So many home questions, I know....
If you had moved out of your house and the agent for your buyers asked if her buyers could move in a few days before closing, what would you do? They have offered to pay rent for those few days.
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Hmm... Are you totally out? Do you still have cleaning to do? I would be inclined to let them move in provided they pay the rent up front and there is paperwork stating that X amount of rent will also be paid if their closing is pushed back, with a stipulation that you are not responsible for any repairs past the date they move in.
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If I was able to be out, yes. But I would be sure I had a lawyer to look over my contracts just in case something happened and their closing didn't go as planned.
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Yes, but not without a contract of some kind.
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Personally, I wouldn't, but that's because we're dealing with unreasonable buyers so I'm not doing them any favors - plus the risks if something goes wrong or closing gets delayed. Our agent doesn't recommend it because of insurance reasons also. I'd definitely have a lawyer look over a contract if you do go forward with it.
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Yes. We were dealing with some of that during our move, and we considered it. It didn't end up being necessary, but the people buying our old house had to rent back the house they sold before buying ours. Our realtor described it as being fairly common.
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I've asked to do this before & was denied. From the seller's point of view, I'd consider it with a legal contact covering this situation with rent & contingencies spelled out.
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Oh! I forgot. We let them start moving stuff into our garage early (like, 48 hours I think.) They didn't pay us for that, but they'd been very generous in accommodating our desires for a closing date (because we had major renos on our new house), so we were happy to do it.
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NO. definitely not. Too much liability for too little reward.
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We asked for it because our buyer's closing was two days before we closed on the new house (and our buyer wouldn't budge because her lease was expiring)
They didn't allow it, but they did allow us to move a few things into the carport/back porch.
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I might, if the conditions were right, but my husband would never. He's super cautious.
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No. Closings can fall through for various reasons or even just delayed. I wouldn't feel comfortable with that.
(My parents are in real estate and I worked with them for a couple years out of college, and I've seen many things fall through or be delayed). -
NOooo...mil is selling her house and the buyers wanted to start renovations a month before closing
the deal fell through, to say the least!
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Nope...
In theory its a nice idea and I'd like to consider but in reality it has bad idea written all over it....
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I don't think so. So many things can go wrong even right before a closing and then what a huge hassle it would be if they were already living there!!
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I would not. I wouldn't want the hassle of getting them out if something happened.
We did ask the people we bought our most recent home from if we could stick stuff in the shed the night before we closed, and they were fine with that--it was much appreciated and meant less moving the day of! We had back to back closings, so not much time.
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100% no.
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nope.
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We let our sellers stay for a day after closing so they could close on their new home and move out. Our realtors worked out an agreement where they made a deposit which we returned after doing another walk through once they'd moved out. I'd consider a similar short term agreement with a contract again if it came up.
Eta: I just re read your question and realized you haven't closed yet... Then I'd be a lot more hesitant.
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Definitely no. If you are inclined to do this, please have a lawyer involved. It's not just rent. There are potentially very serious implications in the event there is an injury or property loss (think the house burns down) during the period where you own but someone else lives there.
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Only if a very clear, legally binding contract was drawn up.
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Our friends got extremely lucky doing this - they were the renters though. A huge storm came through and did major damage so the home owners, not them had to pay. so I can see how it could go wrong.
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Funny we asked about this possibility from our sellers. I thought from her point of view there was very little upside, even though they are moved out. She said no but is willing to close as quickly as everything else can get lined up. And we decided ultimately it wouldn't have been worth it anyway. But it means I might be commuting an hour each way for half day preschool for a couple of days before we move.
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We did this when we sold our house last winter. They lived and paid rent for a month.
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yes with a contract and charge a sublet/rent.
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Nope. I feel like too many things could go wrong.
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We recently refused to do so. What if they find something they don't like? They can still pull out minus deposit.
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Nope, not a chance. Things happen with closing sale the time. Not worth it in my opinion
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We moved in before closing.
The sellers had issues come up that delayed closing so as a consession they let us move in early. We didn't even pay rent.
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@Mrs Green Grass: this is our worry. There are a few things that we feel they may nitpick on of they move in first....
the deal fell through, to say the least!
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