Home Selling in Plano>Question Details

Clh6285, Home Seller in Plano, IL

Should the seller move out prior to the short sale closing??

Asked by Clh6285, Plano, IL Wed Apr 27, 2011

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It really depends. A buyer will be more confident knowing they truly are going to get the house and not confront an eviction issue, but short sales go sideways more often than regular purchases. I don't blame a short seller for waiting till the last minute to move both to save money and to ensure the deal is going to close.
If you have bank approval for the offer submitted and the buyer has completed their financing application and all signs point to closing, make your arrangements to move.
Moving prior to the lender's approval of the offer can cost you rent for months while the bank decides.
1 vote Thank Flag Link Wed Apr 27, 2011
I think all sellers should move out prior to any closing. It's just a bad situation if the seller is in the house the day of closing, and I would delay closing until they did.
1 vote Thank Flag Link Wed Apr 27, 2011
Absolutely yes . Why to buy home with people inside ? he he ... lol
0 votes Thank Flag Link Sat Sep 1, 2012

You are absolutely correct to have concern with this. By allowing someone to occupy the property after cloosing you entertain a host of possible problems that include the eviction process should they elect to make things difficult.

It's likely best to take a hard stand and insist that they are out prior to closing. No vacancy=no closing

Good luck.

0 votes Thank Flag Link Wed Apr 27, 2011
I have language in the buyer addendum that instruct Title to withhold $3k if Seller has not vacate the property 3 days prior to Closing and a credit to buyer $35/day for every day after closing plus cost of eviction/damages.

Could have / Would have / Should have don't cut it ....
0 votes Thank Flag Link Wed Apr 27, 2011
I think the seller has to consider their own financial position. Can they afford to move out prior to the short sale closing, have they found another place to live, how much work do they have involved in moving - long distance or local? They do need to plan to be out by the actual day of closing.
0 votes Thank Flag Link Wed Apr 27, 2011
The seller can stay in the home up until the day of closing. They should be all moved out by closing day or the day before when the new owners do the walk through. You want to give time to have everything out and all cleaned up.
0 votes Thank Flag Link Wed Apr 27, 2011
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