When I came west from Michigan twenty three years ago, I was shocked to learn that possession in Nevada and perhaps most of the West is excepted to pass on the day of closing. In my experience I knew closings get held up and sometimes blow-up! I found the idea both un-civilized and a grave violation of my view of the listing agents fiduciary to the seller. The only thing worse is possession before closing.
Many, if not most, sellers can't afford temporary housing until their home closes, let alone move out then have the sale fall through. Temporary housing while waiting for another buyer, an unthinkable/unaffordable horror!
I finance homes, I do not sell them so I had to set quietly and keep my mouth shut. My students selling their homes always negotiate a week to 30 days after closing for the change of possession.
I can hear the up roar! Yes, I know all the problems that delayed possession can cause, but before you holler let me remind you who pays your commission and where you fiduciary lies.
Before you think I'm just nostalgic for a distance place and time, let me tell you I'm not. When I left the Midwest, closing were done with all the parties in one room at the same time! That was sometimes the reason for much of the fall out. If I ever decided to write horror stories instead of real estate and mortgage books, I'll use those stories.
Just for the record. When Brenda and I sold our condo nearly two years ago, we negotiated 10 days possession after closing and a non-refundable $10,000.00 deposit released to the sellers in 8 days (so the buyer could get their appraisal and inspectors thru the condo) the buy agreed and paid.
The point is don't mistake local practice with law. Realtors® don't forget who you represent. Sellers ask for what you want, demand what you need! Buyers make your offer more attractive request some thing reasonable, demand only what you must have. Most importantly think about and solve the people problems! You'll close more sales and get more referrals.
Bill
William J Archambault Jr
The Real Estate Investment Institute
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