Sunday, 24 September 2017

Should Sellers be Allowed to Stay in a Home After Closing?

Written by Posted On Wednesday, 13 September 2017 19:27

Should sellers be allowed to stay in a home after closing? This is a more common request than many realize and it can quickly become something that derails an otherwise solid contract. Buyers are handed the keys at the closing table; sellers are typically expected to be out at closing. That however, doesn't always happen. Sellers frequently ask for time to move AFTER closing and while this benefits them, there is no benefit to the buyer. In fact, allowing this opens a Pandora's Box of potential issues...and the typical agent is often blissfully unaware of them. This can lead to major buyer headaches because once the home closes, the agent's are finished.

Buyer's should always look to gain full possession at closing. The list of potential issues and problems are many and some of the more obvious ones include:

  • 1. It is the buyer's home at closing
  • 2. Who is paying the carrying costs? Utilities?
  • 3. What happens if there is damage or personal injusy? Most insurance companies want renter insurance.
  • 4. What happens if they aren't out or won't leave? That isn't unusual.
  • 5. Many agents don'tunderstand it but a tenant/landlord relationship exists - has the proper paperwork been filled out?

There are many more potential issues, almost all landing on the plate of the buyer. So pragmatically looking at it, the seller has everything to gain while the buyer has really nothing. It comes down to being "accommodating" and we all no that no good deed goes unpunished....

Read much more about sellers remaining in the home after it sells; both buyers and agents need to fully understand the potential risks. "Should Sellers Stay in the House After it Closes?" will give both buyers and sellers an unfiltered look at both side of this question.

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Hank Miller, SRA

Hank Miller is an Associate Broker & Certified Appraiser in the north metro Atlanta area. Since 1989, real estate has been his full time profession. Hank´s clients benefit from his appraisal and sales experience; they act upon data, not baseless opinions. He is an outspoken critic of the lax standards in the agent community.

Hank remains an active certified appraiser and completes specialty work for FNMA, lenders and attorneys. He is a well-known blogger and continues to guest write for multiple industry publications as well as national outlets like the WSJ, NYT, RE Magazine, USA Today and others. He is a regular on public Q&A sites on Zillow, Trulia and many others.

Hank consistently ranks in the top 1% of all agents in the metro Atlanta area. He runs the Hank Miller Team and is known as much for his ability as he is for his opinions. He is especially outspoken about the lack of professional standards and expectations in the real estate industry.

www.hmtatlanta.com

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