🚫 First-Time Homebuyer Alert: 7 Reasons to Avoid Post-Possession Closings

Buying your first home is exciting but it’s also a huge financial and emotional step. One pitfall many new buyers don’t know about is the post-possession closing.

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👉 What does that mean? A post-possession closing happens when you close on the home (and technically own it), but the seller continues living there after closing for a set period of time.

Sounds harmless? Think again. Here are the Top 7 Reasons first-time homebuyers should avoid post-possession closings:

1️⃣ Loss of Immediate Access

You bought your dream home but you can’t move in yet. Instead, you’re waiting for the seller to vacate, which can be frustrating and costly if you’re juggling leases, movers, or storage.

2️⃣ Risk of Property Damage

Once the deal closes, the seller has less incentive to take care of the property. Any damage that occurs while they’re still living there could become your problem.

3️⃣ Insurance Complications

Homeowner’s insurance can get tricky. With the seller still in possession, there may be coverage gaps if something goes wrong, leaving you financially vulnerable.

4️⃣ Potential for Seller Refusal to Leave

If the seller doesn’t move out on time, you may be forced to go through the eviction process. That’s time-consuming, stressful, and expensive.

5️⃣ Uncertainty Around Timing

Move-in dates often get delayed with post-possession. For a first-time buyer, this uncertainty can disrupt planning, moving, and even job schedules.

6️⃣ Financing & Loan Issues

Some lenders simply don’t allow post-possession arrangements. If they find out, it could cause financing problems or even derail the deal altogether.

7️⃣ First-Time Buyer Stress

Buying your first home is stressful enough. Adding the risks of post-possession only creates more uncertainty during an already major life transition.

✅ Bottom Line: Post-possession closings tend to favor the seller, not the buyer. As a first-time homebuyer, protect your investment and your peace of mind always aim to close on a vacant property so you can move in right away. 🏡✨

LJ Realty Team

Your Local Guide to Homeownership!

📍 127-03 Rockaway Blvd, South Ozone Park, NY 11420

📞 (516) 218-1297

LJ Realty Team Buy – Sell – Rent Equal Housing Opportunity

LJ Mortgage Team Inc. NMLS# 2120286Purchase & Refinance NYS Registered Mortgage Broker | NYS Dept. of Financial Services Broker arranges mortgage loans with third-party providers. MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER. Licensed By The N.J. Department Of Banking And Insurance. NMLS ID # 2120286 www.nmlsconsumeraccess.org

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