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Matthewkwiat…, Home Buyer in Buffalo, NY

Is it possible to negotiate a later occupancy date for a home after closing?

Asked by Matthewkwiatkowski, Buffalo, NY Mon Sep 24, 2012

We are currently renting (our apartment lease is up in 5 months..end of March) and looking to buy our first home. Trying to time things as close as possible to our lease ending and I've been told closing is 2-3 months. We've found multiple properties in our budget that fit our needs now. Can we act now or wait 60 days until normal closing window?

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5
Your agent can best advise, therefore ask him/her the question. Generally occupancy dates can be negotiated...
0 votes Thank Flag Link Mon Sep 24, 2012
Oh course the move in date is negotiable. I would start looking now, because sometimes it does take more than a few weeks to find the home you want to choose. Please don't forget you are still going to have to wait the normal 45ish days for bank loans to go through for closing. But, I have owned properties where I have had renters that needed a few months extra before a close date, I basically renegotiated the asking price to reflect their request of having to pay a mortgage for another 2 or 3 months and we went from there. But between now and then, lets get your eggs in a row...(1) talk to a mortgage company about what you can afford, (2) meet with a real estate agent to start examining properties and areas that fit your needs, (2a) start organizing all documents for mortgage so when you put an offer on the house you would like, the process is smooth, (3) offer, (4) negotiate; maybe...and then go through the final underwriting process...if you need help, I will be glad to assist, Century 21 Gold Standard, East Aurora, NY 315-243-7504, c21bond@gmail.com
0 votes Thank Flag Link Mon Sep 24, 2012
Matt:
if you have an agent representing you, you need to have them ask the seller. You will need a real estate attorney to handle the closing so you may want to ask the attorney as well. If you are going to get a mortgage, you should ask your mortgage rep. if it is allowed depending on the type of mortgage product you obtain.

I can appreciate agents from other parts of the country offering their opinions but, New Your State, especially Erie County do things differently. Talk to the right people I mentioned.
0 votes Thank Flag Link Mon Sep 24, 2012
Basically the general answer could be you can do anything you want, and you can ask in your offer for anything that is to YOUR advantage, the question is will the Seller accept it.....
You may make an offer with closing date in 4 months, the seller will come back not only negotiating
the sale price of the property, but come back with 2 months closing date for example, then what?

It all always depends on the Sellers situation, how solid your offer, how flexible the seller could be
may be it is convenient for the Seller, could be, but they may want the loan commitment letter ASAP,
and a more important earnest money amount....

You should be working with a Realtor, who will be your personal Buyers Agent and assist you in not
only finding but also writing an appropriate offer, that will be interesting enough to the sellers and
will work for you as well....

Do not do it on your own....
Read on if you want to find out why I suggest it


WORK WITH A REALTOR, YOUR PERSONAL BUYERS AGENT
I am wondering why you ask this question here at Trulia, if you are an interested and determined
buyer, you definitely should connect with a local Realtor, a buyers Agent, ie a Realtor who will be on
your side, protecting your interests, finding the right property, arrange showings, answer all your
questions, help you right a good offer, get you also pre-approved for a loan, and negotiate on your behalf the very best sale price and terms and if you commit to one trusted Realtor, he or she will commit 100 % to you and his or her services if you make an offer on a property listed by a Realtor/Brokerage in the multiple listing service will be FREE to you, as Buyers Agents are usually
paid by the seller's side, out of the sellers proceeds at the closing table...

Why would you want to do this on your own, when there are so many details to be taken care of the
right way and so many details need to be paid attention to, inspection appraisals, loan commitment, walk thru etc. etc. in order to bring an offer to a fully executed contract and that to successful closing and home purchase.

Give it a second thought and hopefully you will decide to work with a trusted Realtor, who is experienced in your areas of interest. Please commit to only ONE Realtor!! If you need recommendations get back to me I gladly forward you names..

Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE 
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Mon Sep 24, 2012
What you are asking for is called a delayed settlement date. This is where you place an offer but rather than closing ASAP you ask for a closing in the future sometime. You can do this, it is up to the seller if they will allow it or not. You take away some of your bargaining power when you do this since you will make the seller nervous as they will wait to close and something could happen - this is how the seller will view it. Don't plan on making a low offer and also asking for a 90-120 day closing, the seller will not be happy with that and probably will reject it. I can tell you closing and having a month in the rental left is a nice thing and worth the money because you have a whole month to move out and in the new house and you have time to paint and do anything else before you move it. Closing and having to move that weekend is a nightmare. The only down side is if rates change and go up while waiting to close, but that seems unlikely these days.
0 votes Thank Flag Link Mon Sep 24, 2012
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