Dear
Pat,
My sister recently made an offer to buy a house
in South Minneapolis. She is supposed to close
January 26th but she can't move in until the
28th. Can this be right? I think she should be
able to move into her new house as soon as she
signs the papers, just like we did. What if the
sellers damage the house or leave a lot of junk?
---Big Sister
Dear Big Sister,
Your sisterly concern is admirable, but probably
unnecessary. Date of possession is typically
negotiated at the time of the offer, and is
usually determined by the date the sellers can
move into their next home. Sellers normally need
their proceeds to close on their next home, and
time-consuming tasks of moving, cleaning, and
last-minute repair often require extra time. For
example, a chain of 3 or 4 transactions can
close in one day, but this chain of buyers and
sellers certainly cannot move into each other's
houses on the same day. Thus it has become a
customary buyer courtesy to allow the sellers as
much as 2 days to move, depending on the
situation.
For many reasons, sellers
sometimes ask to stay in the home for a longer
period. In these cases, they typically sign a
rent-back agreement for a daily rental equal to
the buyers' daily mortgage cost, plus insurance
and utilities. A damage deposit can ease a
buyer's mind in these situations, especially if
the buyer feels the sellers are likely to leave
any unwanted junk behind. But buyers should use
common sense and discretion in these |
 |
 situations:
a damage deposit requirement can seem insulting
to sellers who have cared for their property for
years, and who may well pride themselves on
leaving the place "clean as a
whistle." I personally don't advise my
clients to insist on a damage deposit unless the
sellers seem to be obviously poor risks. Most of
the time it's not worth risking an otherwise
amicable buyer-seller relationship. I've seen
happy sellers offer to leave useful items for
new buyers, such as dehumidifiers, window air
conditioners, yard equipment and furniture.
Plus, many Realtors (myself included) will offer
to guarantee that junk and debris will be
removed, or pay to have it removed if the
sellers fail to perform.
So everything's probably all
right, Big Sister. Now, show her how to pack!
| Pat
Rosaves is a full-time real estate
professional living in the Seward -
Longfellow area. She has more than 24
years experience in helping people with
their real estate needs. Questions may be
sent to her at River Realty, 2543 38th
Avenue South, Mpls, MN 55406. Or call her
at 612-724-1314 or email her at
pat@riverrealty.net
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