HAVE SOME OPTIONS FOR STAYING IN HOME AFTER CLOSING!
Many homeowners try to buy and sell at precisely the same exact moment – and that very rarely is the case. The seller’s bank may take longer than expected to close, or the buyer’s bank is slow to sign off on the appraisal value. In any event, if you are selling your home, before your purchase will be complete, know that it’s okay to ask of a “rent back” where you can stay in the property for as long as a month or more after the sale closes by agreement with the buyer to pay them rent on the property in the amount of their mortagage payment, taxes, and insurance for the time you remain in the home.
On the other hand, if you are buying after your sale closes, some sellers will allow you to move in before the closing on a similar arrangement – essentially a lease or early move-in arrangement. They may ask you to sign a document waiving their liability for your belongings and anything else that goes wrong while you’re there, before closing – you will have to negotiate and decide what works for all involved.
There are very few things that we can count on in this crazy world of ours – but one thing is certain: the high probability that your escrow closing will be late! Having a back up plan in place is just a great idea! You may even need to consider saving extra cash in case you need to double payments for a couple months; or, consider renting a vacation home or hotel suite in the short term.