VA Loan Updates

DEAR BOB: We are selling our house, which has been vacant since we moved out about two months ago. The buyers are obtaining a Veterans Affairs (VA) mortgage. But it will take another 30 days until the closing. Meanwhile, they are living in a motel nearby. They offered to pay us rent if they can move into the house now. Our listing agent says “no.” What do you advise? –Loren H.

DEAR LOREN: Listen to your smart real estate agent. Never let a home buyer move into the property before the sale closes, the title transfer is recorded, and you have your money.

The reason is if you let the buyer move in now and pay you rent, that buyer will surely discover real or imagined defects and refuse to close the sale until you repair the problems discovered. Although I know you want that rent income, it’s not worth the risk of letting your buyer move in early. Don’t do it.

Found here.

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