Re: Buyer wants possession PRIOR to closing. - Posted by Elizabeth NJ
Posted by Elizabeth NJ on March 26, 2006 at 15:00:39:
When I’m the buyer, depending on the circumstances, many times I’ll get immediate possession, stated both in my contract and in a separate document. But when I’m the seller, nobody steps foot in my property until closing has finished.
You’re asking for a lot of problems including court costs to get her out of there if she fails to close, and possible rehab work if she damages the property. I would take “backup” offers now from other qualified buyers in the event this one can’t close.
As the seller, you or your attorney should communicate directly with her lender to determine the status and progress of her financing. Bear in mind that the “preapproval” letters from mortgage companies used to carry some weight. These days, they are meaningless because everyone and their uncle is writing mortgages under someone else’s license and farming out the deals to a bunch of lenders.
If you don’t have an attorney, hire one now. You don’t mention if this is your first deal, but no matter how experienced you are, I still recommend you use an attorney now to get the ball rolling with this questionable buyer.
Good luck to you.