The Channel you have requested is no longer available.

Warren County Ohio Real Estate News and Observations

Should I Let The Buyers Move In Prior To Closing?

Normally the advice from me to my sellers would be a flat out NO NO NO NO!!!!!!!!

move in?

And the reason for that recommendation is all related to risk.

There's ONE good scenario and more than a few bad ones that can come into play if a seller allows the buyer to move in prior to closing.

If all goes well, it all goes well.  The buyer moves in a bit early on whatever terms are acceptable for the seller and buyer and we go to closing on time, all the paperwork gets signed off and the buyer becomes the owner.

But if things go wrong, they can go VERY wrong.

  • What happens if the buyer does something to the home prior to closing?  Will they fix it or will they expect the seller to do it?
  • Does your homeowner's insurance cover you if there's a "tenant" in place?
  • If the closing falls through for any reason, how quickly will the buyer get out of the home?  Will he or she leave willingingly or will you have to use the legal process to get the buyer out the door?
  • What if the buyer loses his/her job?  Has a bad accident?  Some family emergency the prevents closing the home on schedule?

So obviously, the prudent thing to do is say no.  Here's what the purchase contract says and we can agree to close early if everything is in place, but we don't want you in early. 

Is there something else the buyer can do to address the reason why moving in early is needed?  (move into a hotel, rent a storage unit, etc.).

However, all that being said, sometimes as humans we DO want to help, so there are things a seller can do to protect themselves:

  • Get it in writing. Utilities. What the buyer can and can't do to the home, etc.
  • Homeowners insurance coverage and renter's insurance in place.
  • Limit the time period.  Can it be for AFTER the buyer's clear to close notice has been provided by the buyer's loan officer?

If you can limit your risk and you're already out of your own home, perhaps letting the buyer in early isn't a total NO NO NO!!!! situation.

But do be careful.

Questions about buying or selling real estate in the Cincinnati/Dayton corridor?  Just give us a call at 513-520-5305 or email Liz@LizSpear.com.

We look forward to hearing from you!

Liz and Bill aka BLiz

 

REALTORS(S) Serving Warren County Ohio & Adjacent Areas


The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS

William (Bill) Spear, CRS
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Direct:  513-520-5305
Direct #2: 513-265-3004     
Fax: 866-302-8418

MailTo:  LizSpear@Go-Concepts.com

Search Homes:  Http://WarrenCountyOhioRealEstate.com

Our Website:  www.LizTour.com

 FacebooktwitterWordpressYouTube Pinterest

 

 

 

 

 

 

OUR SERVICE AREA:


View Liz Spear Team of RE/MAX Elite Primary Service Area in a larger map

Comment balloon 9 commentsLiz and Bill Spear • July 22 2016 03:10PM
Should I Let The Buyers Move In Prior To Closing?
share
Normally the advice from me to my sellers would be a flat out NO NO NO NO!!!!!!!! And the reason for that recommendation is all related to risk. There's ONE good scenario and more than a few bad ones that can come into play if a seller allows the… more
A Nice Surprise For the Sellers, An Accepted Contract Before Sundown!
share
Like many days in real estate, you don't always know what to expect. Our morning got off to a great start, notification that yesterday's showing was leading to an offer for our listing at 715 Dorothy Dr in Lebanon's Candlewood community! The buyer… more
7685 Sussex Dr West Chester Ohio Home Sale Completed in Under 30 Days
share
As listing agents we love to have what we know will be an in demand home to sell, and 7685 Sussex Drive in West Chester Ohio was one of those homes! Showings were immediate after going live in MLS and we were under contract in less than 5 days and… more
Do You Have The Right Tools For the Job?
share
Our home is surrounded by trees. LOTS of trees, acres to the left of, acres to the right of us. While the trees offer beauty and privacy, they also come with a bit of a hazard. Storms periodically cause tree damage, snapping off a big limb or… more
Before Buying The Bargain Home, Ask Yourself "Is It Fixable?…
share
You as a home buyer want a deal. A home priced below the rest of the neighborhood, a chance to live in a place that you might not normally be able to. Perhaps some upside on the price so that when YOU want to sell you can make a nice profit. You… more
Yes, Your Real Estate Agent Is An Engineer Too!
share
When I'm working a deal for my clients, the other agent will generally have no clue that I'm also an engineer for a Fortune 500 company (and have been for over 25 years). I might let them know at the end of the transaction and they're almost… more
You Blinked And You Missed It! Franklin Ohio Home Sold!
share
Some homes it only takes ONE showing to get the job done! Our sellers were repeat clients and they called us back when it was time to sell their home at 55 Green Knoll because they knew we'd take care of them just like we did years ago when we… more
Cherry Brook Mason Ohio Home Has A Happy Buyer!
share
Cherry Brook is one of the most preferred communities in the Mason area, featuring upscale homes, well sized lots and a great location convenient to many of the area amenities. Monday our buyers completed the purchase of Cherry Brook's 6611… more
What's My Morrow Ohio Home Worth? June 2016
share
What's My Morrow Ohio Home Worth? June 2016 We've passed the tipping point and are on the latter half of the year. Morrow's sales dipped a bit, but prices held steady and the homes under contract are still strong, with almost half of all homes on… more
What's My Springboro Ohio Home Worth? June 2016
share
What's My Springboro Ohio Home Worth? June 2016 Sold by The Liz Spear Team of RE/MAX Elite in Springboro's Stone Ridge The Woods Another great month for completed home sales in Springboro Ohio, topping 70 for the second consecutive month! … more