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Kimbear

Closing on a house, taking Early Possesion

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Morning Fellow VJ'ers.

We are about a month away from closing on our house purchase that has been in the works for quite a few months now. However, due to some personal issues, we have requested from our lawery / realtor that we can get early possesion of the house, meaning we get to move in and get the keys before closing.

Now i know ther are some issues to be aware of, my lawer has already advised me of the many things that can go wrong. In my case the owners live in California, the house is in Illinois, and they rather like the idea as the house wont be empty and will not get possibly broken into etc. while we wait for the closing to happen.

I was wonderining if anyone how has bought a house, has tried this and what your experiences were?

Thanks!


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Have you thought of renting it from the owner until closing ? They don't like you moving in until you own it because they don't want the possibility of an eviction. But if you rent it from the owner then it isn't on the bank getting you out iif things fall through.


This will not be over quickly. You will not enjoy this.

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Have you thought of renting it from the owner until closing ? They don't like you moving in until you own it because they don't want the possibility of an eviction. But if you rent it from the owner then it isn't on the bank getting you out iif things fall through.

We have, but because this is a Short Sale, the owners can't do this. They are not allowed to make any money on the house what so ever, and the rental income would screw up their hud 1 settlement paperwork with the bank, and possibly get the short sale cancelled..at least this is how it was explained to me. or somethign liek that anyway.


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We have, but because this is a Short Sale, the owners can't do this. They are not allowed to make any money on the house what so ever, and the rental income would screw up their hud 1 settlement paperwork with the bank, and possibly get the short sale cancelled..at least this is how it was explained to me. or somethign liek that anyway.

Correct.

The bank doesn't like early possession in case things fall through before closing. The also don't like the fact you could be living there one or two months 'mortgage free'.

If your lawyer has given you all the facts, and what could happen, the owners agree, you will probably not have an issue.

We did take early possession of our house, but it was only about a week and a half before closing. The owners were in agreement and we didn't have any problems what so ever.


USCIS- 260 Days

6/8/11~ Mailed I-130 Application, withdrew Canadian PR application
6/16/11~ NOA1 email and text message Case routed to CSC (Priority Date)
7/12/11~ The 'Money Order' Incident/Returned to Tennessee
8/03/11~ TOUCHED!
3/2/12~ APPROVED! NOA2!

NVC Electronic Processing- Montreal- 19 Days

3/21/12~ Received case number & IIN 20 Days after NOA2
3/21/12~ Sent in opt-in email
3/22/12~ Opt-in accepted
3/23/12~ DS-261 Submitted, never accepted
3/29/12~ AOS bill invoiced and paid
3/30/12~ AOS shows PAID- AOS Package emailed/received, DS-3032 emailed/accepted
4/2/12~ IV bill invoiced and paid
4/3/12~ AOS Checklist documents emailed(first time)
4/4/12~ IV shows PAID- DS-260 submitted/ IV Package emailed/received
4/4/12~ AOS Checklist documents sent again for CYA (second time)
4/5/12~ IV package accepted! No Checklists!
4/6/12~ AOS Checklist emailed(third time)
4/9/12~ AOS packet accepted (finally)
CASE COMPLETE!!

Interview 354 days from NOA1/ 362 days from initial filing date
5/29/12~ Medical@ Medisys, Montreal
6/4/12~ Interview APPROVED!!!
08/07/2012~ POE Emerson, MB/Pembina, ND by land
08/09/2012~ HOME!! 424 days from initial filing date!
08/14/2012~ SSN Received
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Correct.

The bank doesn't like early possession in case things fall through before closing. The also don't like the fact you could be living there one or two months 'mortgage free'.

If your lawyer has given you all the facts, and what could happen, the owners agree, you will probably not have an issue.

We did take early possession of our house, but it was only about a week and a half before closing. The owners were in agreement and we didn't have any problems what so ever.

Ya apprently we are at the last stage, just waiting for the final investor approval now. althouh i kind of got a heart attack this am. for some reason, my husband calls it women's housebuying intuition, i decided to check the local forclosure listing sites and i noticed the bank scheduled an auction. Its for the end of June. and i kind of freaked out, but was told thats normal, and that they won't postpone it or cancel it until later. I guess i thought with an offer pending it would not even go that far as to be listed for auction.


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Ya apprently we are at the last stage, just waiting for the final investor approval now. althouh i kind of got a heart attack this am. for some reason, my husband calls it women's housebuying intuition, i decided to check the local forclosure listing sites and i noticed the bank scheduled an auction. Its for the end of June. and i kind of freaked out, but was told thats normal, and that they won't postpone it or cancel it until later. I guess i thought with an offer pending it would not even go that far as to be listed for auction.

