In real estate, Realtors and home Sellers shy away from allowing the Buyer early occupancy, but we are headed to the closing table today with one transaction in which it worked really well. First of all, both the Seller and Buyer were dream clients and THAT may be the magic in the potion that’s needed.
Early occupancy is the condition in which buyers can occupy the property before the sale is completed.
My home Buyer was moving to Tulsa for a new job but needed funds from her income tax return for her down-payment and closing costs. The property she purchased was vacant as the Seller had already moved just thirty minutes away. Why live in a hotel for thirty days when the home you are purchasing is vacant?
There are several reasons that Realtors discourage early occupancy. First and foremost is that IF the Buyer’s financing falls through for any reason, it can be difficult to get them out of the property so the Seller can put her Tulsa home for sale back on the market. Another reason we discourage early occupancy of a Tulsa home for sale is that while living there, the Buyer may discover things they don’t like about the house or come up with a laundry list of additional items they want repaired.
In THIS instance, my Buyer was relocating to Tulsa for a well paying and highly visible job which we documented for the Seller. When asking the Tulsa home Seller to agree to early occupancy, we also provided copies of her filed tax return along with a pre-qualification letter from a reputable and LOCAL Lender. Most importantly, we wrote the Seller a letter including all the details of the family’s situation, why we were requesting early occupancy and provided documentation to support everything written.
Early Occupancy – a Success Story from Tulsa OK!
It could not have gone smoother. We completed inspections prior to moving in, the Seller repaired more items than requested, and today we are closing earlier than originally expected. So, after all the horror stories you hear about early occupancy, just know that we have a happy ending with one in Tulsa. I believe the reason that the early occupancy worked out well is because both Realtors worked well together and both the Seller and Buyer earnestly moved forward towards the successful closing of this transaction with professionalism, courtesy and respect.
We welcome Shelley and her family to Tulsa and we thank her Tulsa home Seller for believing in us!!