closing day Archives - Living Room Realty

When Can I Move In? Understanding Possession Dates in Real Estate

Posted on September 12, 2024September 11, 2024 by Will Sing

One of the most common questions buyers ask is, “When can I move in?” The answer depends on the possession date in your real estate contract. This date determines when you officially take ownership of your new home and can start moving in. Let’s explore three main scenarios for possession dates, helping you understand what to expect and how to plan your move.

1. Possession on the Closing Date

The most straightforward scenario is when your possession date matches the closing date. On this day, you sign all necessary documents, and the property becomes yours. Once your name registers with the title, you officially own the home and can start moving in immediately. This scenario is ideal for many buyers because it allows you to move in as soon as the deal closes.

2. Possession After the Closing Date

Sometimes, sellers need extra time in the property after the sale is finalized. In these cases, the possession date will be set for a few days or weeks after the closing date. For example, if your closing date is January 15th, you might agree to give the sellers two more weeks to move out. During this period, you own the property, but the sellers remain in the home, often paying you rent until they leave. This arrangement, known as a “rent-back” agreement, is common when sellers need more time to relocate.

3. Early Occupancy Before Closing

A less common scenario involves moving into the property before the closing date. While convenient, this option comes with risks. If the transaction falls through, you may have to move out before the deal completes, causing major inconvenience. Additionally, you will likely need to pay rent to the seller for the time spent in the home before closing. Early occupancy is typically reserved for special circumstances and requires careful consideration.

Planning Your Move-In Day

If your possession date is on the closing date, planning your move carefully is essential. Typically, you can expect to receive the keys to your new home by 3 PM, but it’s safer to aim for a 5 PM move-in. The exact time depends on when the title records. I will keep in close contact with the title company and update you promptly. If there’s a chance to get in earlier, I’ll notify you as soon as possible.

Have Questions? I’m Here to Help!

Understanding possession dates is crucial for a smooth transition into your new home. If you have any questions about buying a home or need more personalized advice, feel free to reach out to me. Connect with me on YouTube, Instagram, or Facebook.

For a more detailed consultation or to get started on your home buying journey, schedule a free strategy session here. You can also access my Free Buyer’s Guide to help you through every step of the process here.

How to Build a Closing Day Kit

Posted on June 13, 2024June 14, 2024 by Kelsey Burkett

By the time Closing Day finally comes, your brain is likely to be spinning with transaction details, packing and moving logistics and that stack of documents you just signed at the Title office. A helpful thing to add to your to-do list is preparing a simple “kit” that you can bring with you when you meet your Realtor to get keys to your newly minted home. Remember, there (should be) nothing left in the house at this point – not even a roll of toilet paper! So, if you’re planning on hanging out after you unlock that door for the first time as the homeowner, you’ll thank yourself for packing a few functional items.

The best part about the Closing Day Kit is that it’s filled with things you likely already have at your current home.

What you’ll need:

A basket, bin or similar. I used this acrylic bin; it’s a great size and you can use it for organizing after.
Trash bags. I like to use recycled Trader Joe’s grocery bags.
Dish towels and/or paper towels. It’s nice to have both; paper towels are great when you need to clean up a spilled drink or need a napkin.
Toilet paper. Pack one for each bathroom.
“Wine glasses” aka cups for toasting. I don’t love promoting plastic (you could of course use glass) but they stack and are compact. If you go with plastic, at least try to get recycled.
Wine opener or bottle opener
Sage for smudging. We grew and dried our own sage from our previous home, which was really special and surprisingly easy as long as you think ahead.
Candles + matches. Not only do they make your new home smell good, but a burning candle helps to create Hygge (Danish/Norwegian word that describes cozy comfort)
Bluetooth speaker for similar reasons. Music creates nice texture when entertaining and can help to establish memory milestones. Similar to when you hear a song and it triggers nostalgia.
Anyhting else that feels special that fits! For instance, a crystal, momentos, a photo, etc.

When we got the keys to our home, we invited our closest friends over for a toast and a hang. We met the neighbors, we gave tours and we toasted to a new season of life in our sweet, new home. It’s one of my favorite memories to-date.

Big thanks to my friend, Cressa, who made her own Closing Day Kit and shared it with me the day we met to deliver keys to her home.

The Long and the Short of It: A Quick Chat On Closing Timelines

Posted on June 1, 2023June 1, 2023 by Living Room Realty

Congrats to our buyer J for the successful close of his dream home, in his dream neighborhood, of Lake O!

Let’s have a quick chat about closing timelines: nowadays, its rare to encounter sellers wanting a longer close (than the typical 30 days). This case was a little different. The house was truly decorated like a museum, and they needed time to be able to move all of their worldly possessions out and patch the walls for the new owner.

More often than not, in competitive scenarios we’re seeing cash closes of two weeks, sometimes even three week closes on financed transactions – such short timelines for all that goes into such a big purchase!

Occasionally, a seller prefers either a longer close, or “rent back” period (when the home closes on a typical timeline but then the seller “rents” the home back from the new owner).

In general, it is most advantageous for buyers to be amenable to the timeline of the sellers when writing offers, whether or not there’s competition: if it’s not a match, the seller will either reject the offer or accept with a sour taste in their mouth going into the transaction.

In this case, the seller didn’t mind waiting for the funds (or didn’t need the funds to be able to move forward with their next home purchase) and didn’t want to deal with the nuances of a “rent back”, so we adjusted to a longer close. It allowed for a comfortable inspection period and a cushy timeline for back and forth communications – what a change of pace in this crazy market! It was also just the concession needed to get our offer accepted $50k UNDER list price !!

