Should You Let the Buyer Move In Early?
Five things to be prepared for when you let a buyer move in early.
What information do you need to know as a seller before letting a buyer move in early? Here are five key points to keep in mind.
1. A short process. This is a short-term type agreement. Generally, it's 14 days or less prior to closing. This is not going to be a long, drawn-out process.
2. Additional rent. You're going to collect some rent as a lump sum payment coming to you. This will not come off the sales price, so it's extra.
3. Maintenance. The utilities, lawn care, and maintenance of the property are going to be on the buyer when they move in. They can't alter the property or do any repairs to it. Until they close, they must maintain the yard and keep the house in the same state as when they moved into it before they closed.
4. Eviction. If the deal falls through, you'll have to evict them. That could be a lengthy process and it's going to cost you some money to do it. That's a risk for a seller.
5. Post-eviction repairs. If you do have to evict them, you’ll likely have to go into the property and now do some repairs to get the property back up to the condition it was in when it went on the market.
Those are some of the concerns and information that I think jumps out for sellers. If you have any questions, please feel free to give me a call, text, or email. Have a great day.