I don't think I've seen how this is handled.
They want to sell the house and then take the proceeds to purchase another one. Catch is that they want to live in the house until they get the money from the sell.
How does one handle this?
I know you can do a contingent on seller finding a house but isn't there anything more absolute or structured?
To me this seems counter-intuitive to closing in 30days with a cash buyer if we have to wait for them to move out.
Save the issue that I could possibly find them a house to move into for another thread.
TIA!
Mark K.
Life Disclaimer: Past Failures are NOT indicative of Future Results.
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Sounds like they have Equity in the property?
Sounds like they are buying another property?
What are the buyers doing with the house?
Are they planning on Renting, Fix and Flip?
Have them Rent till they find another property.
Jay C
Just did one just like this. Gave the owners 14 days after closing to vacate the property. It was written in the contract. Also we had the right for inspectors, contractors, buyers to view the property during this time frame. We made sure they were packing up!
Or you can tell them they will have money on the closing date and they must hand over the keys at that time.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
I have one seller that says she'll move out within 30 days of closing and move to her boyfriend's, which was her plan all along and sounds legit.
I have another seller that doesn't sound too motivated (a family of 4). So my problem is my morals I guess. Even if everything went right, if they're not motivated to really start looking for other houses it bugs me that they could end up on the streets.
Mark K.
Life Disclaimer: Past Failures are NOT indicative of Future Results.
Real Estate Glossary - Click Here for PDF
View My Everyday Blog - Click Here