One last note, in situations like this having the rent amount held back by escrow or paid to the buyer in advance is added insurance. Some companies don't like to do this, but if you push it or think creatively a solution can be found before a situation like this exists.... more
Heads up on the loan modification.
If the modification is for the next 30 years and the full balance, you are good to fund a new loan.
If you loan balance was modified, you may not be eligible for new financing. Look into that... more
Initially it does sound unreasonable, however, there are a few good reasons why move in before recording is not allowed without a specific written agreement.
First and foremost is liability - Technically the bank still owns the house. If someone is injured, they are liable, also, heaven forbid, should a fire start the the owner is liable for that as well.
That being said - in Placer and Sacramento counties the cut off time at the recorder's office is 2 to 3 pm. If title can get the deed to them in advance of that time, there is a very good chance it could record and make this a non issue.
Occupancy prior to close in California especially is a sticky issue. As you know we live in a very litigous state and a state that favors renters over landlords. There are a lot of things that could go wrong, and our friend Murphy works 24X7. We encourage our clients to avoid occupancy prior to close and focus on getting the close to occur as expeditiously as possible.
I know this is not exactly what you wanted to hear, and hope it helps to know it not just a realtor or a seller being unreasonable.
With Warm Regards,
Byron Streitz - Broker Associate My Norcal Agents Team Connect Realty... more