What Is a Post Occupancy? Often, selling a home and moving into another one is a roller coaster of emotion. Most closings to not happen simultaneously. Anyone in the real estate world can tell you the demand for homes far exceeds the supply. Most buyers in the market want to occupy the new property directly after closing. Title companies and brokers do their best to accommodate sellers and buyers the best they can. Not everything goes according to plan in real estate. Imagine selling a home and and having to stay in a hotel for a month or more. This can become costly. This can not only be inconvenient, but also extremely stressful. Post occupancy agreements can be the solution to this problem.
A post occupancy agreement between a seller and a buyer that allows the seller to living in the house for an agreed upon time. It normally involves paying the buyer rent for the period of time the seller stays in the property. A post occupancy agreement can also involve holding money in escrow until the property is vacant. However, post occupancy agreements are set up like the latter to keep things simple.
Reasons For a Post Occupancy
- The seller is in the middle of renovations on the new home and need to stay in the property until they are finished.’
- The seller may need the proceeds from the sale of their current home to put the down payment down for their new home.
- The buyer may want to close the sale before the seller is ready to avoid losing a good interest rate.
- There is a home in a desirable area the buyer is worried about losing out on.
Today, Post occupancy agreement are becoming more common place in todays market. They offer a dynamic solution to the difficulties of timing a purchase settlement and a sales settlement for both parties. When it comes down to the transaction, buyers and sellers want it to go as smoothly as possible. With this aggressive market, time is the most important factor. Make sure to plan out the transition from one home to another carefully. Again, most transactions in this market are dependent upon another transaction happening. So if you are considering selling you house but need specific accommodations, consider Homeinc!
Have you considered utilizing a post occupancy? Have questions regarding a post occupancy? Give us a call! The team members at Homeinc are standing by waiting to help you put a plan in place. You can call us at 1-888-850-2636. Or, reach out to us on our website here. We are ready to help.