Home Buying in Rocklin>Question Details

Bonnie Deason, Home Buyer in Oakridge, Bakersfield,...

i have to waite for escrow to close so that we have the money there to move. we can't move untill money is in the bank. what do we do?

Asked by Bonnie Deason, Oakridge, Bakersfield, CA Mon Jan 14, 2013

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I'm assuming that you're looking to move down to Rocklin from your current home. Ask your agent to write an addendum for a 'Rent Back' to the buyers of your home. This way you can ask to stay for however long you need. You'll sign a rental agreement between the 2 of you for the amount of time you need.

Keep in mind it's like renting an apartment and you need to make sure the property is delivered in the condition you have stated on the purchase contract.
1 vote Thank Flag Link Mon Jan 14, 2013
Arron's suggestion is right on the money.

Please communicate with your agent. concerns, challenges, and financial obstacles.
Your agent may have additional solutiosn for you too.

Good luck!
0 votes Thank Flag Link Mon Jan 14, 2013
Your agent should address this with the buyer's agent. This actually should have been discussed before you accepted the offer as you probably knew then that you could not move without the money you expect to receive at the close of escrow. I see this problem a lot with short sales when the seller receives relocation assistance money. It can be a real problem because the buyer will not want to close escrow without assurance that the seller will be out and the seller can't move because they don't have the money to move.
0 votes Thank Flag Link Mon Jan 14, 2013
Ute Ferdig -…, Real Estate Pro in ,
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