Home Buying in 92805>Question Details

lehan, Home Buyer in Daly City, CA

would an addendum signed by the short sale seller he agrees to vacate one day prior to the closing ensure the buyer that seller vacate as he agrees?

Asked by lehan, Daly City, CA Tue Mar 5, 2013

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16
Kawain Payne, Realtor, Notary’s answer
I would imagine the seller will act in good faith. After all, they are being able to sale the home short vs going through foreclosure.

Stay positive, if they signed the addendum, give them the benefit of the doubt

Much Success to You!!!.

Kawain Payne, Realtor
0 votes Thank Flag Link Tue Mar 19, 2013
One day is cutting it too close. It should be at least three days, in order to do a walk through before the loan is funded.
If the seller doesn't vacate, then don't fund the loan. Wait until the home is vacant (and hopefully clean).

Frank Diaz
(RA) MBA, e-PRO, REALTOR®
East Oahu Realty
http://hawaiihome.biz/
1 vote Thank Flag Link Tue Mar 5, 2013
Hello Lehan,

If both parties have signed the addendum, then they have a valid agreement. All parties should act in accord to the agreement.

In most cases the property is to be vacant three days prior to closing, but if both parties agree on one day...then one day it is.

I wish you the very best.

Kawain Payne, Realtor
0 votes Thank Flag Link Tue Dec 3, 2013
I did offer some money for the seller to vacate 4 days ealier instead of 1 day. He agreed and signed this vacating addendum. However, the short sale bank disapproved and said that would violate their requirements so we have to pull that addendum back.

I have my final loan approved yestesday but feel very uncomfortable if I don't have the addendum he agrees to vacate 4 days earlier. I will ask them again although this time there could not be any money incentive as it violates. If the seller disagrees 4 days and he'd rather to find another buyer i think it sounds something is woring there and i would walk away. Any ideas for my plan with this decision?
0 votes Thank Flag Link Wed Mar 6, 2013
Yes and no! The seller has agreed contractually so he/she SHOULD vacate. But, people don't always do what they are supposed to to. If the seller does not vacate per the contract, you have a document that enables you to take legal action against the seller. Hopefully, it won't come to that!

Good luck.
0 votes Thank Flag Link Wed Mar 6, 2013
Hi Lehan,

Yes you can tell escrow not to close until seller moves out of property. Also, be careful when offering monetary incentive to seller on SHORT SALE. All monies need to be disclosed to short sale lender and they could take the incentive money. Small amounts are usually ok but you must disclose any amount to short sale lender.

Good luck

Steve Colvin
Premier Ca Realty
steve@premiercalrealty.com
0 votes Thank Flag Link Wed Mar 6, 2013
Everything is negotiable if all parties agree in writing...
I may be a bit concerned about moving sellers out before recording takes place...unless it is an unusual circumstance...
0 votes Thank Flag Link Wed Mar 6, 2013
A notice to perform is usually 48 hrs. Your agent should know how to represent you. If you're having issues, you should contact the broker ASAP.
0 votes Thank Flag Link Wed Mar 6, 2013
Having this in writing is a good thing but moving out the day prior to the closing won't leave you with much time to work with what needs(or may need) to be done.....My recommendation is to try to create more time between the seller moving out and the closing and make it clear that you WILL NOT close without a satisfactory final walk through or him or his property still in the home.

Good luck,

Bill
0 votes Thank Flag Link Wed Mar 6, 2013
That would help, but put some monetary damages in there to make sure they have incentive to move out
0 votes Thank Flag Link Wed Mar 6, 2013
You can ask for any timeframe you like, but once it is agreed to in writing, then it would be difficult to change. I would offer an incentive of $500 or $1000 to get them moved out 3-4 days ahead of time.
They als run the risk of the loan not going through, so I understand their position as well.
The sequence should be:
1. Conditional loan approval
2. Prepare to move
3. Final loan approval
4. Move out
5. Walk through
6. Funding
7. Closing
0 votes Thank Flag Link Wed Mar 6, 2013
Hi Michael, what is estimated turn around time for a notice to perform?
Thanks
0 votes Thank Flag Link Tue Mar 5, 2013
Hi Frank, I asked 4 days prior to closing, the listing agent / seller agent refused and said the seller has the right to stay until the day we close eventhough section 5(B) on the purchase agreement is unfilled.

Do you mean I do have the right to ask the seller vacate more than 1 day prior to closing?
0 votes Thank Flag Link Tue Mar 5, 2013
Glenn, thanks for your answer.

The original purchase agreement has the Section 5(B) completely blank, so the listing agent/buyer agent agree to create an addedum to address this seller to vacate one day prior to closing. The seller did sign.

Both agents said if the seller does not vacate by the "one day prior to closing" as he agrees on the addendum, I can ask to not to close (even I have already wire my downpayment and my lender has already funded the loan), IS IT POSSIBLE, in the morningg of the closing day?

thanks
0 votes Thank Flag Link Tue Mar 5, 2013
Hello Lehan, If your original offer to the seller was generated on a C.A.R. form, California Residential Purchase Agreement, please go to page 3 item 5(B) and discover how that reads and/or how it was filled out. This should establish what you as the buyer and the seller agreed to on "Possession" of the property.

Now if you were to be asking the seller to change the terms of the original purchase contract regarding "Possession" of the property...then you would need to have the seller sign an "Addendum" specifying this change.

As to your question on "ensuring" that the seller would move out on the target date. The seller per the contract and addendum would have to. But life is not perfect and there would be a chance that the seller does not move out according to the agreed upon terms. Often when this does happen, which is rare, it is due to a mishap or unforeseen matter that has cause a slight delay for the seller though they will do everything they can to conform to the agreed terms. Always remember to seek legal counsel on issues like these should they arise or go south on you.
0 votes Thank Flag Link Tue Mar 5, 2013
It's nice to have such an addendum on paper. However, by itself it doesn't ensure anything. If the seller doesn't vacate as agreed, then you'll have to file a notice to perform and hope he complies. Or, you can retain a lawyer who can discuss your options available.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Tue Mar 5, 2013
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