How long can we negotiate to stay in house after selling ???

Hi everyone, Maybe someone can help me with this question. We are planning on selling our house this year, but need to remain in NYC until the end of July. When should we put it up for sale? If it goes quickly, is there a time limit maximum that we can stay. We have kids, and don’t want to up-end them twice to rent before we move out of the country. . . Thanks!

gavolivia

in Real Estate - Sales 10 years and 3 months ago

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lewventry401 | 9 years and 5 months ago

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I really think this depends on who buys your house. If you’re lucky enough that nice people are buying from you and they don’t mind that you need a bit more time, then you don’t have to worry to much about home removals.

gogobkrealestate | 10 years and 2 months ago

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Hi, This is really an issue to consider in discussion with you real estate agent and your attorney, both of whom represent your best interest in the negotiation and transaction. If it’s in your best interest to leave on/after a certain date, then they can discuss with you how to approach this during both the marketing and the contract negotiation. Sellers have a lot of power right now, so requesting the closing date of your choice should be just fine. As an agent, I would warn against “post occupancy,” which is when the seller continues to live in the home after the closing. It is often just too messy for all parties and can spoil a deal. Since you want to move in the summer, you’re timed nicely. Contact a broker — I’m happy to help — and prepare the marketing materials for your home. The market is moving quickly, but it still often takes around 3 months to close (especially with financing), so listing in the next 2 months should get you the timeline you want. Hope this helps. Keep in touch if you life. Best wishes, Sam Gogolak BOND New York gogo@bondnewyork.com

gavolivia | 10 years and 3 months ago

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Thanks a lot everybody. That’s all very helpful information. I appreciate your time.

brokelin | 10 years and 3 months ago

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It is all about what you can negotiate, with the caveat that the buyer’s homeowners’ insurance plan may not cover a commercial rental hoe, which is what it would be if you rent it for long, so talk to a real estate agent about how long buyers are likely to let you rent your own place back for, based on insurance practices. There are different things you can do here. One is to get into contract and delay the closing. As stated, if your home is in demand, you will find buyers willing to do this. The second is to close and rent back from the new owners. This is done versus just closing later when the seller needs to get the proceeds from the house in order to purchase their next home. As stated above, this is usually done with the price of the buyer’s carrying costs as the seller’s rent. Which can be expensive, especially if you sell at a much higher price then you bought the place for. But be sure you deal with the insurance issues, in case anything happens while you are renting. So just delaying closing makes it cheaper to stay in your home, if you don’t need the money now. If you do need the money from the sale before you move out of the country, delay until school is out (if your kids are in school and that is the reason for not wanting to uproot them), then close around then, maybe renting for a short time, and if you don’t want to pay the high price to rent your house back for long, then move your furnishings out (either to storage or to start their journey to their next country) and temporarily rent a smaller place, either with some of your furnishings, or sublet a furnished place, for the part of the summer before you move.

fitch | 10 years and 3 months ago

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I was in contract on the house I purchased this year for (8) months because the seller wanted time. I wanted the house so I agreed to the terms and was stressed out for (8) months but it all worked out in the end.

mousta | 10 years and 3 months ago

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I also agree with resident2\. I stayed in my apt for 2 months after closing. It was all negotiated up front but I was ready to leave immediately if needed and the price was right. I paid all the cost of their mortgage and maintenance plus utilities until I left. A hefty sum was left in escrow for any damage. If they are reasonable and you leave the place in the condition you sold it in then you’ll be fine. But it wouldn’t hurt to document anything that might be construed as damage at closing time so you don’t get hit with it when leaving. If you have an in demand apartment, buyers will definitely be more willing to make a concession. I sold on my own and I was up front with anyone who showed real interest in the place.

NeoGrec | 10 years and 3 months ago

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Resident2’s advice is good. You can probably time this however you need. But frankly, in this market, if you want to put the house on the market early you should have the latitude to sign the contract and delay the closing until July. It’s a small risk but completely kosher so long as you state it upfront.

resident2 | 10 years and 3 months ago

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If you are only asking for a week or two after the closing, this is quite common, but you will normally leave money in escrow to insure that you move out on time and also that you pay a use & occupancy charge to cover the buyers (new owners) expenses. To put a house on the market with the upfront disclosure that you will not move out until the end of July will put many buyers off, if you put it on the market too early, especially if you want them to close so that you have the money in hand to move on. That said depending on where it is, condition and the price, many people will accept your terms, but will expect you to pay the “Use & Occupancy” based on their costs. Even if they are cash buyers, you will need to pay for the “use of their money as if it were a mortgage. All that said, if you have a hot commodity, that is in the right location, shows well and is priced right, the spring market is always the best time to put a house on the market. Any time from April 1st to May 1st should be a good time, to close in July. Keeping in mind that if you have the right Broker, etc your best offers will come in the first 30 days of being on the market. 60 – 90 days to be in contract is a reasonable expectation, if that is what is agreeable to both sides. A 45 day mortgage contingency.