So my brother Darwin and his bride have asked the seller for a few concessions because of the surprises they found in their inspections. He is in wait-mode.
Another one of the fun parts of this particular purchase contract Darwin agreed to was that the close of escrow is the end of July. Therefore, Darwin can't close on this house. The seller--who has a different idea of maintenance--will be living there for a few more months.
However, Darwin wants to lock in his loan rate. So, his genius loan officer who is not a licensed agent said, "Why don't you just lock in the rate, close on the sale and then let the sellers stay for a few months." What could go wrong?
Darwin asked his Florida real estate peeps about such a thing. They all thought it was a delightful idea! How charitable of Darwin to let these folks just stay for a few months while Darwin pays the mortgage.
And what did I think?
I think I have PTSD. I think I've seen floods and fires under these circumstances. I think I have never seen a post-possession go well. Ever. EVER!
I've seen broken widgets and bleach stains in the carpet that weren't there during the final walk-through days/weeks/months earlier. I've seen broken windows and burns on countertops that the new buyer wasn't expecting to see after the seller occupied a home they didn't own any more. I've seen sellers take the stove, dishwasher, washer, dryer, refrigerator and--I'm not making this up--hot water heater upon move out. Why? Because they could and, after all, the seller bought those items. By the way, I wasn't the agent on the post-possession hot water heater fiasco. I was on the washer, dryer and refrigerator fiasco.
So no, this is not a good idea. I added the following in my last text to him: "As your big sister, I'm starting to hate your agents."
He replied, "If this falls through, they are all fired. I'm not a fan of them either."
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