Hi Flat Top,

While I don't think it's a good idea, let me give you an idea. You have no right to see you buyer's credit history and score. You've got to completely trust your realtor's judgement. On the other hand as a landlord you have every right to run a credit report on an rental application that gives you permission to do so. Any landlord can get one for $24.95. Never rent to anyone regardless of circumstances without running their credit. In this situation it could be most interesting.

Just a thought, Mark

Simply put.

Allowing any buyer to occupy your property prior to closing is like writing a condition in the purchase and sale agreement that states if the buyer finds ANYTHING they dont like about your property or neighborhood, please just walk away.

Sad but true and you will get burned 99% of the time.

Kevin Cloutier, Commercial and Residential Realtor
Keller Williams World Class Realty
239-246-6639

Hi Flattop

Well, I think we're all in agreement.......do NOT let the buyer move in!
Once there, you will have a hard time getting her out if things fall apart. Other reasons have already been listed, so I won't repeat them.
You don't want a tenant, you want a buyer!
Help motivate the buyer to get this closed.............nothing will motivate her more than having to move out of her current home and into a hotel.
Good luck!!

Uh-uh. Something is wrong with this picture.

See a Real Estate Attorney before allowing any Buyer to move into your Property prior to closing.

What could go wrong? Buyer could tear up your house, fail to make payments, you could have to evict based only upon a verbal agreement or a weak lease, Buyer may never get the Loan, etc. etc.

Do not sign any Occupy Prior to Closing, or Rent to Own Agreement, unless such a Lease is drawn up by YOUR Real Estate Attorney.

Best wishes,
Fred Grifin

This is a difficult situation. You mention your realtor. Is she assisting the buyers as well or is there a buyer's agent involved? Unfortunately if there is another agent, your realtor may not know everything that is occuring with the buyer's financing. The information she or he receives is channeled through the buyer's agent. Here's what I would suggest...

Absolutely, do NOT allow the buyers to move into your home prior to closing. This situation can create issues that are not forseeable to you now but can really mess up your closing. For example, let's say the A/C breaks and needs replacing. Who is responsible? Worst than that, what if the buyer starts a fire and causes severe damage to your home and then decides they don't want it now that it's had this damage? Or what if they move in and a family member offers to sell them a home at a much better deal? There are just too many scenarios that can occur and believe me, I have seen much over the years that would leave you dumbfounded.

Right now, the buyer wants your home and they are very motivated to close. They need a home. If you give them the home by allowing them to occupy prior to closing, their circumstances are not as dire any more and they will not be pushing their mortgage broker the same as if they were still on the outside lookig in, so to speak.

If you haven't signed an extension to the contract and the initial closing date has come and gone, discuss with your agent your options to make the home active on the MLS again. Using a 'right of first refusal' with a short kick-out period to protect the buyers who are trying to get their financing in order, may be your best alternative to just waiting them out. They can continue trying to get their financing through underwriting but if another buyer comes to the table with a good offer, you may accept that offer and give the current buyers 24 or 48 hours to make good on their financing. Otherwise you may move on and close with buyer #2.

As we approach the holiday season, real estate activity will taper off and sloooow (that is not a typo!) down until next year. You don't have time to delay! It sounds like there is something very hokey going on for the buyers to be taking this long. If you don't close soon, any more delay could cost you significantly.

Lastly, it doesn't sound like you are all that confident in your own realtor otherwise you wouldn't be on Trulia asking for advice. You may want to talk to another agent in Plant City regarding your options more specifically. If your listing agreement has expired, you are free to find yourself an agent that you can have confidence in and that will be able to control the situation and look out for your best interests.

I am an agent for Keller Williams in Plant City and I'd be glad to help.

Lorraine Bennett, REALTOR
Keller Williams Realty
Direct: (813) 716-3997
E-Mail: Lorraine@MyHappyRealtor.com

Your buyer should have been able to satisfy "underwriting requirements" within 60 days, even in difficult situations. My opinion is that the buyer is weak and may not be able to close.
Allowing a buyer to pre-occupy may result in the buyer finding fault with the house/neighborhood or other issues and electing not to close. Additionally, if the buyer is in occupancy and does not get the loan, you may have extreme difficulty and some costs in getting the buyer out of your property. Too many "if's" on this deal.... I suggest that you keep marketing the house and accept another offer as soon as you can legally per your contract. Your Realtor should be able to provide guidance to you for this situation.

Agent is more interested in double ending the deal, then getting your Florida home sold. I can do FHA laons down to a 530 fico score and only 3.5% downpayment. Yuu can give the buyer back 6% for closing cost and make it easy to have enough cash to purchase the home. Have them call me and I will let you know whether you are wasting your time or not.

http://www.fhamortgageprograms.com/florida/