If wehave an approved short sale and are just waiting for some final paperwork from the buyer’s lender, can the buyer move into the house now?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If wehave an approved short sale and are just waiting for some final paperwork from the buyer’s lender, can the buyer move into the house now?
We are in a short sale. Our lender approved the sale. The buyer had to fix some things for his lender and it went over the date. We had to put in for an extension for the funding. We have been waiting for about 2 weeks. Now the person in the approval dept is on vacation. Could the buyer move his things into the house if we don’t take any money?
Asked on November 16, 2011 under Real Estate Law, Washington
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
If the written purchase agreement concerning the short sale does not allow the buyer to move into the home to be purchased before close of escrow then the buyers should not be moving into the home at this time. The rationale is that there is always the chance that the sale of the property may not close.
Even more important is the fact that the purchase agreement controls the obligations of the parties. Typically, the buyer does not move into the home being purchased before transfer of title occurs from seller to the buyer.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.