Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
How should I respond to this?
Got this email today:
"What is the ideal possession for your home? My clients like it a lot but really don't need anything any time soon. They are just trying to decide if they should by this winter or wait until Spring."
We don't have to move but would like to and the sooner the better. Although waiting until May 2012 would be better than waiting until say August 2012.
What do you think?
Re: How should I respond to this?
"Spring" to me means March or April - maybe May.
I don't know what to tell you, though! If you're open to it, I would respond in a way to keep the conversation going. You're flexible on closing and could wait, but you need a more realistic picture of when and clearly, price will need to be discussed.
~Benjamin Franklin
DS dx with celiac disease 5/28/10
If you don't mind waiting, I'd say keep the discussion open. Be sure to get a signed contract now vs waiting until spring. I'd also ask them to have inspections done now so if there is anything wrong that would make them want to back out, they can figure that out right away. I guess the only thing that would really worry me is you waiting all that time and then having their finances fall through. So I guess I would make extra sure they have a solid pre-approval, decent downpayment, etc. Also, keep in mind, the housing market picks up in Feb/March so don't let them have a date much past that in case it falls through and you need to relist.
This is my interpretation of the email:
The buyers think your house is the best one on the market right now, but it's winter and the pickings are slim. They may fnd a better home if they wait until spring, but just in case they don't, they want to have your house as a back-up. If they go under contract now with a distant closing date, they can continue to look and back out if they find something better, or follow through with the closing if they don't.
I would keep the discussion going, but I wouldn't let them jerk you around either. You can respond by saying something like "We would like to close sooner rather than later, but are willing to wait until X date if certain conditions are met." Then just see what they have to say and be ready to lay out those conditions if asked. Personally, I would ask them to sign a contract with a first right of refusal clause (aka a kick-out clause) and make closing no later than March 1st. I would also ask for a higher, non-refundable deposit (if the norm is $1k, ask for $2k).
I will bet you $10 that these people don't want to sign anything yet. Don't get into this too deep or do anything that will affect your home being marketed to other more motivated parties.
DS1 born June 2008 | m/c at 9w March 2011 | DS2 born April 2012
They probably just want to have an idea of your time frame. If you have already found a new home to buy, and need someone who can settle ASAP they would probably write up an offer with a sooner date to secure the house. If you didnt care, needed time to find a home, etc they would wait it out a bit and write the settlement date for a later time period.
I personally don't like to let my clients accept an offer that is more than 60 days out.. too much can go wrong in that time period - buyers can't lock their rates, things change, etc. I would respond and say that "Depending on the offer, you can be flexible, however a sooner settlement date is preferable"
OK. They asked about possession, not closing.
I would tell them to bring it on. Do the contract, close. The house is theirs. Rent from them until the decided possession date when you move out and they move in.
Make a closing date for when you want to move, once its closed, its thier issue to rent it out or let it sit empty untill spring. Housing prices often go up in the spring which might be why they are looking now. Its not to your benefit to not close sooner, they might lose thier job between now and may and not meet closing because they cant get a morgage, If they want the house let them buy in within 60 days, if they want to take longer, then tell them you are not holding it for them and if someone beats them back to it, too bad, they can call you up when they are ready to buy and if the house is sill available great..
My Blog:Through My Eyes
I was thinking the same thing.