|Posted by: Sue Jul 19 2004, 06:26 PM
|I’m trying to get a mort with a contract that says we will give the seller 8 mo to move out. I don’t want to lie, but what is the big deal? They gave us a lower price to compensate and we don’t want to move until then anyway. KNow any lenders who don’t care??
|Posted by: loanuniverse Jul 19 2004, 08:01 PM
|I am not a residential lender, but if I had to guess it would have to do with the fact that most residential loans are standard and sold in the secondary market.
Remember that this is just me guessing, you might want to talk to the residential lender that turn you down to confirm this.
While it is understandable that the seller wants his money now, you might want to use this as a way to renegotiate the contract. Remember that this means you will not have to pay interest for eight months so take that into account for your renegotiation.
|Posted by: rocky Jul 20 2004, 06:42 AM
|We did something like this once, kind of in reverse. We were selling a house and the buyers wanted to move in prior to the loan closing, and we wanted to move out. Our lawyer drew up a contract called “Permission to Occupy Premises”, that we all signed. For some reason that I can not remember, it was important not to establish a “rent” agreement. They paid us money monthly, just like rent, until the closing happened. Why couldn’t you close on a mortgage on the bank’s time frame (soon) and let the sellers stay in the house with a “permission to occupy premises” and pay you “rent” until you move in?
|Posted by: loanuniverse Jul 20 2004, 07:45 AM
|“Why couldn’t you close on a mortgage on the bank’s time frame (soon) and let the sellers stay in the house with a “permission to occupy premises” and pay you “rent” until you move in? ‘
My guess, and this is only a guess is that regular residential mortgages are done under the premise that the borrower will use the property as its primary residence and that meeting this requirement is needed in order to sell the loan in the secondary market.
I am not saying that it could not be done, I am sure that it could. However, it would be hard to find your regular residential loan officer, who is juggling 10 loans at once to work on something that is out of the ordinary. It is not only a matter of willingness, it is a matter of selling a product that is not in the product lineup. Most lenders in that area are not known for customization of loans or for tailoring a loan to a particular need.