Living in Property after it's Sold

Discussion in 'The Buying & Selling Process' started by Gonx, 30th Apr, 2017.

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  1. Gonx

    Gonx Well-Known Member

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    hi folks, I would love to hear some feedback on a situation where if I sell my place is it a good idea or bad idea to ask to continue to live in it for about 2 weeks after settlement?

    Would this cause possible problems for the sale? if yes then I would not do it,

    The place would basically be empty besides a fold-up bed and a couple of suitcases. Has anyone done this or known anyone who have done this? I would assume I would need my solicitor to write it into the sale contract. But I do not want to turn any buyers off so I would prefer to go and stay at a motel etc than cause problems with the sale.
     
  2. Gockie

    Gockie Life is good ☺️ Premium Member

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    Why don't you just change the settlement date to suit you?
     
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  3. Gonx

    Gonx Well-Known Member

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    I want the quickest settlement as I will then go and buy a property for cash but that will take weeks after I get my money from the sale I would assume before my settlement for my next property will go through. I will have properties to make offers on as soon as the money goes into my bank but I can't touch it till settlement anyway. So when the sale goes through after cooling off period I will inspect properties I'm interested in buying. Then when settlement happens and money goes into my account I will then make an offer on a property that day. Even though I'm paying cash I assume it would still take a few weeks for my property sale to be settled. So that is the period I will need somewhere to live and I do not have family or friends I can ask to lodge with. As I said though if it's a problem I could always pay for a motel or an airbb place.
     
  4. Gockie

    Gockie Life is good ☺️ Premium Member

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    Just a question... Is it right to say you can't get a bridging loan/can't get a normal loan?

    Possibly sell your place, get a long settlement. After cooling off is completed, start looking. When you find something you like, then make an offer and time the settlement of that to match the property you are selling.
     
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  5. Marg4000

    Marg4000 Well-Known Member

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    It doesn't hurt to ask, but don't jeopardise a sale. Most would not allow it, on the basis that if you refused to leave after the two weeks, it would take possibly months to go through the legal process of eviction.

    Don't try to write it into the contract - that will scare buyers off. Get the property sold and the contract signed. Once the contract is nconditional you can then get your solicitor to send the request as a completely separate issue.

    A cheap motel for two weeks should be less than $100 per night, or $2800 all up. But you can probably do it a lot cheaper in a hostel or a room or shared space in an Airbnb.
    Marg
     
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  6. Gonx

    Gonx Well-Known Member

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    well I can't get a loan as I have been unemployed recently and my bank would not give me credit as I have a cc debt I will pay out once the sale goes through and I had a payment holiday with my loan. I already have been spending all my spare time in the last weeks to find my next property. Once the property goes into a sale contract I will then go and inspect these places for my next property. By the time settlement happens which I understand will be a minimum of a month as banks take awhile then I would already have my place I want ready to buy. I really do not want a long settlement at all, I want it to be as fast as possible as I'm excited and really looking forward to pay my debts off, buy equipment for my new business and buy my next place mortgage free and start a new adventure.
     
  7. Gonx

    Gonx Well-Known Member

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    thanks for your feedback marg. Yes I do not want to cause any issues so I'm thinking like you mention to just go and rent something temporary. Actually I do not mind roughing it up at all to save money. A hostel or a room or shared space in an Airbnb would do me fine for a few weeks. it just would have been easier to stay with my current place but I think I should rule that out now.
     
  8. Marg4000

    Marg4000 Well-Known Member

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    Agree, I would not risk complicating your sale. Once you sign the contract you will have at least a month before you have to move out, plenty of time to look around for cheap accommodation.
    Marg
     
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  9. wylie

    wylie Moderator Staff Member

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    I'd keep the sale simple. Find somewhere to live short term. Most buyers are scared off by anything that they see as a risk, however small.
     
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  10. Scott No Mates

    Scott No Mates Well-Known Member

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    Don't settle on the due date. There are generally no penalties on the vendor.
     
  11. Gockie

    Gockie Life is good ☺️ Premium Member

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    But s/he needs the settlement money....
     
  12. Gonx

    Gonx Well-Known Member

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    hey I have another question on this subject. - Once you sign the contract and go into cooling off period and also after the cooling off period until settlement, is it OK for the vendor to continue to live in the property until settlement or does that need to be accepted by the buyer legally?
     
  13. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    Until the property settles you are the legal owner so can stay up until settlement day.
     
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  14. Gonx

    Gonx Well-Known Member

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    thanks Colin for confirming that