011
This posting is from May 18th, 2009. I think she has most likely closed by now.
Remember to check the date of the question to which you are giving advice.
0 votes Thank Flag Link Sun Oct 30, 2011
Unfortunately banks are not in the rental business. For my clients that have been in your situation I typically recommend temporary housing or monthly furnished rentals. You can put your things in storage and wait for the judgment to be cleared. From my experience some judgments on foreclosed properties could take up to four months (sometimes longer) to clear. You may also want to play it safe and keep your eye out for any other homes that may be interesting as a back up plan.
0 votes Thank Flag Link Tue Oct 25, 2011
Banks usually wont rent their property out due to liability issues. You may want to look at a month to month rental that would be your best situation till you can close on your home. http://www.mnhomescontractfordeed.com
0 votes Thank Flag Link Sun Oct 23, 2011
Usually they don't rent the property. They want to close asap. You need to work with you real estate agent to work with your title company to get all judgements cleared to close asap.
0 votes Thank Flag Link Tue Sep 20, 2011
Generally, the lender clears up the judgements before putting the home on the market as a REO. Check with your agent to be sure if there is going to be a delay.

Lenders usually will not rent to you or even let you have access to the property before closing other than the normal inspections and walk-throughs.

But, there are many homes for rent on the market, you might be able to find a short term rental.
0 votes Thank Flag Link Tue May 19, 2009
As Joel says, it doesn't hurt to ask but it is almost 100% guaranteed they will say no. What if they can't fix the title issues? Now they have a "squatter" that they have to spend money evicting. It's a mess that banks don't want.

Look at other options... extended stay hotel, "pods" for your household stuff, etc. You may need it!
Web Reference: http://www.AaronSOLD.com
0 votes Thank Flag Link Mon May 18, 2009
They don't like to rent the homes at all but, it can't hurt to ask. Have your agent give them a call. You are right the closing could easily slip past the 31st. Patience and flexibility is the key when working with the banks. You should also start to think about what else you can do for temporary shelter.
Web Reference: http://HomeByFriday.com
0 votes Thank Flag Link Mon May 18, 2009
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