If wehave an approved short sale and are just waiting for some final paperwork from the buyer’s lender, can the buyer move into the house now?

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If wehave an approved short sale and are just waiting for some final paperwork from the buyer’s lender, can the buyer move into the house now?

We are in a short sale. Our lender approved the sale. The buyer had to fix some things for his lender and it went over the date. We had to put in for an extension for the funding. We have been waiting for about 2 weeks. Now the person in the approval dept is on vacation. Could the buyer move his things into the house if we don’t take any money?

Asked on November 16, 2011 under Real Estate Law, Washington

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If the written purchase agreement concerning the short sale does not allow the buyer to move into the home to be purchased before close of escrow then the buyers should not be moving into the home at this time. The rationale is that there is always the chance that the sale of the property may not close.

Even more important is the fact that the purchase agreement controls the obligations of the parties. Typically, the buyer does not move into the home being purchased before transfer of title occurs from seller to the buyer.


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