How to look out for myself when Buying a seller occupied property?

Asked by Christina, 92336 Sun May 13, 2012

Is it true seller gets3 days" at the property post escrow since they have to find a place to stay
Why it that my responsibility. What if they want to extend?
I m renting I need to let my landlord know exactly when I have to move out And be responsible for the days/ rent
Besides why should I put my life on hold

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5
Hena Martin, Agent, Hot Springs, CA
Sat Jan 26, 2013
When you say seller occupied is it a short sale or a standard sale.I think if you have an agent you trust to work she/he will guide you through ,if this is simply a question and you are considering purchase ,so glad to be of help to you ,do call or e mail .HENA MARTIN 760-251-2868
0 votes
Kawain Payne, Agent, Seal Beach, CA
Sat Jun 9, 2012
If your purchase agreement stipulates possesion will be close of esrow plus three days, then yes the seller will have three days post escrow to vacate the property.

Remember, the sellers will not get their money until the escrow actually closes. They may be depending on part of the funds they net at closing to pay their moving company.

They may also need the funds to pay for other costs associated with moving, so giving them three days post close of escrow is reasonable.

Just add the three days to your notice to your landlord to make sure you are covered.

Congrats on your new home!!!

Kawain Payne, Realtor
0 votes
Christina, Home Buyer, 92336
Sun May 13, 2012
I' like to thank everybody for the input

While it is safer to have a few more days to for closing , the seller may indeed needs more time to find a suitable rentL, I don't think this is the
case
Sellers have lived there for 23 years , I suspect they are not ready to move/ let go of the property.
My agent told me it is customary to give
0 votes
Bill Eckler, Agent, Venice, FL
Sun May 13, 2012
Simply stated, as a buyer, you shouldn't allow the transaction to move forward until the occupied party has vacated. After the fact evictions can be costly and very time consuming, putting your options on hold.

The time to address this issue is now, before the closing nears and the parties involved have an opportunity to advocate for you and get things moving.

Best of luck,

Bill
0 votes
Thomas Bohlm…, Agent, Rolesville, NC
Sun May 13, 2012
In most cases that is the seller should move out 3 days BEFORE closing ( what you are calling escrow). This allows the sellers to clean and the buyer to do a walk through inspection.

However, if the sellers need to stay for a few days after closing, a lease of fair market value with security deposit should be in place prior to closing.

If you are renting the house that is being sold, then yes you do have an obligation to your land lord.

if that house will remain a rental for the new buyer, then you lease should transfer to the new buyer.

Ask your land lord those last two questions.

Good luck
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