Yay! You finally received an offer on your home that's for sale! Now the process begins. Home inspection, appraisal, packing, sleepless nights, moving, repairs etc. The real question is... How much time do I have? This all depends on your purchase agreement, and what was agreed upon.
In the purchase agreements that I am used to using, an estimated closing date is put in there. It can say to close "on" that date, "on or before" that date, or it could be a range of dates. This is a targeted date that buyer and seller are aware of, agents are aware of, title company is aware of and mortgage lender is aware of, if there is one. Hopefully everyone is working towards that date. If there is a mortgage from the buyer that everyone is waiting on the approval of, that could take 20-60 days, depending on what type of mortgage the buyer is doing and how quickly the buyer responds to the needs of the lender. The lender will request documents, signatures, access to many things during the process after an offer is accepted. If the buyer is not quick to respond, this can delay the closing. When the loan is approved, a closing can be set that everyone is agreeable with. Sometimes an extension to the closing date is requested to be done if the closing cannot occur on the estimated date. This does not have to be done, so it is very important that everyone tries to meet the goal of the close by date/dates on the purchase agreement.
On the seller side, title is being checked and any discrepancies need to be resolved to hand over clear title to the new owner. Divorce degrees, death certificates, trusts will need to be reviewed during this time as well.
If occupancy is agreed upon, everyone is aware of how many days "after" closing a seller has to still occupy the home. In most instances, a seller in a sense is renting the home from the new owner (the buyer). Sometimes a seller (the new renter) does leave before the agreed upon occupancy time frame and the new owner (the buyer) can move into the home sooner. While this may be the case, I always suggest to plan on the occupancy date that is agreed upon, so you are not discouraged if the seller (the new renter) has to occupy the home for the full agreed upon time period.
If you did not agree to occupancy after closing, a seller needs to be out of the home at closing. Sometimes sellers will ask if they can leave items behind, in the garage for example, and come back to pick them up after closing. I always suggest that this does not happen. In reality, the new buyers become the homeowners at closing. They own the home and everything that is there. Even though everyone agrees, you could really be trespassing on their home! What if your personal property gets damaged or stolen before you pick it up? What if they change their mind about giving you access? Maybe these things won't happen, but I say best to have ALL of your things out at closing. They don't want your things there really either. They have all of their own stuff to bring in! On the other hand, I have also experienced buyers wanting to start storing their items before closing. I also suggest again this as well. The items could be damaged, stolen or worse yet, the closing could never happen! Then what happens to your things??
The bottom line is, everyone is hopefully trying to reach the end result of the home being sold. Patience really needs to come into play here. Buying and selling a home is a top stressor in a person's life, but hopefully the end result does happen. When listing your home for sale, you should already have purged, planned to purge, or have packed/stored your items from your home. When buying a home, have another option available if you are not able to move in by the projected "close by" date. If everyone stays flexible and has a "back up plan" things will hopefully go a lot smoother!
One consolation is that you are not the only person that has ever gone through this. People buy and sell homes everyday! Happy Selling!
If you need a REALTOR in the Southeastern Michigan area, I would happy to help!
Kelly Dix, REALTOR, 586-899-6666 Kellydixrealestate@gmail.com