Owner wants to stay after property is wholesale?

[Hector Perez]

Hello BP,

I am closing a house in two days from now and got a call yesterday from the owner who needs extra time after closing to move, he requested a week, then a month.

What do you recommend? The buyer ask me for a recomendation, but need some advise first from BP.

The challenge that I have if the buyer creates a temporary rental agreement is that the house is in really bad shape, without running water becasue pipes has been broken since two years ago. The owner is living in the house and is using a neighbors hose for water.

This house needs a full gut rehab

[Patrick L.]

You're better off delaying closing, as an investor I wouldn't accept the risk of having the previous owner still living at the property in unfit condition with the possibility of having to go through court to get him out and having the liability of someone getting hurt at the unsafe property. I'd rather wait and take it vacant. I'd say offer to close 1 month later for $1k less or 1 week later at the contract price and see if that motivates him to move out.