As someone who always aspired to be a BMOC, I totally appreciate those situations which make you feel like you are. And there’s nothing like the feeling of an avaricious seller who lays out their demands in a bidding war among hungry buyers. Certainly, the highest priority is price; you definitely want a good one.
But - as we have previously discussed in this (very) sacred forum - sellers (guided by ME and my team, of course) want competing buyers to sweeten the pot with an array of other juicy contractual terms, often demanding a post-closing possession period where they get to kick back, stay in the home, and stick to their daily routine while the measly buyer scrambles.
This is attractive to sellers because they get their money in the bank ASAP while maintaining the flexibility to either buy or move into their new home AFTER they close - the perfect way to minimize both inconvenience and uncertainty. And, for this privilege, they may pay rent back to their buyer- or often no rent at all.
And while this may make you feel like you’re the BMOC-of-the-BMOC-world, there are some not insignificant risks associated with this. Although the amount can be negotiated, most post-possession deals require the seller to deposit 2% of the sales price in an escrow at closing. These escrowed funds are held almost like a security deposit - and released to the seller only after written direction by both the buyer and the seller when the buyer finally takes possession.
The tricky part comes into play when the seller finally moves out and the buyers conduct the walk-through of their home - which, under normal circumstances, would occur just PRIOR to the closing. This can create an environment ripe for a dispute - if there are marks on the wall, scratches or planter stains on the floor, or anything else which may not have been readily observable.
And then 2% of the purchase price is at stake while everyone yells and screams at each other.
So, as alluring as it may be for a BMOC/seller to demand a post-closing possession, you may want to cool your jets, (just momentarily) descend from your throne, and make sure you understand the risks associated with it as well. Just saying…
Have a great weekend!
Best,
Brad
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