After Signing: Seller now wants 30 days

Buying & Selling Real Estate
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After Signing: Seller now wants 30 days

Josh Millville
Member since 2021 · 2 posts · 0 votes
We've closed on the new property. A few minutes after we've already signed and closed on the house, the seller now wants 30 days.
The real estate agent says he will now have to make an addendum. There was nothing in the contract about that.
Legally, must I sign that? Can I negotiate for less time?
It's just an interesting situation I've personally never seen.

Any advice would be great. Thank you.
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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
5y

You should not have closed if the seller was still in the property. 

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  • Caroline Gerardo
    Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
    5y

    Do not sign that they stay for free. Charge them your PITI daily plus a daily fine and another lump after 31 days, or give them notice per your state's covid guidelines to quit. Surely this was apparent a week before closing when nothing was packed and moved?

    1Reply
  • Dustin Allen
    Real Estate Agent · South Lake Tahoe, CA · Member since 2016 · 680 posts · 644 votes
    5y

    @Josh Millville

    You definitely don’t have to sign that if you’ve already closed. If you’re going to do a seller lease back than it should be negotiated and you get to agree to terms. I wouldn’t do it without a significant deposit and rent agreed to.

    2Reply
  • Josh Millville
    OP
    Member since 2021 · 2 posts · 0 votes
    5y

    Since closing already took place, with nothing in the contract or purchase agreement. Do I have the ability to negotiate 2 weeks perhaps? Or can I make it so contracting work can start while the former-seller is still in the home?

    0Reply
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    5y

    You should not have closed if the seller was still in the property. 

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    5Reply
  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    5y

    I agree with @Russell Brazil you don't close if the property is not vacant and delivered as expected. I would tell them no, simply because they were dishonest and didn't address this before closing. That kind of behavior means they cannot be trusted. They have all your money and are occupying your property. Didn't you do a walk through prior to closing? 

    If you do let them stay, get a written agreement and a sizeable deposit, refundable upon them leaving in X days, with steep penalties per day for overstay. If they refuse to sign an agreement or give you deposit, the only option is for them to leave the property. 

    2Reply
  • Matt M.
    Specialist · Easton, PA · Member since 2018 · 1k+ posts · 2k+ votes
    5y

    @Josh Millville

    If it wasn’t discussed prior to closing, I’d file an eviction. That’s your house now.

    1Reply
  • Marian Huish
    Real Estate Broker · DC MD, VA & NV · Member since 2014 · 512 posts · 292 votes
    5y

    @Josh Millville so you didn’t do a walkthrough prior to signing? Oops! So now your options are eviction/legal recourse or sign a rent back, hope for the best & pray! Good luck.

    2Reply
  • Bill B.
    Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
    5y

    100% you walk through a property the day you are closing. What if it had burned down or been flooded the night before you closed?  You would have noticed all their stuff in the house and not closed. 

    I have done lease backs, BUT, I would NEVER do one to someone who is trying to sneak one in like this. 

    The BEST deal I would offer them is AT LEAST $100, probably $200 per day, doubling every 30 days, with $20,000 of closing proceeds left in escrow MINIMUM. What are you going to do if they move everything out and then you find the massive water damage, wrecked floors, and damaged walls?

    Your realtor really should have insisted you walked the property the day of closing. If you bought as a primary you have 30-60 days to move in, so get them out ASAP. 

    2Reply
  • Steve K.
    Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
    5y

    Considering that they should be out and are basically pulling a fast one on you (POA's should be negotiated during the initial contract signing, not after closing), I would charge the very upper end of market rent and demand a large security deposit. Otherwise you will have to evict (or move in and be their room mate, or just go ahead and start your remodeling project with them living there, lol). In the future, always do a final walk-through on the way to closing, and write into the contract a monetary penalty for failing to deliver possession by closing date (I use $250-1,000/day depending on the value of the property).

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