I wrote a post a couple of years ago about some San Antonio real estate agents overstepping their bounds, in my opinion, by requiring all home sellers to purchase a new survey, even if the existing survey is acceptable.
Something along the same lines happened just the other day. In talking with an agent whose listing in north-central San Antonio has been vacant for months, I suggested that my buyers might want to sign a temporary lease for a few days. They are crammed into an extended-stay motel, and would love to start moving their items out of storage and cleaning the house. In addition, it would allow the sellers to get a few days of market rent.
The agent instantly said, "I don't allow my clients to do a temporary lease."
I said, "You don't allow them to? Well, would you mind at least running it by your sellers to see what they think?"
"No, they won't do it."
And here I was assuming that her sellers were adults and could make their own decisions.
This brief conversation rang a bell. Last fall, I had some buyers in a similar situation, with an approved loan and a vacant house. The agent immediately said, "I don't like short-term leases," and proceeded to tell me why and that her client wouldn't do one.
After she finished, I asked if she would check with her client before making the call on her behalf. She grudgingly told me she would talk to her client, but would advise against it. I submitted the amendment and temporary lease, and not surprisingly, the seller did not agree to it.
I can understand if an agent feels that a temporary lease is risky; but I think it is their duty to explain both the risks and the benefits of any aspect of a transaction to their clients instead of deciding on their behalf.
Maybe it's just a case of sour grapes with me. What do you think?
Not a believer in Temporary lease either. But it is not my decision if I don't own the property. Have to go to the seller/owner. Too many questions to write a blanket response. When Is it supposed to close?
The last time I checked we are not usually one of the principles in the transaction.
In our area it's called a pre-occupancy settlement. Sellers may agree to one if we are 100% guaranteed that closing will take place as scheduled. Unfortunately with financing these days those guarantees don't usually come until the loan documents are at the settlement company. Interesting in our area a new survey is required on any financed transaction and I can't think of the last time one of my clients didn't get a their own survey done.
While I think that all agents need to run every request by their client, I would never have my buyer use an old survey...no, no, no....things change (topography, fences etc) and who knows if the old surveyor did not use the stars...
Eve in Orlando
That is simply silly. So she she got stung before on a survey issue. How many deals has this issue cost her? And her clients. And concerning early move ins.......Probably not a home builder in Texas that hasn't done it. There is nothing wrong if the loan is approved, repairs are done, and the t's are crossed . I usually get the buyers insurance agent to cover things prior to closing and also tell the sellers' insurance agent to do the same. Cover all bases and it is a legitimate and practical and win-win way to accomadate all parties.
I would probably advise against a temp lease if I were the listing agent. However, you are absolutely right that it is not the listing agent's decision. The nerve of some people...
I have done several temporary leases, both for buyers and sellers, and have only had one bad experience, which I successfully resolved. A short-term lease is still a lease, and there are protections in place for both parties.
The point is, it's an agent's duty to fully inform their clients and take instruction from them. I don't even know if either of these agents actually spoke to their sellers about a temporary lease.
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