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03-24-2011, 10:16 AM #1
Fixer Upper
- Join Date
- Nov 2007
- Posts
- 19
Short Sale - Occupancy before contract
I'm the buyer in a short sale deal that's been in negotiation for 6 months now. The seller's first bank approved the sale at my counter-offer price 5 months ago. The seller's second bank had made a verbal agreement, but has not come through yet with written acceptance. Bank BPO's were done, but of course, no final appraisal has been done because there is no contract yet.
In the meantime, I have found a renter for my current home, so I need to vacate. I'm running out of time and am now considering dropping this deal to make an offer on another available property.
The seller is currently living in the short sale home. Knowing that I'm getting impatient, they have now offered to move out immediately (they want the sale to go through), so that I can move in.
Other than the obvious risk of having to move out if the deal ultimately bombs, are there any other issues with this?
Also, if I decide to not move in, but continue to pursue the short sale, would it still be beneficial to have the seller move out immediately? Does this incentivise the banks to get moving with the deal at all?
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03-25-2011, 06:02 AM #2
Moderator
- Join Date
- Sep 2007
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- Outer Banks
- Posts
- 1,281
Vacant houses run the risk of vandalism. Insurance policies do not cover vacant houses. keep the seller in the house.
If you move into the house you might fine yourself getting evicted by the foreclosure agent. You don't want to have to find another house under the pressure of eviction.
In the meantime, you should keep looking for another house. If you find one then you can cancel this one and move on with your life.
Second mortgages are usually the kiss of death to short sales.Your Outer Banks real estate agent. Learn how to buy Outer Banks foreclosures.
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