I would want the tenant out prior to the closing…and that would be a contingency of my offer.
If you take the plunge and allow for the brother to stay the 15 days, I suggest you insist on a post possession agreement with a sizeable amount left in escrow and a daily penalty to be paid from escrow for every day after the 15 is up if he’s not out. Also that he/they pay utilities and renter’s insurance. We had an agreement like that when we sold our house in Illinois. Plus you can decide if you want to add any other conditions about the state of the house. And finally the agreement should allow you access because you would want to start with at least exterior work immediately after close.
On a Property Brothers episode tonight, you could see snow out the window when they were talking about the fireplace. Then they say x weeks left in this reno and it looks like summer
So they want you to pay extra to have the privilege of kicking brother out? Ummmmm, no! For that you should be getting a huge discount.
My original offer called for a rent back cost for every day that brother remained. They countered no rent back. I am working through what language I need. I need keys and access and I want permission to start work on retaining wall and exterior immediately after escrow. I will have huge carrying costs and I need to get moving.
I also will need to start property insurance. Believe me, the guy’s possessions do not warrant renter insurance. He seems to be sleeping on a mattress without even any sheets!
I have 2 really good guys coming at 10:30 am Sunday to do a foundation inspection and give me a 2nd opinion on the work required. They are both local contractors.
As far as I know at 9:30pm tonight, the other offer never came in. I’m pretty sure the other guy is very nervous about condition and there’s going to be issues with historical review for permits.
The sellers think they have dropped their price, so holdover brother is part of their offer. My understanding is that he is leaving for a hiking trip and removing his belongings by end of month but sisters want to be nice to him.
If sisters want to be “nice to him” then they can pay to put him up in a nice hotel until his camping trip.
You need to stick to your guns- they need to agree that the day you close escrow you take possession of the house. Other wise no deal.
The brother and his possessions need to be gone before that day or you wont close escrow- no moving van- no $$.
^^^What she said!
The sisters need to step up and do the hard work of getting their brother out. Not your job!
No, no, NO to the brother. This smells. Really bad. Why push so hard for a cash closing yet you cant really take possession? If they want cash, the deal needs to be clean-- meaning the house needs to be broom clean- NO slacker brother. I’ll bet my socks there is more to him than meets the eye. Whats the rush? Please dont put yourself in this situation.
What menloparkmom and others said! Unless you have a great deal of experience in “roach extermination,” I would not recommend buying a “roach-infested property” (aka a house with a questionable tenant).
If you make any further offers–as is, NO paint and vacant house so you aren’t sitting on your hands waiting for bro to vacate.
Well, I guess it’s unanimous!
CB, just because they sellers mark the counter price as firm, doesn’t mean it is. The sellers did the same thing for the house we are living in now, and we countered with the exact same price as our original offer. We did remove some contingencies. Anyway, they accepted our offer.
I know I am repeating myself, but I just can’t think of any good reason to rent back to this guy. He has had plenty of time to make other arrangements and he has not? He is going hiking? That is a sign. Have you met him? Have you discussed his move out plans? I’ll bet my socks there are issues with him they you haven’t been told. Isn’t this the house with a ton of needed repairs? He hasn’t done any? Doesn’t that seem odd?! Please, you are in the drivers seat with a cash offer. Seems they are rushing to close to be rid of the brother headache. What if they don’t give him his share or deduct an amount he disagrees with, which is not your issue, but then he refuses to leave. Eviction is lengthy and you will have had a written agreement to back lease in your sale contract. It could be months and months before you get him out. Close when YOU want to close and with a broom clean empty house that you walk through the day before closing.
I understand the issues about having brother stay in house. The Sellers are convinced that their house is going to fetch millions if it goes onto the market. What cracks me up is if they do not take my offer they are going to have to wait weeks to get the property listed. And then it will be another 30-60 days to sell it. But they are in some kind of big hurry to get me to buy it quick right now.
If I was the Sellers I would be very concerned about selling the house as fast as possible because we are going to have heavy rains this winter. Every week that goes by without working on the retaining wall is another week that their million dollars could start sinking towards cliff.
My single bargaining chip right now is that the other offer never came in last night. I have learned that the other offer (earlier this week) was full asking price but with an inspection contingency. They countered back to him with same counter… full asking price but he had to release inspection contingency. He suddenly showed up and actually inspected the house and turns out he has been down to the City trying to research the property. I know exactly why he is doing this. He wants to scrape old house off the lot and build McMansion. If the City designates the property ‘historical’ he will have a can of worms on his hand trying to demolish it.
Since I am not planning on demolishing the house, I am not as worried about it. I will just have to deal with a bunch of red tape when I pull permits to add some square footage, but it is doable.
I just found out that the other offer did come in last night. Full price but still with an inspection contingency. He wants 10 days to complete all inspections. This is probably because the guy can’t get into City or County until Tuesday because they are closed Monday. And, he probably still needs estimates on retaining wall.
Sellers are not going to budge on the inspection contingency so I am still in good shape.
And, even if they agree to wait the 10 days, they will probably not get what they want, since either he’ll walk away or want other concessions.
Add me to the choir. No brother in the house. If they think it will fetch over a million with the brother in residence…let someone else have that headache. And their “being nice” while not compensating you until he leaves is ridiculous. He just might never leave…and then what!
So they might come back to you in 10 days? By that time they are only 15 days from getting brother out, so it puts you in a better position to insist he is out before you close.