The purpose of buying a new home is to have a new place to live. Once the contract is signed, everything is focused on getting to the close of escrow, all while the buyer is wondering, “When can I move in?” This can seem a simple enough situation, especially when the home they are buying is empty, but it isn’t always an easy resolve to accomplish. If the home is occupied, then the seller or tenant must move out before you can move in. Sellers are usually motivated and eager to get out as fast as they can. Unfortunately, that isn’t always as fast as the buyer would like it to be. If they are moving to another home, have they been able to contract one? Can their sellers move in a timely manner? What can cause a delay, i.e., interest rate bump disqualifying one of the buyers, certificate of occupancy delayed in new construction, etc. Tenants can cause other dilemmas as they’ve been granted special consideration during the COVID-19 crisis as well as favors that the Nevada Legislature has recently given them. They may be friendly and cooperative initially, but things can change and if they have the right to stay and have a need/want to, regardless of what they’ve agreed to do for you, they can opt to stay and slow down the process. The moving in early risk can be worked out with a cash buyer, by having the buyer put most or all their money in escrow. One risk a seller takes is that the buyer moves in and starts to see little things that weren’t previously identified. The luster can vanish and demands made. If a buyer moves in early, or a seller stays late, be sure to have the right document signed by both and that they have the appropriate insurance policies in place to protect the other party. The details will only matter when you are in a situation where you need them at which time, they will be all important. Be sure to pay attention when making these agreements. If a seller needs time before they can move, be sure you work within the time parameters allowed by your lender. Most lenders will not allow more than a 30-day occupancy after the close. It has to do with their thinking the property is going to be used as a rental if the buyer doesn’t move in right away. Buyers and sellers today are facing many unique situations and have gotten quite creative in how they resolve the occupancy obstacles they face. Most are willing to make concessions to be able to achieve the larger goal of buying or selling the home. Some move into their RV, others put their belongings in a mobile container and wait. Whatever situation you find yourself in, keep your eye on the goal and you will move in at the right time. Forgetting the unique situations above, most escrows close and you can move in right away. When do you get the keys? Agents who are listing and selling, usually work together on the key so as soon as they get the word that the transfer is on record, you can have the keys. When the property records you own it, you should have access to it. If he runs into a conflicting time constraint, your agent might hide the key on the property so he can tell you where it is after you own it, and you don’t have to wait for him to finish his other appointment(s). Stay in communication with your agent and get updates regarding the seller/tenant’s status so you can plan your occupancy accordingly. If you are going to do a walk through, you will want to know when they are out of the home so you can inspect a vacant home. Make sure you transfer utilities or your first night in your new home might be a dark and cold one. When people play nice through the process, both sides usually work to accommodate and appease the other for the benefit of all. Don’t worry about not being able to move in for a couple of weeks, you will be there enjoying the home for years. When it comes to choosing professionals to assist you with your Real Estate needs… Experience is Priceless! Jim Valentine, RE/MAX Realty Affiliates, 775-781-3704 email@example.com.
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