Holy moly I would have had a cow! I guess since there was no 'closing' they listed it, even with an offer.

Good luck!


USCIS- 260 Days

6/8/11~ Mailed I-130 Application, withdrew Canadian PR application
6/16/11~ NOA1 email and text message Case routed to CSC (Priority Date)
7/12/11~ The 'Money Order' Incident/Returned to Tennessee
8/03/11~ TOUCHED!
3/2/12~ APPROVED! NOA2!

NVC Electronic Processing- Montreal- 19 Days

3/21/12~ Received case number & IIN 20 Days after NOA2
3/21/12~ Sent in opt-in email
3/22/12~ Opt-in accepted
3/23/12~ DS-261 Submitted, never accepted
3/29/12~ AOS bill invoiced and paid
3/30/12~ AOS shows PAID- AOS Package emailed/received, DS-3032 emailed/accepted
4/2/12~ IV bill invoiced and paid
4/3/12~ AOS Checklist documents emailed(first time)
4/4/12~ IV shows PAID- DS-260 submitted/ IV Package emailed/received
4/4/12~ AOS Checklist documents sent again for CYA (second time)
4/5/12~ IV package accepted! No Checklists!
4/6/12~ AOS Checklist emailed(third time)
4/9/12~ AOS packet accepted (finally)
CASE COMPLETE!!

Interview 354 days from NOA1/ 362 days from initial filing date
5/29/12~ Medical@ Medisys, Montreal
6/4/12~ Interview APPROVED!!!
08/07/2012~ POE Emerson, MB/Pembina, ND by land
08/09/2012~ HOME!! 424 days from initial filing date!
08/14/2012~ SSN Received
09/10/2012~ Received Green Card

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Ya apprently we are at the last stage, just waiting for the final investor approval now. althouh i kind of got a heart attack this am. for some reason, my husband calls it women's housebuying intuition, i decided to check the local forclosure listing sites and i noticed the bank scheduled an auction. Its for the end of June. and i kind of freaked out, but was told thats normal, and that they won't postpone it or cancel it until later. I guess i thought with an offer pending it would not even go that far as to be listed for auction.

Don't freak out about that, the bank is just protecting their interest in the property. In Illinois the foreclosure process is lengthy and currently the available auction slots are filling-up fast. It used to be that a foreclosure auction was scheduled for less than 2 months out (I believe the property owner only needs 30 days notice) but now they are 3, 4 or more months out because of the backlog.

Any short sale will require the bank's blessing and if they get wind of you taking possession early that might sour the deal for them as it exposes them to more risk.

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Well i dont have to worry about getting early possession anymore. lol they approved the sale and gave us early access anyway !

Thanks for the replies all!


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Congrats!! Is this the same house you posted about before?


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Congrats!! Is this the same house you posted about before?

OH lordie..i was gonna surprise you all in the Canada forum :P

This is like the 5th house we've tried to buy since last February. lol.. Finally after a year of total home buying stupidity, we got one :) I'll post some pics soon as i can. In the meantime i'm a go scream a few times to make sure its not a dream. XD


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LOL so happy things finally worked out, can't wait for the pics.

Oh and make sure you jump up and down and pinch everyone while your at it.


Spoiler

Met Playing Everquest in 2005
Engaged 9-15-2006
K-1 & 4 K-2'S
Filed 05-09-07
Interview 03-12-08
Visa received 04-21-08
Entry 05-06-08
Married 06-21-08
AOS X5
Filed 07-08-08
Cards Received01-22-09
Roc X5
Filed 10-17-10
Cards Received02-22-11
Citizenship
Filed 10-17-11
Interview 01-12-12
Oath 06-29-12

Citizenship for older 2 boys

Filed 03/08/2014

NOA/fee waiver 03/19/2014

Biometrics 04/15/14

Interview 05/29/14

In line for Oath 06/20/14

Oath 09/19/2014 We are all done! All USC no more USCIS

 

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Casa-gratulations, si man, eh! :)


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heh ty :) My faith in the RE industry has been restores. I'm just so happy we ended up with a stellar team. From the realtorl, to my lawyer who i liked from the first house and kept, and even the sellers lawyers who stayed on the ball no matter what. and of course my loan officer at US Bank who had everything already done given to the underwriter and ready to go.

If anyoen wants to buy a houe in Chicago let me know and i'll give you their names. Awesome job they did. soooo happy :)


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