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Try a delayed closing as an option (lock up a seasonal deal early)

 

I wanted to share a sale I have pending with the hope it can inspire others to try the long closing rather than let buyers wait and see (or see other agents). In the ski resort business mud season is here and this past winters customers are thinking about the ocean. So how do you write a deal when the buyer's have no current motivation, this is how a maybe became a done deal for me. The buyer likes the place doesn't care to pay the cost of ownership for the next six months while he will have no use. The seller is considering short term rentals while he too, enjoys the summer in other parts of the country. In a meeting of the minds guided by the buyer's agent (me), we proposed to close on or before November 21st the weekend prior to Thanksgiving ( six and a half months away).We propose to put down a large down payment do the building inspection soon and have the right to a satisfactory walk through prior to closing. The buyer was concerned about the renters doing damage, while the seller has done rentals in the past without issues. So we agreed the seller would bare the burden of any minor repairs (after the initial building inspection report) but prior to the ownership change of title.

 This was not a difficult transaction but the unknown of loss of interest during the summer was resolved by writing a deal now with good faith money and other firm conditions that keep both parties solid till a delayed closing is completed. The buyer was only willing to pay (X) if closing was scheduled for MAY, the seller was not willing to take (X) under any condition.So we wrote a sale the seller is  to accept, he gets his number now as a known result and the buyer is locking up the location at a future dollar value, but being given a reprieve till the season he wants to start his ownership in begins.

If you have a fence sitter try this option it may surprise you, and a bird in hand is better than ten in flight. No doubt there are still many ifs that could cause this deal to crash but its on paper and signed and I find that people that make the commitment on paper will fufill thier obligations more times than not.

Steve Loynd profile photo           Steve Loynd, Alpine Lakes Real Estate Inc., Loon Mt, NH.: Real Estate Brokerage in Lincoln, NH " target="_blank"> 

                                                                                                                                                                              Your-White Mountain New Hampshire real Estate Expert

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17 commentsSteve Loynd • May 05 2008 04:11PM
Try a delayed closing as an option (lock up a seasonal deal early)
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I wanted to share a sale I have pending with the hope it can inspire others to try the long closing rather than let buyers wait and see (or see other agents). In the ski resort business mud season is here and this past winters customers are… more