Not releasing a dollar without proof of a moving plan

Not releasing a dollar without proof of a moving plan

Jorge VazquezBusiness Member
Real Estate Broker · Tampa, FL · Member since 2017 · 1k+ posts · 685 votes

A few days ago, my partner Jimmy and I finally closed a roller coaster of a deal that tested every ounce of patience and creativity we had. The seller had agreed to move out in exchange for $1,500 cash before closing—we got the addendum signed, extended the timeline, and Jimmy personally delivered the money. But instead of using it to move, the seller stalled, didn’t pack, didn’t rent a truck, and even showed up at the title company with all his stuff still in the house, expecting to close and get paid. It took Jimmy physically going back, coordinating with the agent, renting a U-Haul himself, and walking the seller through every step just to get him out. Total chaos—but it taught us a valuable lesson. From now on, we’re not releasing a dollar without proof of a moving plan, airtight written terms, and accountability every step of the way. No more assumptions—just structure, follow-through, and protecting our buyers at all costs. 

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    1y

    pretty standard for sellers that want post closing possession.

    what many do is withhold 5 to 10k and if they are not out by a certain date they lose it. that works. but if they have no money then.. U have to just offer and let them know when they are packed up and in the driveway you will be there with the cash.. I have done that with hold overs and it works.

  • Lender · Tampa/Saint Petersburg, FL · Member since 2014 · 356 posts · 148 votes
    1y

    Thanks for sharing, Jorge. That's a hard earned lesson and reminder for all of us dealing with seller move outs. It's easy to assume the cash for keys would go smoothly especially with an addendum. In what ways do you plan on holding sellers accountable? What additional things will you add to your process? 

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