Home Buying in Florence>Question Details

Todd Floyd, Other/Just Looking in Outside U.S.

Yet another pre-closing occupancy questions..

Asked by Todd Floyd, Outside U.S. Mon Sep 5, 2011

I have a contract on an unoccupied (for 11 months) foreclosed mobile home on a lot for the contract price of $28,000, with $500 earnest money. I had a contract to close this past August 29th.
The seller (American General) asked for a 30 day extension on closing. It appears that the property title was not properly transferred at some point in the past.
The Realtor and all lawyers involved say it will be resolved but is a question of when.
If the closing again needs to be extended past the currently schedule September 29, 2011 I am asking to be able to move in before closing. Would my offering to increase my earnest money from $500 to $3000 be a bad concession in order to make the seller more comfortable with my moving in early?
If had to rent until closing, being that I am fully funded with cash, not reason for delay and am now making the loan payments that the purchasing cash came from; would this have any effect on negotiating a small monthly rental fee?

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Answers

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I doubt that the seller will allow you to take early occupancy. If they could not settle the title issue they would have a tenant in a property that they do not even own. I think that you can see that would be a problem.
0 votes Thank Flag Link Mon Sep 5, 2011
You mentioned that the Realtor and lawyers all agree that it will be resolved. Assuming you have a Realtor representing you, you should have your Realtor ask the question.

But, the title is in question at this point so legally American General does not yet have ownership and if they can't sell it, they most likely do not have the right to rent it.

This question is really better answered by the Realtor or lawyer that is representing you.

Good Luck,
0 votes Thank Flag Link Mon Sep 5, 2011
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