If that is the kind of situation....you can work the deal until the day of closing to then realize they are refuing to move out....how many waisted months of yours will that be, to then have to walk away and start the process somewhere else.
Walk away now. Find yourself a vacant short-sale or better yet a foreclosure and be done in 30 days.
Chareles Rutenberg realty
form closing, and my best guess, given what you have said, is you have about a one in 10 chance to close on this property. While you have rights, as others before me have said, those rights and $5 bucks will get you a cup of starbucks as the owners are more than likely judgment proof.
Welcome to the world of short sales. I hope you have an Attorney and a Realtor, if not you at least need a good REAL ESTATE ATTORNEY _RIGHT NOW!!!!! There are many other issues to be concerned about that may not even be on your radar scope.
Wish you the best of luck.
Don Price USN-RET
First, investors who flip properties--unlike listing agents/brokers--have no fiduciary responsibility to the seller. Although some investors (myself included) often will present this (and other) information to sellers, the responsibility to distribute of that kind of information rightfully belongs to the seller's agent/broker or attorney. The seller has a right to forgo any representation (usually at his/her/their peril), and that seller will need to deal with the consequences of having done so.
Second, the HAFA program won't prevent a determined investor from reselling the property immediately. One has several legal options (exploiting various loopholes [and there are plenty of them]) at one's disposal to move that property immediately.
Third, John is correct. Most likely, you'd be spinning your wheels if you were to try to pursue any kind of legal action against the seller. In other words, you'd lose (money, time, energy, etc) even if you were to win your lawsuit. I agree with Mikel too: give the seller those 2 options. In fact, I'd probably tell the seller to congratulate her brother for having purchased her home to subtly drive home my point: his terms only if it's his property or my terms if I'm buying it--period.
This may only be the beginning of the demands. Also plan on all of the appliances, light fixtures, window treatments, etc. to be taken out of the house.
If the seller is getting a HAFA Short Sale (owner occupied properties can often qualify for this), then he will be getting $3,000 at closing.
Also unless you are getting a spectacular bargain, you may want to go find another property to buy. Eliminate all short sales from your search so you don't jump from a frying pan into a fire.
You can also play the "nicey nicey" route and tell them your mortgage requires you to occupy immediately. Most mortgages being purchased as a primary residence requires you to move in with 30 days. You cannot lease out the until.
If the Seller is NOT going under HAFA and it is an owner occupied property, you may want to inquire as to why. Some fraudulent flippers will not even inform an owner they can get $3k under the HAFA program because it will prevent the "flippers" from reselling the property immediately.
Hope this helps.
All the best,
You and your seller must abide by the terms of the contract or look at the contract for remedies of breech of contract. Talk to your agent OR to the broker of the company.
Best of luck!
Debbie Albert, PA
Keller Williams Treasure Coast
What does your agent say? I could start making demands, but I have no standing either. The seller signed a listing agreement promising to sell. They also signed a purchase contract agreeing to the terms you've put forward. A lawyer may be able to review your contract and write a letter "demanding" that they cooperate with the terms of the agreement of face other action. This may not be meaningful, since if they are doing a short sale, they are likely in financial hardship and would have little to attach.
The bank will not approve any terms of rent back. They will likely require the owner vacate prior to close and you should as well. The brother has no rights and your rights are contained in the contract you've signed. Your agent shouldnâ€™t even discuss this or anything else with the brother unless he is their agent or attorney.
Unless the sellerâ€™s brother is on the loan, he has no standing to make demands. The worst he can do, if he is living there, is refuse to vacate necessitating an eviction. This would take some time and money. Your "rights" are to see that your contract is enforced. Your remedies if it is not would likely be to pursue satisfaction in court. Not an easy or cheap process.
You may do well to sit down with a lawyer and see if they have some suggestions to resolve this quickly and at minimal expense. If not, you will at least know what you are dealing with. Best of luck.