1,027,602
So many of our sellers have already moved out before putting their homes on the market, we do not see it that frequently, but it does happen. I have worked with 2 sellers this year who needed more time.
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Nina Hollander, Broker
Charlotte, NC
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Lyn Sims
Schaumburg, IL
3,727,873
Yes, and in bidding wars, buyers often offer one for free to make their contract look better than the competition.
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
1,543,823
I've annually dealt with them Jeff, no more or less than "usual" lately though if that's what you are asking. I had 2 this year.
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Thomas J. Nelson, REAL...
La Jolla, CA
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Nina Hollander, Broker
Charlotte, NC
2,224,473
It's so funny you should ask this. I just went under contract on two different properties and there is a post occupancy agreement on both of them. One for six months. I had a lease drawn up for this long term one so it was more comprehensive given the length of time the seller would be staying in the home.
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
2,362,977
I hate rent backs - generally it is because they need more time before they can close on their new house but they are always a problem
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Nina Hollander, Broker
Charlotte, NC
3,164,294
it's fairly rare in my market as we're a heavy second home market, but we've had a good bit of it this year.
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Nina Hollander, Broker
Charlotte, NC
3,383,334
Yes. It's definitely not uncommon in the Northern VA suburbs.
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Nina Hollander, Broker
Charlotte, NC
1,502,998
I've seen it a couple of times. One last year and one this year.
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Nina Hollander, Broker
Charlotte, NC
3,988,007
I have seen a few this year but it is an uptick from years past. The norm here is that the seller is out on day of closing.
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Nina Hollander, Broker
Charlotte, NC
4,936,716
3,416,038
It is very rare. I tell my buyers no way, find a different home. For sellers who ask, it is unrealistic a buyer can wait to move in as most are primary homes. I did sell a vacation home where they did ot want to close to September so they coudl enjoy the lake. T&he buyer got a good discount for it
5,772,575
3,587,960
4,272,548
That used to be commonplace in my area but I haven't seen it recently ...
529,983
Quite frequently. Sometimes the property that the sellers are purchasing is not yet closed. The seller needed proceed from the house sale, and rents from the new owner for a week or so until the seller's new home closes.
3,345,091
Yes. It is very common. It is also common that the seller gets a "free" rent back.
4,800,082
280,599
Yes, because to err on the side of caution, the seller wants to make sure the closing happens before they move all their stuff. A lot of lenders are not hitting the close dates in the contract.
989,652
2,178,603
As long as the term and consequences are clearly spelled out, post closing occupancy isn't a problem. Withholding extra monies in escrow at closing can give the seller additional incentive to get moved in order to get the remainder of their funds released.
1,617,916
5,005,659
Yes I am seeing it. Especially with the lenders often not meeting the closing dates. This way the seller is not out of the house and not closing for another week.
4,572,364
I've had the situation occur over the years. Obviously not every transaction but some. It's typically noted in the agent-only remarks of the mls so selling agents can let their buyers know of the possibility.
5,216,509
3,071,489
Post Possession is highly discouraged. Rent backs probably do happen - but have not personally been involved with them...
4,434,127
1,725,996
Rare here in Florida. Saw one in the last 20 years. Cali; much different!
5,583,278
5,104,931
I have two contracts right now with 30-60 day seller possessions after closing because sellers were waiting for new homes to be completed. But we knew this going in as part of our negotiations.... and in each case buyers were not stressed about having to move in right after closing. I probably get this situation two to three times a year.
815,253
1,844,301
No, not yet but I suppose there is always a decent percentage of that going on. Tough to close on 2 homes & move in 1 day.
7,836,419
4,319,419
5,230,119
Oh, I had those during the spring and summer months with our low inventory - it was tough to find a home before you sell. That is typically part of the up front negotiations here.
2,684,109
3,986,258
1,712,676
Jeff, I have treid to stay away from that as much as possible. it is fraught with peril just like early occupancy.
1,239,901
All the above. Try to limit to 1 month free and rest is to be paid by the buyers at the market price.
1,157,785
There are many issues involved with a landlord-tenant relationship so a potential new landlord needs to fully understand the implications.
6,393,609
Not a problem for me, but if you do, then it is important that the new owners understand what is means to be a landlord and all of the pitfalls.