Home Buying in Santa Clara>Question Details

Vinay Shah, Home Buyer in Milpitas, CA

Extension of escrow (requested by sellers)

Asked by Vinay Shah, Milpitas, CA Wed Mar 28, 2012

I am under contract to buy a property and the escrow was supposed to close this week. I just came to know that sellers repaid all the money on their second loan, and the bank needs upto 30 days to clear lein. (this was not a foreclosure or short sale).

Now sellers want me to extend the escrow. They are giving me the option to move-in early and rent the property until the close of escrow.

Is this a common practice? Have you heard or experienced this? Anything I should be careful of

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1
I avoid pre occupancy with a passion, but normally that is from a seller's agents point of view. It sounds like the sellers are bending over to help you out. Your rent should be the amount you would be paying to the mortgage lender as a payment each month until you do close (which is what we here call it).
0 votes Thank Flag Link Wed Mar 28, 2012
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