the seller only has two weeks to move out. The dual agent said that the seller may rent back two weeks or so. should we allow it? We prefer the seller move out before closing.
You should definitely consult an attorney as a bankruptcy will put a stay on any legal action. And of course, talk to your agent.
Elva A. Wormley
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
The title company is used to sellers who have filed bankruptcy. Look at your binder to determine if you have coverage available to take care of a slow-moving seller.
Do you feel like you need additional assurances from the sellers that they will vacate at closing? If so, directly ask them for it.
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A better solution would be to required the seller to move out prior to close. If they don't move out then you don't close. You can do this even if you have already signed you loan documents. If you are going to stop the closing you want to do it before your loan funds. Once your loan funds you are liable for interest even if you never actually buy the property.
Your agent should be able to help you with this.