Once upon a time, I sold a home to someone who scared me to my bones.  She was going through a divorce and the tug-of-war over home eventually caused it to go into foreclosure.  It was ugly on so many levels, from she and her many children becoming homeless to the massive cliff her credit score fell off of, plummeting to a writhing death.  A family member agreed to buy her a home, but I wasn’t convinced the loan would go through.  But as I represented this family, I was obligated by law to do what they asked.

They asked me to see if they could take early possession of the home – or move in before the house closed.  I knew the condition of the home she was moving from.  I usually stomped my feet really hard to make sure I didn’t carry any pestilence home with me.  The listing agent was an owner/agent who agreed to the request.  The family moved in a week before closing… and the closing eventually happened, but not before several close calls on the loan falling completely apart.  If I’m instructed again by my buyer to ask for early possession, I am obligated to do so.  When I’m representing a seller, though, I will strongly urge them to not do this under any circumstance.

Diane from Zillow.com posted information about Why Pre- and Post-Possession is a No-No and linked to several articles.  The Bloodhound blog touches on insurance issues that could impact an early possession.  True Gotham weighs in on the Zillow issue here.

Ilyce Glink says:

Once the buyers are in, it may be tough to get them out if they’re unable to close on the property. Once on the premises, they could do substantial damage to the home, which the seller would then have to pay to correct before being able to remarket the property. Finally, the seller may have to go through eviction proceedings and still market the home to sell to someone else. It could be recipe for disaster.

If you’re a buyer, there’s no feeling like walking in the front door of your home when you know it’s your own.  Try to wait so you can experience that joy!  If you’re a seller, my advice is to be extremely careful before you allow early possession!