Home Buying in Milwaukee>Question Details

keymann18, Home Buyer in Milwaukee, WI

Seller wants to stay!!! what should I do?? please help!!

Asked by keymann18, Milwaukee, WI Mon Jul 16, 2012


This is what happened.
Put in an offer on a house back in the beginning of March
got the approval letter at the end of June
closing on the 27th of July

(July 10th) listing agent asked our agent if the seller can rent the place back for a week after closing and we said no.
(July 16th) listing agent informed our agent that the seller didn’t expect the bank to approve the short sale with a deadline this fast…..He is working on moving, but it may be a possibility he will not be completely out by closing. Is there anyway he can close and rent back from your buyers for a week or so.

My question is that whether I should let them stay? I really really want the house!! I know we don't have to let them stay but I don't want to push them because I don't want them to mess up the walls or the floor or anything. please let me know what you think!!!!

Thank you

Help the community by answering this question:


It is within your right to go ahead and close on the agreed upon date, but, as you pointed out, depending on the character of the seller, forcing him out might give him reason to do damage to the propoerty. Legally, you'd be ale to get it fixed, but attorney's fees could cost more than the fixes.

You could push your closing back a week or so to accommodate him but who is to say that he won't ask to push it back again and again?

Your third option is to close on time then rent back to him for however many days or weeks. As part of the agreement, the seller would have to keep the home under his homeowners policy concurrent with your homeowners policy on the property. You can also get him to pay you 1/30th of your principle, interest, tax and insurance at closing for each day he wantes to stay. It is also your right to ask for an up-front security deposit. During the persiod he is still in the house, you have a sort of renter-landlord relationship. You are entitled to keys to the house, but cannot enter without an agreed-upon notice. Your agent should have a form to handle this, it's called an Addendum O.

Good Luck.
0 votes Thank Flag Link Mon Jul 16, 2012
I would be concerned with having to evict a tenant also. If you were my buyer I would recommend delaying the closing date enough to allow the seller to get out before you close. Good luck with your decision.
0 votes Thank Flag Link Tue Jul 17, 2012
I would love to delay closing but the closing date was set by their bank because it is a short sale and their acceptance of our offer ends on that day. The bank said that they will continue with the foreclosing process if we do not close on that date.
Flag Tue Jul 17, 2012
I guess one of the things I should add. This is a short sale and the date was decided upon by the bank. I would have no problem moving back the date of closing a week but we can't. They have had nearly 40 days since the found out to be searching for a new place to live. When we put in our initial offer to purchase they waited 3 days past our deadline to accept our offer. I am nervous that they won't respect deadlines and we will have to deal with trying to evict them when they don't move out.
0 votes Thank Flag Link Tue Jul 17, 2012
If you do not want a tennant, and want him out before closing, talk to all parties and push the closing back a week to give hime time to get out. You will pay a week less of interest and will not have to deal with a rental situation.
0 votes Thank Flag Link Mon Jul 16, 2012
Here is the key points, if you do not klet them stay, they may not close. but if you do close you are stuck with a tenant no matter what they sign or say. You should really have your buyer agent or if you dont have one, have an attorney outline and write up a "holdover/rental" agreement about what you can expect. What if anything they will pay for the week, what condition they leave it, what happens if they leave it durty or take things and wehat happens if they dont move out. It is not a topic to take lightly so get a lwyers point of view. good luck with your purchase
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Jul 16, 2012
You WANT the house!
They NEED the house!!!

Suggest you be reasonable and make some arrangements;
think of giving of yourself to someone who needs help.

Good luck and may God bless
0 votes Thank Flag Link Mon Jul 16, 2012
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