This is a new one for me! I have heard about this since before I got my license, because duh I had to learn about it. Knowing that it was an option was eye opening enough, I really didn’t think there was such a thing.
From what I was told, the closing is the biggest day of your life. It signifies a moment of growth, whether it’s just closing a chapter of your life or being a first-time home owner. It’s a big chunk of a change, and so many moving parts in the ONE transaction.
My clients have done a double deal. They are my sellers, and we found someone to purchase their house… in the meantime, they are ALSO my buyers, and we have found a home for them to move in to. Both of these houses close on the same day, so explain to me how it makes sense to have them live in a hotel or with family for 4 days… while they clean their house and get ready to collect their proceeds?
It doesn’t make sense to me. I understand why we have to, and want to, close on the same day, but the preparations and time-crunch were clearly taking a toll on my clients. We had spoke about an early occupancy agreement, and here is what that looks like…
My clients get to move their belongings into the house. Sometimes, a seller will say GARAGE ONLY, you cannot reside on the premises. Well, this particular house doesn’t have a garage, so they get to put it in the house. Also, these sellers (not my clients, remember…. in this particular scenario they are my buyer clients) are AWESOME to work with and have been super understanding.
They were cool with not only their belongings, but THEM, too. Once the loan got a NIFA approval stamp and underwriting was in progress, it was go time. I called the other agent and plead my case.
“You know what… you’re right.. we’re close enough. Go ahead and give them the keys and let me know when they have them so I can come get my sign and lockbox. Thank you for making this all so easy.”
All utilities had to be switched over to their name 6 days prior to our initial turn-on date, but these are SMALL hurdles in the grand scheme of things.
Some sellers will have the buyers pay a certain amount per day, while some just settle with a non-refundable earnest deposit. We did fill out a separate addendum that was for this agreement specifically.
Our time is SO close and they are so excited to legally own their new home… but for now, keys and a warm place to keep their things is good enough!