A buyer closed a December deal with hard-money financing while letting the seller stay until January retirement. The protection: $10,000 held in escrow, forfeited if the seller doesn't vacate on time. Document everything before closing.
So what we did for him is this— when we closed on this deal, it was December, and he's like, I retire in January, you know, I'd like for you guys to close on in January. And I said, you know, you know what we can do, sir, is we can close on in December and then just, you know, you could do a post-possession of the property until you move out in January. Because we wanted to close on the deal quick, we didn't want to change his mind since we were getting a good deal. So they said okay, so we got hard money, closed on the deal, he stayed in here for a month, and as he's moving his stuff out. And as soon as he moved out, he called us. We held back $10,000 in escrow out of what we paid him. So in case he didn't move out in time, we would be able to take those funds if he didn't get out. So you have to protect yourself. So after having that discussion with the seller, you know, we, like I said, we came to an agreement, we signed the agreement, and, you know, we closed on
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