Post Occupancy
Do you as a listing agent like to have a post occupancy agreement ?
Replies to This Discussion
-
Permalink Reply by Smitty on
-
Not many lenders allow post occupancy agreements. Most ALT forms specifically address that a seller cannot say after closing. I personally would never advocate it, but maybe others feel differently. Unless the buyer is an investor, looking to collect rent from the current owner, why would anyone allow the seller to sell after passing of title? Too much risk IMO.
-
Permalink Reply by William F Griffin Jr on
-
A post occ allowing the seller to vacate withing X number of days following the closing. Problem I have is the sellers moving out and turning power and utilities off then the pool it turns green and buyer cant get the loan. Have had a lot of A/C's get stolen the second the house is vacated and we dont close. Wells Fargo told me the seller staying 10 days after close does not violate their ALT as long as they are not remaining as a tennant and just need a certain number of day to move out. On the BofA SS purchase contract addendum I have wrote in that the seller will vacate X number of days after closing. I find the deals easier to close when the house stays occupied with power on so the pool does not turn green and the A/C does not get stolen.
-
-
Well why wouldn't you just address that in the purchase contract? IE all utilities to stay on at the cost of the seller, until the buyer takes possession? OR Buyer to winterize, or be allowed to put utilities in their name if seller vacates??
I have never had WF or BofA say it's ok to stay post closing so maybe you know something I don't or maybe its a regional thing, but to me it causes major headaches to have a seller stay after passing of title. At that point, you would need to draw up a lease and they become a tenant and tenants have RIGHTS even if they don't pay a lease. If your seller decides to stay beyond the 10 days YOU MAY agree to, then you are forced to go to court to evict them.
The utilities can be addressed a the signing of the PNS, but I think there is way too much liability to let a seller stay post closing.
-
-
As far as utilities I tell buyers they may have to get power and utilites turned on for inspections and for the appraisal, normally they do not have a problem. The vandalism and theft is a problem.
-
-
Absolutely! I agree 100% vandalism/theft can kill a deal but I'm not sure how that affects a seller who is staying after closing.
-
-
It doesnt affect the seller after closing. It affects the seller before closing as the buyer refuses to buy a house that when it went under contract had an AC, copper plumbing ect. and sometime between seller moving out and right before closing everything was stolen and scrapped at the salvage yard. We had to withdraw a listing that squatters moved in and ripped every thing that was metal out of the house. The garage doors, facia, plubming electrical everything gone. The seller just said screw it they can forclose. Was a nice house while the seller lived there. These people that steal the AC's are brave, a listing we had earlier this year was having the AC stolen in the middle of the afternoon and the neighbor saw and called us and the police.
-
-
Ok sorry. Your post was about having a seller stay post closing, so I'm getting confused.
If that happens, you document it, have the lender do a new BPO/Appraisal after you notify them and then resubmit a new offer based on the repair needed.
They should adjust their approval amount based on the repair necessary.
-
-
Here is yet another example of why a post occ is good, just got a call from an agent who is at a vacant short sale we have doing inspections with his buyer and wouldnt you know it, all of the copper electrical going to the panel is gone. This stuff does not happen if the seller stays up to closing and moves out right after we close.
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons