What’s with 30+ days possession?

What’s with 30+ days possession?

So it turns out this practice is pretty hyper local to Grand Rapids. People moving from other areas (even in Michigan) are often suprised when they see the sellers need 30+ days in the house AFTER they buy it. So you write an offer, wait around 30 days for the mortgage process then you pay up. Then you wait another 30 days before you can move in. It can and recently did create a very sticky situation for my buyers.

The problem.. what happens when stuff breaks? The sellers can easily leave stuff behind or trash the place. Or worse, what if they don’t leave on time? Unfortunately these issues can be tough to avoid.

Ways to protect yourself:

1- Request to escrow funds during the pending period if it’s a concern. Once you take possession and house is acceptable the funds go back to the seller. If not they go to the buyer.

2- You can agree to sign a “temporary occupancy agreement” to lay out the specifics while the sellers still live in the home.

3- Request several walkthroughs before the possession change. This can be tough if sellers are waiting for possession of their next residence.

4- Have sellers keep utilities and insurance in their names while they occupy the home.