Post Possession

Sometimes the simplest solutions are not the best.  That's especially true when it comes to moving out of a home you just sold.  You'd think it would be no big deal to leave a few things in the home after you close - especially if the buyers don't mind.

In this episode we explain why that's not a good idea.

good evening good evening people hello hello hello hello hello this is uh Randall and Diane bro here in the beautiful city of Prescott Arizona we are your number one top team in terms of service connections helping you find the right place uh and we would love if you’re coming to visit and you find a great place if you want to talk about something that could happen and you might think about and we’re going to tell you why it’s not always the best thing not always the best idea that is post possession post possession so post possession sounds like a technical term basically what that means is if you are selling your house and your house is closed it’s no longer your house right but you want to keep some of your stuff in the house after you’ve closed that is post possession and it’s kind of a it’s kind of a bad idea um just in terms of lawsuits so there are millions of homes that are bought and sold every year uh you know when you’ve got that much going on everything happens at some point and people have just found that in transactions where there was post-possession it could lead to some crazy lawsuits it can be pretty scary so a lot of people are like oh we really like the seller and the seller really likes the buyer it’s a great idea would you mind you know or sometimes the seller says I’d like to stay in the house for two months after you buy and some sellers even will say I won’t even charge you you know rent right yeah but I still want to stay here yes um and some people are fine with that I and my broker not a good idea it’s uh can work it it can be very very scary and even the Best Buy or seller relationship can go sour fast and then if that seller is still keeping all of their things in the house or you’re keeping your things in the house and you’re like I could have sworn I left that jewelry box yeah where is it now where is it now yeah you would be surprised or God forbid there’s uh Mother Nature comes along and the roof starts leaking and your beautiful artwork that you had left stored there gets damaged I mean it just opens a whole can of worms that can be really really bad and you know sometimes we try to explain this to clients they don’t want to hear it they’re like but they’re friendly we’re good we’re good we have a good working relationship yeah yeah you’d be surprised how fast that can go south yeah well if if you have a seller that let’s say we want to close and the seller wants to stay there a month or two months you can fix that right so that is essentially a short-term lease you can do an official lease it is a legal document and that it and they’re the only people who are in the house only their possessions are in the house uh and so and you’ve got a legal document that is a contract by the way you need to have some consideration not a good practice Yeah and the reason why is it’s not a valid contract if there’s no consideration so that’s just a technical even if you just put a hundred dollars not even a hundred dollars and you come to terms that’s fine there has to be some consideration for the contract to be valid uh you’ve got a contract in place uh there’s only one party in the house there’s only one party’s possessions in the house that’s workable yeah we can do that even if it’s just a week or a few days you can do a very short-term lease and you can make that work uh maybe not so good is the buyer moves in and you still have possessions of the seller there you can never go buy a handshake we’re good friends right this was a good transaction let’s just shake hands we would never as professionals uh and is one of the top Professionals in the city yeah not a good practice not a good practice you know I always have something illegal in place yeah you leave something you spill coffee on it or or you know um technically from a a legal standpoint anything that is left in the house after close becomes the virus you know if you don’t move it it’s theirs um so as a seller you should understand that um as a as a buyer you know they if they you have their possessions in your house and something happens to it uh you may see them in court you know you’d be surprised uh so you know when we kind of say hey I wouldn’t do that I am not comfortable with that I’ve never heard of a zero free rent back for two months it’s not that we don’t want to help you I mean we will we’ll make it happen but please take our advice we’ve seen things go really really bad and we’re trying to help you legally and you know that’s what you need to do you need to make it above board and you know shaking someone’s hand and saying I promise I’ll be good yeah uh can sometimes backfire yeah a lot of what we do for you is prevention you know just trying to keep bad things from happening and if they don’t that’s fine you know but precautions are always a good idea always we’re looking out for your best interest and we always want to protect you that’s that’s what our job is yeah so anyway when you’re thinking about post-possession we’ll try to get you a nice contract written up for a lease back where everything’s good and it’s all above board and you’re legal and you don’t have to worry God forbid if something bad should happen exactly so keep all that in mind when you’re looking and you want post possession and oh they said it’s okay listen to Mom and Dad Mom and Dad are here to help you we know we can go back we’ve done hundreds of transactions hundreds and hundreds believe me we know so that’s our little so for the day so if you want to talk about post-possession we’ll make it happen but do it in a way that protects you protects both parties that’s our tip of the day if you want more tips a place to go is pickle411.com that is our free information site whether you’re a buyer or seller or somewhere in between there’s something waiting for you that will amaze and Astound you and tickle your funny bone there you go all free all free take care great rest of your day bye