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Home Possession after closing

Question: Can I keep possession of Our new home for a few days after closing.

Answer: In most cases yes however the home buyer usually will ask for a payment to cover their daily mortgage costs including taxes and insurance. Maybe $20 per 100k of Home cost.

This is best negotiated at the time of the offer because otherwise the buyer will expect possession of there new home at recording.

Posted by Dan Bradstreet RE/MAX - Expert Realtor on 08/02/2008 07:35 PM

Comments (3)

home possession, new home, home cost, closing, possession

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3 Comments on Home Possession after closing

AUG

2008

In Illinois, possession is assumed to be at closing, but people will be people. I always tell clients that if they can not give up possession at closing, then they need to change the closing date. If the Buyer won't/can't accept that, then they need to walk away from that Buyer.

Usually this results in giving posession at closing. Also the daily fee subtracted from their sale proceeds in escrow is motivating to get out quickly.

Hi Dan, I've not had it happen but am told it is seldom a good idea - even with payment. Better to extend closing.

OCT

2009

In this time of a bad economy we have had our house listed for one year with no offers. We have lowered the price but still no offers. Are there other incentives we could offer to get someone interested? We have retired and are planning to leave the house fully furnished and have indicated so in the listing but still no help. Any ideas? Pat

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Dan Bradstreet RE/MAX - Expert Realtor

Vancouver, WA

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ReMax equity group

Address: 7700 NE Greenwood Dr., #100, Vancouver, Wa, 98662

Office Phone: (360) 828-2190

Cell Phone: (360) 607-6087

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A Vancouver Wa based full time Realtor who will focus on your needs and wants by acting solely in your best interests when buying or selling Real Estate.

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