What does quick possession mean?

Adam
Home Buyer
Colorado

are there any negative aspects to a quick possession? Is it similar to a short sale?

Answers (5)
Best answer: Dave Janis
First to answer: Dave Janis
Brian Burke - K...
Broker
Greenwood Village, CO

It means the you can close quickly and move right in.

Mon Feb 23 2009, 17:30
Debbie Pallai
Agent
Denver, CO

In the Denver market, quick possession means the Seller is able to close and give possession to the home quickly...most often, the home is already vacant, so buyer can close very quickly and be in the house on the day of closing.

Mon Feb 23 2009, 17:13
Joetta Fort
Agent
Arvada, CO

It is often code for 'this house is vacant'. Buyers usually like to see the words, 'quick possession', but that's not what you want if you're looking for a long closing. It has nothing to do with short sales.

'Short sale' refers to a house which will not sell for as much as the owner owes on it. So the owner must present an offer to the bank, and ask them to release the house for sale (release the lien) even though the full debt won't be paid. This process takes several weeks, sometimes months, which can be very frustrating for a buyer who's ready to move. But if you need a longer time before closing, this could be your answer. Just remember - as far as time goes, there's nothing short about a short sale. What's 'short' is money.

Mon Feb 23 2009, 17:12
Daniel Herron
Agent
Littleton, CO

It means the seller is willing to close quickly. As in let you possess the home quickly.

Daniel Herron
Coldwell Banker Residential
720-323-9178 cell
daniel.herron@coloradohomes.com

check out my brand new website and blog at http://www.HerronsHomes.com

Mon Feb 23 2009, 17:04
Dave Janis
Broker
Boulder, CO
BEST ANSWER

It means that the seller can give you possession quickly. Sometimes a seller will want 60 days before possession so that they can find a new house after selling theirs. Quick possession means that they don't need this time and will give you quick closing (could happen as quickly as 15 days). Quick possession would be advantageous if you needed to be out of your house on a certain date.

Mon Feb 23 2009, 17:04

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