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Buyer Needs a Visa |
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After 4 months of our buyer trying to get financed the last hurdle for him is to wait another 2 months for work visa clearing. We don't want to loose this fish on our hook at this point. He wants to rent until lender will close. Will a lender verify closing upon meeting his requirements and what terms should we impose to make sure the deal goes thu? |
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I can't speak for the lender and I don't know what they'll do.
Letting the buyer move in before closing is a tricky situation and seldom recommended. Lots of things can go wrong. If the visa doesn't come through, or the lender refuses the mortgage, it's hard to see what provisions you could have made that would force the deal to go through.
If you do let the buyer move in, consult a lawyer who specializes in real estate, and draw up a rental agreement with everything the attorney recommends for your protection.. |
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Edith
Originally published on June 30, 2009 |
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