What happens when you can't move out the day of the closing?

Asked by Claud, Connecticut Thu Nov 13, 2008

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7
Keith Sorem, Agent, Glendale, CA
Fri Nov 14, 2008
Claud
Same response as before.

In order for you to know when you are moving , you need to know the closing date.

Believe it or not this is not rocket science, however there is a system, a process to the transaction.

If you don't know the answers, then how can you expect us to know? We are simply hanging out, watching the questions go by.....
0 votes
Bill Eckler, Agent, Venice, FL
Fri Nov 14, 2008
Claud,

The most important thing is to bring this to the attention of you agent ASAP. With some lead time, problems are more easily resolved than when they are popped on you at the last minute.

This is a common concern but in the vast number of cases can be worked out, without jeopardising your deal.

Good luck
0 votes
Dan Ross, Agent, Southington, CT
Fri Nov 14, 2008
This is a common issue. One thing that works is to rent PODS for your things. You can pack up everything but the bare essentials the week the closing is scheduled and store them. Movers will also hold your things in storage as well (Pick up on Monday and deliver Saturday). Find out what the least notice you can give the mover, and schedule it as best as you can.
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Derek Joyner, , Winston Salem, NC
Thu Nov 13, 2008
You need to tell your agent before the closing. Usually the agents can solve this and you may end up renting it back for what ever length of time you need. This is the easy answer. I could write a chapter on this.
0 votes
Sylvia Barry,…, Agent, Marin, CA
Thu Nov 13, 2008
Sometimes you can do a rent-back from the buyer for certain number of days, and it will usually be daily rent of PITI (that can cover the new principal, interest, tax and insurance) for the new home.

However, this needs to be negotiated in advance, because the buyers also need a place to stay and they need to plan for that. Remember, there are two parties involved here, not just one.

Getting somebody to come and help you, and stay in a hotel is a great idea (treat yourself to a leisure few days off before all the craziness of moving into a new place starts)

Best,
Sylvia Barry
Marin Realtor
0 votes
Scott Godzyk, Agent, Manchester, NH
Thu Nov 13, 2008
The day the seller is out is negotiated on the purchase and sales agreement. Not many buyers will want to close without the seller being out. If they do you become a tenant and if you didnt leave, they would have to evict you. it would be a nightmare for any buyer. Your best bet is to let your agent know so they can negotiate with the buyer agent. what ever you do needs to be in writing and have a firm date and time. i always have my seller at worst get a pods or storage trailer nad stay at a hotel for a night so you can close and can get into your next home. good luck with working it out.
Web Reference:  http://www.ScottSellsNH.com
0 votes
Jim Mellen, Agent, Williamsburg, VA
Thu Nov 13, 2008
Good question, hopefully you're not closing today!

You can approach the buyer with a "post settlement occupancy" amendment giving you permission to occupy the house-usually at a cost-until you can move out. If you are only talking about a few hours or 1 day, you may not have too many problems unless the buyer has their moving truck showing up the day of closing. Depending on the rule in CT, they may not actually get "possession" until the settlement has been recorded. In Virginia, the buyer generally takes possession at closing.

Good early communication is your best bet. Hopefully neither agent has aggrevated the other, and you and the buyer had a good negotiation period !

Good luck!
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