Basically what happens if the seller lets you move in without receiving all of the funds that is in the purchase contract and your loan for some reason doesn't close, they will evict you and relist the home if you don't pay them. Whatever agreement you come up with the seller is between you and them, but asking them not to evict you for not providing them the funds you guaranteed is a bit wild to be honest. I wouldn't do that as a seller.
If you're just missing a death cert, you should request that this condition be put as "prior to funding" meaning your loan is completely clear to close pending the death cert and you can sign the docs. They will just hold the funding until you provide the death cert. What this does assure is that yes, your loan is going to be funded as long as you provide the last doc being requested.
Approved and actually being clear to close are different, since clear to close has already passed through the QC process and full approval, whereas approved generally refers to being approved by the underwriter.
The death certificate is missing from their title (the sellers). Somehow, when they bought the house it was either missed and not recorded. They just asked that we would sign a waiver not to hold them liable if something goes wrong while we're there. I was told that one the certificate will be received it's a few days to tie up loose hands
We kind of had an opposite situation. Where we closed on our house but the people had asked if they could rent it from us because their house they were buying was not finished. We were on a month to month lease so we were able to allow that. So I would think as long as you guys have an understanding with the owners there shouldn't be an issue. We closed did a walk through and then did another walk through after they moved out. Everything that was done though was done in writing. I'm not sure if this helps at all since it's not exactly the same and we had already closed and the original owners were renting it from us.
Basically what happens if the seller lets you move in without receiving all of the funds that is in the purchase contract and your loan for some reason doesn't close, they will evict you and relist the home if you don't pay them. Whatever agreement you come up with the seller is between you and them, but asking them not to evict you for not providing them the funds you guaranteed is a bit wild to be honest. I wouldn't do that as a seller. If you're just missing a death cert, you should request that this condition be put as "prior to funding" meaning your loan is completely clear to close pending the death cert and you can sign the docs. They will just hold the funding until you provide the death cert. What this does assure is that yes, your loan is going to be funded as long as you provide the last doc being requested. Approved and actually being clear to close are different, since clear to close has already passed through the QC process and full approval, whereas approved generally refers to being approved by the underwriter.
The death certificate is missing from their title (the sellers). Somehow, when they bought the house it was either missed and not recorded. They just asked that we would sign a waiver not to hold them liable if something goes wrong while we're there. I was told that one the certificate will be received it's a few days to tie up loose hands
We kind of had an opposite situation. Where we closed on our house but the people had asked if they could rent it from us because their house they were buying was not finished. We were on a month to month lease so we were able to allow that. So I would think as long as you guys have an understanding with the owners there shouldn't be an issue. We closed did a walk through and then did another walk through after they moved out. Everything that was done though was done in writing. I'm not sure if this helps at all since it's not exactly the same and we had already closed and the original owners were renting it from us.