Final Walk-Through Should Be Scheduled AFTER The Seller Has Moved Out
Posted on | March 3, 2009 | 1 Comment
With many first time home buyers out there, a common question is “what do I do if the seller wants to stay past the closing?” The ideal situation is to have the final walk-through scheduled after the sellers have moved out of the house. This way, you will know that they will be gone once you close on the house. If the sellers want to stay for a few days after closing this is known as post-closing possession. If this is the case, you must come up with a reasonable daily rate to charge.
If you have a few days or weeks to allow the sellers to stay in the house, this is not a problem at all. What you will want to make certain is that the sellers know the longer they stay, the more you will charge. After a set period of time, usually three to five days, if the sellers have made no intentions of moving out of the house, you should begin to charge extremely high daily rates. Check the rates of the most expensive hotels in the area and start charging rates very similar. You can also check the monthly rent of homes comparable to the one you just bought. Divide the monthly rent by 30 (the number of days in a month) and multiply it by two or three. The sellers will move out very quickly when they are paying this much.
If the sellers are making no attempts to move out in time you will need to consult your attorney for legal advice. In some parts of America it is common for the seller to retain possession of the home for three to five days AFTER the closing. Make sure to ask your broker or attorney if that is the case in your area.
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March 3rd, 2009 @ 5:13 pm
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