your thoughts on gaining access before closing...

[mistapaants]

i have a 3 family under contract (my 2nd one, first NOO) that needs some TLC.  im going to wait to close until 12/15, but in the mean time i'd like to get into the place and start  painting in november.  i'm going to ask the seller tomorrow, but i figured i get your opinions on this first

is it a good idea for me to go into the place and start working on it before closing?

[surrealstate]

Until you close the deal you'll have an equity interest in the home, while the seller has actual title.  The seller may have concerns about liability while you're in the home.  The seller probably already has insurance on the home until day of closing.  If this be the case, mention to the owner that you could go ahead and purchase homeowner's insurance (POC).  Should anything happen you would be liable not the seller.  This would offer some security to the seller and get you in the home faster to do some painting.

[reoconsultants]

Put it into the contract possession date of the day after acceptance.

Then start a handy man business and get workers comp. That way if something falls through on the closing you can file a lien on the property via.. the Handy man service

[gordo2417]

I do it all the time.  I'm closing on the 20th and I've been in there a ton with contractors.  The last REO I bought we started work a week before I closed.  Had the house gutted before I closed.

Nate-WI

[surrealstate]

Sounds like you've been fortunate thus far.  What would you do if say the house caught fire, flooding, theft, or vandelism while doing your work in the home?  Who's liable?

[gordo2417]

I have insurance on it already.  I'm liable for my work and time in the property if I can't close then I'm SOL.  The listing agent and title company know what I am doing.  If they are not cool with me doing that then I wait until I close.

Nate-WI

[surrealstate]

I see, your liable.  Sounds like you're covered.  

Good luck

[gordo2417]

No luck needed..........thanks though.

[Rich_in_CT]

My worry would be getting X-thousand dollars worth of work done and having the closing not happen.  

[mistapaants]

i just want to paint the inside walls.... takes the longest and is the cheapest part of my rennovations...