Maximize Your Real Estate Deals with Smart Occupancy Negotiations
HOWÂ SELLERS & BUYERS CAN BENEFIT
SELLERS: ARE YOU NOT READY TO MOVE JUST YET?
A seller may be reluctant to list their home for sale because they don’t want to be pressured to move out of the house right away. One way to avoid that pressure is to negotiate for a longer “occupancy” period. For example, you can sell your property today, but not give the buyer occupancy for another 60 days. This gives you a full 2 months after the closing to move out of the house.
If you need a longer occupancy period than 60 days, you could certainly negotiate for that as well. The thing to keep in mind is that most lending guidelines require the buyer to take occupancy of the property within 60 days of closing. Anything longer than that, the buyer may be required to pay a higher interest rate or fees to the lender. Why not offer to cover those higher costs if it buys you the extra time you need?
BUYERS: ARE YOU LOOKING TO BEAT AN ALL-CASH CASH OFFER?
In some cases, giving the seller a longer occupancy period could be the incentive they need to accept your offer vs. a competing offer with a shorter occupancy period. This gives the seller more time to either find a replacement home, finish the build on their new construction home, or otherwise get their affairs in order before moving out of the house. Contact me for more details about making this part of your negotiation strategy!
NUMBER OF THE WEEK:
60 Days
That’s how long the buyer has to occupy the property under most lending guidelines.Source: Momentifi
Contact me for more info
Kevin Brierton
Branch Manager
NMLS: 599873
NEO Home Loans
Corporate NMLS: 150953
[email protected]
https://www.kevinbrierton.com
4805538770
6991 East Camelback Rd., Ste D-300 Scottsdale, AZ 85251
NEO Home Loans is a registered DBA of Luminate Home Loans, Inc. NMLS# 150953. Corporate Headquarters 2523 S. Wayzata Blvd, Suite 200, Minneapolis, MN 55405. This advertisement does not constitute a loan approval or loan commitment. Loan Approval and/or loan commitment is subject to final underwriting review and approval.
