Our buyers purchased a home, in the winter, that was occupied by tenants. The seller knew the closing date and immediate occupancy to happen by our buyers. They failed to inform their tenants. We arrived for our final walk through two hours prior to closing to find the home 100% completely occupied, no boxes pack, and a car frozen in the alley driveway. Now what? A snowball effect comes into play:
- Do we close or not close?
- Do we close and draft an amendment that tenants vacate within several days?
- What happens with homeowner’s insurance and tenants occupying?
- Does their current lease carry through the closing?
- If closing is delayed, what if our buyer’s interest rate expires?
- And on and on!
With all the moving pieces, we were able to make it all happen! Our buyers were very happy. 😊