Realtor Sander Scott explains why possession date is a crucial negotiation lever in real estate deals. Lenders typically cap seller occupancy at 60 days post-closing, but savvy agents can trade extra time for concessions that matter more to buyers, especially when the seller needs it during off-season months for rental properties.
Hey there, Sander Scott, full-service realtor, coming to you with more strategies as a buyer to consider. Should you give the seller time after closing to move out? Well, like most decisions in the real estate process, home buying process, this can be— it's complex and it depends on a lot of different factors. So one of those factors is what time of year is it and how you intend to use the property. So If you're going to think about using the property as a short-term rental, the time of year is very important. Um, you, because if you're, if you're, if it's right during the time of the prime weekly rental season, then you're not going to want to give a lot of time to move out. So another thing to consider is the lender requirements. If you are not buying cash and you're using a mortgage, the lender's not going to want a whole lot of time. 60 days is usually the max that they'll allow a seller to remain in the property. So it's just the, the most important thing is to realize this is an important part of the negotiation. You're going to want an agent that's in close contact with the seller's agent and wanting to understand at a deep level how important is it to that seller to have time after closing. Because you can get, you can get a reduced price, you can negotiate on other terms. What you're looking for as a negotiation expert, which I have that certification, by the way. But when you're— you want to be a highly effective negotiator, you want to look for opportunities that mean a lot to the other party and maybe don't mean that much to you, and vice versa. So if you know, for example, that it means a lot to the seller to have that extra time and You're buying this house and it's January when you're buying it and you're gonna use it as a weekly rental. Well, January and February are not highly desirable months. It could cost you very little to give a seller 60 days, but it might mean a ton to that seller. So there's a great negotiating opportunity for you to get something else that's important to you in return for something that's really insignificant to you as a buyer. So those are the kinds of opportunities that you're looking for when you're negotiating real estate deals. It's important that you have an agent that's an adept negotiator on your behalf who can look for those opportunities for you and leverage those opportunities to your advantage. So, um, so that, that's the most important thing. Get an agent who knows what they're doing, right? All right, thanks a lot, really appreciate it.
