The timing of selling one home and purchasing another is always down to the wire. A home buyer with a contingency has to close on the home they are selling in order for the contingency to be lifted. In order to obtain financing on the new home purchase, the lender is going to want to see the HUD Settlement Statement from the sale of the previous home. Lenders and everyone involved do the best that they can to coordinate closings which can occur back to back. However there are times when the Buyer may find themselves homeless for a few days until the closing can take place.
When the closing on the new home is within a few days, the Buyer’s may be able to negotiate Early Occupancy or at least store items in the garage of the new home until closing if the Seller agrees.
The length of early occupancy can be a deciding factor and the Seller may require the Buyer to pay Rent until the Act of Sale takes place.
Before allowing a Buyer to move in the Lake Charles Home Under Contract, the Seller will require a Hold Harmless Agreement, proof of insurance and utilities to be transferred.
Buyers, be prepared to meet the Sellers requests! Often times the daily rent is the same amount or less than what you will pay for a local hotel stay!
Marilyn Boudreaux is a Full Time Licensed REALTOR in the State of Louisiana affiliated with Century 21 Mike D. Bono & Co.’s.
Copyright 2012© Marilyn Boudreaux
Marilyn Boudreaux, REALTOR® 337-499-9592
Century 21 Mike D. Bono & Co.’s
4410 Nelson Road
Lake Charles, LA USA 70605