Buyer move in before approval
I need your expert opinion. Please help. I am a buyer of short sale house. Seller has two mortgages. 1st one from WF and 2nd one from Chase. Seller was already moved out due to his job relocation. It has been almost three month without any news and I finally got some information from seller's agent through my agent today. Seller applied HAFA(?) but denied since he already moved out from the house. They told me that this was dragging the whole process and it will be expedited since it was cleared anyway. I live in a small APT and lease is expired shortly. Agents suggested 'move-in' before approval as a renter. Seller's agent said that I have high chance to be approved. They said my offer was very close to bank appraisal.
Is it OK to move in? Is this going to affect approval process? Please help! I need to make a decision quickly.. Any comments and suggestions will be appreciated..
Replies to This Discussion
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Permalink Reply by VIctor T. Gurrola on
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Get a lease agreement from the seller and then you can move in. He still owns the home and he can do as he pleases as long as he is still the owner. No one should ask you where you live except your lender.
just my .02
Please note I am not an attorney and this is in no way is legal advice. -
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Permalink Reply by John Treadwell on
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Of Course the seller can rent it to you ,but I would not move until approval letter from both lenders in your hands ,then all that is left to do is close. When Chase is in a 2nd postion they can be very hard to work with on terms,and could kink the whole deal.
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Permalink Reply by Jeff Payne on
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IF you move in, just be prepared that you may have to move back out, don't get too cozy until you actually own the property
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