"Tim Smith" wrote in message
...
In article ,
mm wrote:
So why didn't you allow the buyers to move in as tenants until escrow
closed?

I have heard that that is a bad idea, but generally a contract
provides a time limit of maybe 45 days for the buyer to get a mortgage
and close.

If the buyer couldn't close for some reason, why couldn't the seller
go find another buyer after the contract expired?

What if the tenants don't buy, but also don't move out? Then you've got
a very annoying situation on your hands.

More annoying than this:

this particular one was able to close after 6 months,
but I had to pay the mortgage, taxes, insurance, & utilities through the
winter.



If you are a buyer, it's a very good idea to not close until the house
is empty, and if you are a seller, it's a very good idea to not let the
buyer take position until after closing. Anything else is asking for
trouble.


Seems to me if the buyer is qualified, (you have their credit application
and financial data from the purchase agreement) then they are able to pay
the rent and have every incentive to behave themselves. Most places right
now the market is on the soft side and a 6 month delay while paying a
mortgage and expenses is a toss it in the sewer kind of loss, so it may be
worth the hassle of accepting the risk.

It is another story all together when a strong sellers market exists and you
are getting all cash offers over the asking price.

--

Roger Shoaf

About the time I had mastered getting the toothpaste back in the tube, then
they come up with this striped stuff.