How Soon Should I Let Buyers Take Possession After Closing?
Knowing when to let buyers move into your new house can sometimes be tricky. There are a lot of factors to consider and you should definitely discuss the pros and cons with your realtor before you commit to letting your buyers move in.
Why You Should Care
There are a few reasons why you should be cautious when considering possession. One of the major issues being the condition of the house. As a buyer you don’t want to show up 30 days after closing to find the seller trashed the house. And for the seller you don’t want to be in the house for 30 days too long and have some appliance go out that you’re liable to fix it!
For the Sellers: Can I Have One More Week?
First things first, make sure you have enough time to get out of your house once it is sold. For a lot of sellers this means making sure you either have possession of your new home OR have somewhere else to go.
To give possession right after closing might sound ideal but in some cases, if you aren’t out in time, you might end up owing the new buyers rent – per day!
On the other hand, the sooner you give the buyers possession the sooner you’re not liable for the upkeep and repairs of the house.
So make sure you give yourself enough time but don’t hold onto the house longer than you need for liability reasons.
For the Buyers: We Want In ASAP!
As a buyer, you’re usually in a press to get inside your new home. For some deals, possession right after closing is possible. But for other deals, the sellers just can’t swing it.
One thing you want to be careful of is getting possession of your house long after closing if the house is a rental or similar situation. The main reason being that renters don’t always leave the house in tip top shape – because it’s not their house.
The other variable you need to think of is how long will your current housing or lease agreement let you stay before you HAVE to move? You obviously want to make sure you can get possession of your new home in time to move out of your old one.
To avoid any headaches, we usually recommend our buyers push for possession as soon as possible after closing. It just seems to run smoother that way. However, don’t make it a deal breaker! If the seller simply can’t do it and you really want the house, then you’ll probably need to accommodate them.
These are all discussion points for you and your realtor. Each person’s situation is unique. Your realtor will know how to help you work out a deal that’s suitable for you!
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