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imlovinit21 | How long should I give the current owner to move out after closing? |
I am a first time home buyer and i am buying a house that is for sale by owner. I am in underwriting right now and my loan officer said we should be closing in a couple of weeks. Yesterday I told the current home owner that we should close in a few weeks and he told me he needed 60 more days to find a new house?
Additional Details
Its in the contract that i get the keys at closing, and i do not want all the drama of renting... although he has offered to pay the amount equal to the RENT at my apartment, not the mortgage of my new home which is about $50 more. |
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rache04404
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It depends on the agreed date of closing on the contract. The closing date is when you take posession. I have usually seen around 30 days however if you already have your loan worked out and there the house is vacant I have seen it done in a couple of weeks. They should not have signed a contract to sell the house if they were not prepared to move in the specified time. Working with FSBO can be difficult because they may not be aware of this information. You do NOT want him to stay in the home after closing b/c then YOU are liable for any damages after the posession has changed. I would suggest to make things easier that you comprimise the closing date in 45 days (meet in the middle) and that he HAS to be out within that time. If he can't do so in a timely manner that is HIS problem and he should not have put his home on the market if he wasn't prepared to move. |
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burger
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The seller signed a contract to sell to you. It should specify when you get occupancy. Usually it is the day of the closing.
Check your contract and don't let him put anything over on you. |
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Camille
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Well definitely make him pay rent if you are paying the mortgage and everything.
Ask your lawyer.
He should already start looking for a new house.
If he wants to stay until he finds a new house he could be there forever.
I would give him 30 days from the date of closing to find a new home and put it in writing.
If you own the house and he is living in it you are the landlord.
You might want to get a contract drawn up because he could trash the place and then you are stuck dealing with.
But definitely make him pay rent. |
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Randy B
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Yep, once the house closes it's yours. Traditionally though there is a possession date set that coincides with the closing date so that is the date he has to be out of it. Normally the closing date and possession date are established at the time the deal is struck and if you can't agree then the deal could fall through.
I was trying to buy a home three years ago and needed to move in by 1 July of that year (my employer was moving me to town to start work). The owner would not agree to that date so the deal fell through. Just as good for us though, we found a better place for less $$ |
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mscarriem
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if your contract states you get keys the day of closing, than you get keys the day of closing, if he wants to do what is called a "rent back" he needs to pay you the amount of your mortgage and your rent I would think, You can meet him in the middle. this is the problem with buying a FSBO there is no one to watch over you. I wish you luck |
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shiprepairwoman
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Charge him rent of at least double your new mortgage payment then after 60 days double that. He needs incentive to move. You want the rent very high so if you need to evict it will be worth garnishing his income. What if he doesn't find a home in 60 days or 90 or 120? |
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trybi
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that is his problem
talk to your lawyer
i say if needs to stay there longer he has to pay you rent |
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2008topmlm.com
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Tipically the home owner is givin 3 days to move out unless other wise agreed on by both parties. If you are not in a hurry to move in, you could rent the house back to the current owner for 60 days he needs. Him adding at the last minute the 60 days could be a red flag that he might not be dependable has far as his word is concerned so you are not obligated to give him those 60 days unless it is posted in the buyers agreement. Of course you should always consult with a real estate attorney to see what your right are in your state. Hope this was helpful and good luck. |
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Real Estate Guy
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Do not settle until he moves out and you know the house is in good shape and clean.
If you settle, you lose all control.
You need to have a lawyer read the contract to see what it says about settlement. You DO NOT HAVE to let him live there if you settle. But there may be wording about when settlement can or will happen.
If you can't resolve this, then cancel the contract and find another house. I'll bet that he will move ASAP vs the loss of the deal.
Basically you want a firm settlement date. Work for this. Get it in writing and make sure the the words TIME IS OF THE ESSENCE is included. This means the date is FIRM. Also get an agreement that if the settlement date is missed, he will pay you so much per day until it happens. I would say 1/2% of sales price. (if the price of house is 200,000, then it's 100 a day. This is what we do when a seller will not settle on time. IT WORKS. |
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lovestohateit
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well as far as you are concerned as soon as that deed is recorded transferring the property to you it belongs to you and he then becomes an intruder. but it definitely is your decision to let him stay or not. however, be wise because if any damage occurs while he still is there and the property is in your name, it may be hard to convince a judge to make him pay for the damages, etc. |
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Peilthetraveler
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a few options....either dont close until he is out, or charge daily rent. This actually happened to me and with a 300k house we charged 100 dollars per day. We got this for 3 weeks until they were out. But I would seriously not close until they are out because you might find something really wrong when they have all their furniture and stuff out. I would strongly suggest a walkthru the same day as close (with them out of the house.) That way if there is something major wrong, you dont have to close. |
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Dawni Do Right
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Closing & possession are not always the same day.
There should be a clause in your Purchase & Sale Agreement that states when "possession" is. If it was left blank, there is usually a default time frame.
Typical possession for an ocuppied home in my area is 3 days after closing. Anything after that you are entitled to receive rent. You certainly don't have to wait 60 days until he decides to find something. The seller should be using this time NOW to find somewhere to move and not wait until closing to start seeking housing. It's the seller's issue & he could rent a storage pod to house his belongings so you can have possession of your home.
I don't read any talk of real estate agents. I'm assuming there aren't any involved? |
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patrick p
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First, check with your loan officer and make sure you're not going to need to revalidate your approval for the loan after 60 more days, b/c that's quite a bit of time.
Unless you have a close personal relationship with the seller (family maybe?) I would be aggressive and let him know that if it's going to take that long, you're going to continue shopping while you're waiting and if you find something as nice or better in that time, you're going to take it. |
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BlueKitty
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By state laws the maximum days you can give anyone to move out is 30 days. Any more then that is entirely up to you of course. |
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estielmo
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You should have a written agreement that he will pay the equivilent of double/triple your mortgage (or double/triple your rent - whichever is more), along with a substantial reserve in escrow that is not released until they are totally gone. Don't you have a lawyer/agent protecting your interests?
The idea of $100 per day is also a common amount to pressure the owners. |
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Oscar g
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u should give him 2 months |
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