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Updated almost 4 years ago on . Most recent reply

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Gail W.
  • Investor
  • Illinois
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Possession before closing?

Gail W.
  • Investor
  • Illinois
Posted

     I have just sold a flip. The closing date is May 21, and the buyer is asking for possession on May 15 because he sold his house and the closing for that one is on the 15th. I am not inclined to allow this, but I have thought of requiring that he rent at a daily rate until closing. Are there problems with strategy or should I just say no possession before close? 

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Jay Hinrichs
Professional Services
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
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Jay Hinrichs
Professional Services
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
Replied
Originally posted by @Wayne Brooks:

Just say no.... been there, done that, didn’t like it.  Saying no will also spur them to close as quick as they can.

this is never allowed never a good idea for many reasons.  

1. they dont close how your going to evict them ?

2. they start finding little stuff wrong with the house and bug you.

3. simply not anything you need or should do for the above reasons we never ever allow it.

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JLH Capital Partners

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