Why Can't We Move In Early?
My answer is liability to the seller. It's their property until it closes.
Sellers have all the liability until then. And like everyone says, what happens if it doesn't close and the buyers refuse to move? Eviction is costly.
The seller would have to change insurace and add extra liability coverage. Homeowners for owner occupied homes won't pay if the property is a rental. And then there is the risk of damages.
The seller has added liablity with no control over what goes on at the property. If the home has a pool that is not cared for property or guests that visit who don't behave responsibility, the seller is responsible.
Think before considering an early move in or a lease back after purchase.
Additionally, if you are going to become a long term landlord because your property is not selling, read up about property management issues and risks. It's time well spent.
Why Can't We Move In Early?
After an escrow process that resembled more marathon than sprint, closing day is right around the corner. Alexandria, La home buyers will from time to time inquire if early move in is possible. After all, the apartment they were in let them in before the lease date, why wouldn't an owner. Let's take a moment to understand why your early occupancy request may be frowned upon.
- Deals can and do die during the final hour- Loan issues, job loss, natural disasters, title issues, a whole host of issues can pull the legs off the closing table.
- Sellers fear the buyers may nitpick the condition of the home-- That squeaky front door was cute during the showing. After listening to it ten times a day the love may fade. Then who pays for the repair? I've seen buyers sign (then disregard) early occupancy "we take the home in this condition" forms. Nobody wants to fight over a squeaky door.
- Evicting a buyer once a deal dies can be tough-- Sure some might do the right thing and vacate, but others not so much. Ever been to eviction court?
- Once buyers move in their motivation to close can decline-- I have seen motivated, answer my call on the first ring buyers suddenly go MIA. If you have the milk, what use is the cow?
Even with the finish line in sight, it is important to keep up the pace. Close on the loan, then move into your new home. Bayou Properties Realty will be there for you every step of the way.
Searching for a Top real estate agent in Alexandria Louisiana? Need help selling your Pineville, Louisiana home? Either way call Doug today!
Doug Rogers
Broker/Owner
Bayou Properties Realty
Bayou Properties Realty
301 Jackson Street, Suite 201
Alexandria La 71301
(318) 613-1994
Equal opportunity housing. Doug Rogers is a licensed real estate broker in Louisiana
Comments(2)