Home Selling in New York>Question Details

lmh, Both Buyer and Seller in 97124

My real estate agent wanted me to allow my potential home buyer to live in my home while arranging financing. Is this unreasonable?

Asked by lmh, 97124 Mon Jul 11, 2011

The home buyer wanted to live in the top floor of my duplex rent free and have her man friend live in the downstairs free as well. I said no and she ended the sale that has been in contract for 1 month now.

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8
Absolutely not, not pay - no stay! These people could ruin your house and then walk away!
First rid yourself of the Realtor since they have no idea what they are doing. Secondly, the contract is that a contract and the living arrangements or the denial of such request was and is not a deal breaker and the breached the contract. Go after them legally, no deposit return at least!
1 vote Thank Flag Link Mon Jul 11, 2011
I don't know enough of your details to know whether it was a reasonable request, or not. I can tell you that I would not have wanted you to allow it.
0 votes Thank Flag Link Sun Apr 15, 2012
Alan May, Real Estate Pro in Evanston, IL
MVP'08
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Depending on the situation it may be something to work out.
But not for free...besides a hold harmless agreement and pay for rent a good deposit will/should be held in escrow.
0 votes Thank Flag Link Sun Apr 15, 2012
there are use-in-occupancy agreements where a buyer can move in before closing, but not for free. they should be paying market-rate rent and paying utilities.
0 votes Thank Flag Link Sun Dec 11, 2011
This is not reasonable. Financing could take 6-12 months if you are creative and can stretch it out. They most likely were not serious buyers.
0 votes Thank Flag Link Mon Jul 11, 2011
This opens up a whole slew of possible problems. Not the least of which is if they don't close your would have to evict. One way to agree to it would be if they agree to lose their down payment if they don't close.

Either way I would probably say no to this unless you feel that you will not be able to find another buyer
0 votes Thank Flag Link Mon Jul 11, 2011
Yes, it is an unreasonable request, think of all the liability issues that would have come to play...
0 votes Thank Flag Link Mon Jul 11, 2011
I am sure your attorney would never recommend that arrangement. You did a smart thing by refusing.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Mon Jul 11, 2011
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