after a short sale at closing can i ask to have two day to move

Asked by Dee007, 08232 Fri Dec 18, 2009

after a short sale at closing can i ask to have two day to move

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Mary Petti’s answer
Mary Petti, Agent, Edison, NJ
Wed Dec 23, 2009
Dee,

Just curious, did you get this ironed out? Did you ask for a "Use and Occupancy" agreement and get it? Hope things go well for you, it's already a stressful time in your life.
1 vote
John Sacktig, Agent, New Jersey, NJ
Sat Dec 19, 2009
Hi Dee -

You can ask your attorney for a "use and occupancy" agreement as Mary noted and you will pay basically the amount that the mortgage is going to cost the homeowner per day and maybe some more, that is if the new owners are agreeable to the terms, but then again, the new owners can ask for what ever they want for you to stay two days... plus a security deposit to make sure there is no damage. .

You obviously have reasons for the request, otherwise you would not be asking a question.
Ask your attorney. That is the best way to go about it.
1 vote
Mary Petti, Agent, Edison, NJ
Sat Dec 19, 2009
Dee,

Once you "close" you are no longer the owner of the home and typically must vacate on or before the actual closing date.

The only way around this is to ask your attorney to look into what is called a "Use and Occupancy" agreement. Basically this is similar to a short term lease where you agree to pay the owners (they buyers) a set amount of money for the amount of time you occupy the premises once they have actual legal posession.

Of course the buyers (new owners) must agree to this, and the attorneys draw up the legal document which covers a variety of clauses. Can't hurt to ask, but do it WELL BEFORE the scheduled closing date and be prepared for a no answer and ready to move out on closing day or before..

Best of luck
Mary Petti
1 vote
Alan Grizzle, Agent, Dahlonega, GA
Fri Dec 18, 2009
If the buyer will agree to it you may. I would suggest you have it as part of your contract that you have two days after closing to move out. After closing the new owner may let anyone they like stay in the home, even me.
Web Reference:  http://www.AlanGrizzle.com
1 vote
Diane Glander, Agent, Spring Lake, NJ
Mon Dec 21, 2009
Typically, you will have to be out by the closing table. However, you can ask for a use and occupancy from the new owners. Depending on their plans, they may allow it.
Have your attorney write up something for you. Don't be surprised if it is not agreed to by the buyers. They will have the risk of having to evict you should you not leave, the risk of you getting injured and/or causing damage to the property.
Basically, they are issued few and far between. But, it doesn't hurt to ask.
Web Reference:  http://www.dianeglander.com
0 votes
Gina Chirico, Agent, Fairfield, NJ
Fri Dec 18, 2009
Dee,

Irregardless if a sale is a short sale or not, once the closing takes place you are no longer the owner of the house. You must be out of the house before you go to the closing. I've seen people move out on the same day of the closing but always BEFORE. You are not allowed back into the house after to remove your belongings.

Under certain terms and specific circumstances the seller may stay after closing and may also pay "rent" to the new owner (yes, pay rent because you are no longer the owner of the properyt) but that is something that is typically decided in advance and not the day of the closing. If asked at the day of closing, the answer will be no. Unfortunately you are going to do what it is you need to do to make sure you are out prior to the closing.

You've come this far with the buyer and the bank, and as Jeanne states, don't jeopardize your transaction now.

Good luck.

Gina Chirico, Sales Associate
Prudential NJ Properties
973-715-1158 cell
973-992-6363 ext 116 office
Gina.Chirico@PrudentialNewJersey.com
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Fri Dec 18, 2009
Agree with Marc - you must be out prior to close. It is customary for the buyers to do a walk through prior to close and it is assumed that you are out at that point. Marc's suggestion to move things into storage if you need to do it is a good suggestion - whatever you need to do, you need to vacate. You surely do not want to jeopardize your transaction now.

Best,
Jeanne Feenick
"Unwavering Commitment to Service"
Find success at http://www.feenick.com
Web Reference:  http://www.feenick.com
0 votes
Marc Paolella, Agent, Succasunna, NJ
Fri Dec 18, 2009
Hi Dee007,

No, you have to get out. You actually should plan to be out BEFORE the closing. On closing day you do not want to be moving stuff. Worst case, move all the stuff into a storage unit and sort it all out later.

Don't be afraid to throw stuff out either. I have seen many instances where a foreclosure is pending and people are attempting to keep all kinds of garbage that would be better off in a landfill. It's amazing what some people think they "need".

-Marc
0 votes
Hugo W Meza, Agent, Clifton, NJ
Fri Dec 18, 2009
If you have to, You could...try to work that out with your attorney! Do not wait till the last minute to ask for it because the money from buyer's attorney cannot be held for long. It could create huge problem with your closing! communicate to your realtor and attorney thus they can work with you.
0 votes
Sean Dawes, , Philadelphia, PA
Fri Dec 18, 2009
Why do you need two days? It appears you have not settled yet and why cant you prepare to move so it goes smoothly for the scheduled date?



Sean
0 votes
Team Real Es…, Agent, STATEN ISLAND, NY
Fri Dec 18, 2009
As a Realtor who's been activley working with short sales every day, my exoerience shows that possesion must acure on the day of the closing. So to answer your question, the answer is NO. You can not stay at the home after the closing. You must be out and the house must be vacant. If you are not ready to leave then you must schedule the closing for the day you are ready.
On your Team.
Irena Popilevsky
http://www.irenapopilevsky.com
0 votes
Ian A. Wolf, Agent, Morristown, NJ
Fri Dec 18, 2009
At closing is not the best time to present that request. It is better to present it in advance. Normally, money can be held in escrow from the proceeds to help ensure a previous owner's departure. However in a short sale there are no proceeds. I'd recommend that the attorneys representing both parties discuss an appropriate solution based on both parties best interest. I would be prepared though to offer up some sort of financial collateral to give the buyer the assurance that you will leave after two days. Typically, the agreement that is drawn up is not a lease but a use and occupancy agreement. Hope that helps.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Dec 18, 2009
If you know you have to move, why aren't you packing-- anyway--what is your Realtor advising you to do--if you need a day or so to move it needs to be addressed before your closing--the buyers may want not allow it--consider--liability issues placed on the new owners, possible rent payment form you for your extra stay, and don't forget buyer will need additional insurance--again, if you know you have to move, start preparing so that at closing it's done.
0 votes
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