{"id":400,"date":"2006-09-26T04:29:44","date_gmt":"2006-09-26T11:29:44","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=400"},"modified":"2006-09-26T04:29:47","modified_gmt":"2006-09-26T11:29:47","slug":"blogoff-post-23-the-perils-of-pre-and-post-possession","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/400\/blogoff-post-23-the-perils-of-pre-and-post-possession\/","title":{"rendered":"Blogoff Post #23: The perils of pre- and post-possession . . ."},"content":{"rendered":"

This is another of my favorites from my Arizona Republic<\/i> column<\/a>. The topic here is pre- and post-possession, either moving into a new home before the closing or staying in your old home after it has closed:<\/p>\n

Pre- and post-possession create a de facto<\/i> tenancy. It may be just a friendly agreement between buyer and seller, but when you occupy a home you do not own, you are a tenant. You should ratify the occupancy with a lease. But there is still potential for big trouble.<\/p>\n

Suppose the house burns down. Who is liable? The owner, even though he is not occupying the home? Or the occupant, who is not the owner and probably just lost all of his personal property?<\/p><\/blockquote>\n

This used to be common in the sale of a home, but the legal difficulties arising from pre- and post-possession can be huge:<\/p>\n

If the owner did not disclose the tenancy, the insurance company probably will not pay on the house. If the occupant had homeowner’s insurance, not a tenant’s policy, his underwriter also might refuse to pay for the lost personal property. There may be two aggrieved lenders, and both might call their notes due, even though the house is now destroyed.<\/p>\n

But the worst is yet to come. Everyone involved gets to spend years in court fighting over who owes what to whom. The owner will be out the value of the house. The occupant will have lost all of his portable wealth, including the memories attached to those things. Everyone will emerge from this lengthy process bruised, begrudging and much, much poorer.<\/p><\/blockquote>\n

My ultimate answer: “Take possession at the close of escrow, just as the purchase contract advises. Whatever convenience you might enjoy from pre- or post-possession, the risks are just too great.”
\n<\/p>\n

Technorati Tags: arizona<\/a>, arizona real estate<\/a>, phoenix<\/a>, phoenix real estate<\/a>, sellsius 101<\/a>, real estate<\/a>, real estate marketing<\/a><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

This is another of my favorites from my Arizona Republic column. The topic here is pre- and post-possession, either moving into a new home before the closing or staying in your old home after it has closed: Pre- and post-possession create a de facto tenancy. It may be just a friendly agreement between buyer and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6,5],"tags":[],"class_list":{"0":"post-400","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-marketing","7":"category-real-estate","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":17400,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17400\/a-bloodhounds-fish-story-10k-over-list-15k-over-market-23-days-total-and-the-sellers-total-pre-market-outlay-was-257-50\/","url_meta":{"origin":400,"position":0},"title":"A Bloodhound\u2019s fish story: $10k over list, $15k over market, 23 days total \u2013 and the seller\u2019s total pre-market outlay was\u00a0$257.50.","author":"Greg Swann","date":"October 29, 2020","format":false,"excerpt":"I live a charmed life, just now, and I know it. The resale market in the Valley of the Ever-Fecund Sun has been all my way for seven-ish years, culminating in our current simmering state of frenzy. The investors I work with bought and bought and bought when nobody was\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/10\/BragMonroe-480x360.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1278,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1278\/more-random-notes-on-zillowcom-conquering-fear-uncertainty-and-doubt-to-become-the-neighborhood-superhero\/","url_meta":{"origin":400,"position":1},"title":"More random notes on Zillow.com: Conquering fear, uncertainty and doubt to become the neighborhood superhero","author":"Greg Swann","date":"April 9, 2007","format":false,"excerpt":"Michael Wurzer and others are tying themselves up in knots trying to prove that they understand what Zillow is doing wrong. My take is that they don't even understand what Zillow is doing, so, necessarily, it's going to look wrong to them from their frame of reference. I said this\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15720,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/15720\/youre-a-master-cat-skinner-the-good-news-and-the-bad-news\/","url_meta":{"origin":400,"position":2},"title":"You’re A Master Cat Skinner – The Good News and The Bad News","author":"Jeff Brown","date":"April 2, 2012","format":false,"excerpt":"Are you the 'go to' guy\/gal? Do you list a lotta property and do it well? Are you a leader? Though I'm sure many will say charisma is required, I beg to disagree. It never hurts, but in the end, the Lord created the ultimate equalizer to charisma: Results. Today,\u2026","rel":"","context":"In "Enduring Interest"","block_context":{"text":"Enduring Interest","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/enduring-interest\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":178,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/178\/whats-wrong-with-real-estate-weblogs-i-might-run-this-way-and-that-but-never-hot-and-cold\/","url_meta":{"origin":400,"position":3},"title":"What’s wrong with real estate weblogs? I might run this way and that, but never hot and cold . . .","author":"Greg Swann","date":"August 6, 2006","format":false,"excerpt":"Mike Price at Mike's Corner posted a fascinating interview with Russ Cofano of Rain City Guide on the subject of real estate weblogging and the 'bloginars' Russ and Dustin Luther, also of Rain City Guide, have been running. The interview is extensive, and I'm only going to touch on a\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16146,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16146\/primary-home-investment-or-liability\/","url_meta":{"origin":400,"position":4},"title":"Primary Home – Investment or Liability","author":"Cooksquared","date":"August 3, 2012","format":false,"excerpt":"Pre-2007, I am not sure this topic would have even been controversial; people not only regularly utilized their home as their \"primary investment\", but often, treated it as their personal piggy bank.\u00a0 In hindsight we can all judge others as we secretly lick our own wounds from a vicious downturn\u2026","rel":"","context":"In "Innovation"","block_context":{"text":"Innovation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/innovation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":155,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/155\/how-to-turn-100-into-27000-in-eight-years\/","url_meta":{"origin":400,"position":5},"title":"How to turn $1.00 into $27,000 in eight years . . .","author":"Greg Swann","date":"July 29, 2006","format":false,"excerpt":"That sounds like a late-night TV pitch, but it's actually possible in residential real estate. 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