Thankfully, buyers don’t get any cooler (or more reasonable) than J, who was uber flexible on timelines and understood what it would take to make his homeownership goals a reality.

Don’t hesitate to reach out if you’d like to discuss more in depth how closing timelines can help to inform your offer-writing strategy as a buyer.

Adventures in Real Estating: Selling During Covid

Posted on May 21, 2020May 21, 2020 by Living Room Realty

This dreamy South Tabor farmhouse of infinite possibilities just sold in the midst of covid panic at $52k over asking with 7 offers in just 3 days. Many congratulations to my client — all his hard work getting this gem ready for market paid off big time!

Before covid began, we met to discuss how he could best prep his home for the market. I always recommend scheduling a consult and walk through with your REALTOR® before embarking on home projects. This can save you lots of time and money, as we are able to identify which changes will have the greatest impact on your sale in the current market. In this case, most of the work was focused on the exterior, but inside, fresh white paint and top notch staging brought the house to life in a whole new way!

Here is the living, dining area and kitchen before…

And after!!

It was as if the whole house sprang to life! I remember walking through after it was painted and could practically feel the walls beaming and calling out for the next stewards of home.

One of the aspects I love most about this home is the SPACE! All kinds of spaces for all kinds of imaginable fun. Outside there is not only a nice sized grassy backyard + side yard perfect for garden beds, but also a hot-tub cabana, big locking bike shed and a carport with storage and workbench. Inside, the 3 bedroom/2 bath home also includes a den and office upstairs while the basement offers a finished bonus room, laundry area and unfinished space for storage or projects. But I think my FAVORITE space is the upstairs bathroom ~ clawfoot tub and Mt. Tabor views? Yes, please!!

My seller put a lot of love into creating a lush grassy backyard where an old blank deck lived before and added many sweet details and upgrades to the exterior to boost curb appeal and honor the 1910 vintage of the home.

When the time came to list, we had just hit the 1 month mark into this new covid reality and I offered my best advice on competitive pricing as things were still feeling a bit uncertain in the market of pandemic proportions. Covid protocol for all potential buyers meant current preapproval letters, masks, shoe covers and hand washing at the beginning and ending of each showing. No more than 3 people in the house at a time and 30 minute showings with 15 minute buffers. When the listing went live we had immediate interest and within 48 hours over 40 showings were scheduled. Three days later, my seller went pending with a solid offer that beat out 6 others at $52,000 over asking and stellar terms.

Throughout this transaction, both my seller and the agent on the other side were excellent communicators, easy to work with, and at the end of the day everyone wrapped up feeling really happy about the outcome. I am deeply grateful to my client for his ease in trusting my expertise and putting in the time and energy to give his house the best possible outcome in our market.

These are the stories that really light up my spirit: feeling the energy of a home brighten up with a little bit of love and elbow grease ~ the house that calls in its new owner like a match that was meant to be ~ clients’ joys of new beginnings ~ and navigating through unprecedented times with presence, awareness and clear communication. If you are curious about the market in these times, or are looking at buying or selling now or down the road, I am happy to chat over some socially distanced coffee or tea. Let’s connect!

Stay safe out there, be gentle with yourself, and take care of each other ~ we will get through this ❤️

Many Blessings,

Sarah

TRUSTING THE MAGIC!

Posted on February 1, 2020February 11, 2020 by Living Room Realty

Congratulations to my client on the sale of his sweet condo up in the SW Hills! We met last summer after I sold another unit in the complex, and given that there was a hefty special assessment in the works (which makes selling condos a little trickier than normal), he was impressed to see a successful sale go through. I could feel his trust from the get-go and the foundation for an excellent client-agent relationship was made.

We listed the condo in the summer but due to the slowing condo market, showings were sparse and eventually decided to pull it off the market and wait until the following Spring.

But in the meantime, Fall came around and with the shifting market, new energy for selling. We did a small price adjustment, updated the marketing and went back on the market just days before Thanksgiving. In just over two weeks my client’s condo was pending with three offers, all over asking! Just goes to show, really ANY time of year is a good time to sell — not just spring and summer. AND when the time is right, it’s RIGHT (even if it may not logically make sense.)

In that time just before Thanksgiving, I also found myself with a deep intuition to plan a long awaited trip (10 years in the making) to visit India for the first time in January 2020. I was very hesitant at first, as leaving the country with business in the works can be a little scary, but with the help of my fantastic colleague, Scott Shoji, I was able to turn over the transaction to him and prepare to leave knowing my client would be in great hands. While there was an exciting Christmas Eve “bump” in the road (Buyer #1 decided to back out with some first time homebuyer jitters), Buyer #2 was thrilled and we got the second round of transaction-action underway! On December 31st, as I began my journey towards India, I turned over my condo business to Scott and took a leap of faith knowing that everything was exactly as it should be — lots of trust that the path which had presented itself to me was the way I was meant to follow. While my logical brain was just a bit nervous, my heart knew everything was going to be just fine.

And in my absence, all was smooth sailing. No more bumps in the road, inpsections, appraisal and funding all came through with ease, and here we are, closing January 31st! Huge congrats to my seller on his new adventures taking him to home ownership in a new state. Thank you for your trust, optimism and excellent communication throughout the whole process ~ thank you to Scott for holding it down and being so easy and great to work with ~ and thank you to myself for listening and trusting the inner guidance that suggests seemingly crazy ideas, but are really part of the medicine and joy in this wild journey of LIFE!