Glowing Reviews for Gavin
fiscally or, in a competitive market, allow the buyer to stand out as the best overall offer/party for the seller to work with. This agreement allows the seller extra time to pack, move their belongings, or even free up their next residence to be moved into, wherever that is. Another benefit for the seller is that they are able to access their proceeds from the sale to assist with paying for the costs of moving and whatever else they might like to tackle or even just feel more confident about packing and moving the place they call home. Many sellers who just want to get a head start will even list their homes before finding their next ones. When we go under contract, we can negotiate extra time after closing for the seller to occupy, giving the sellers a little cushion to find and secure their next home. I’ve had the pleasure of helping several of these proactive clients find the right home while their home is already under contract, allowing them to earn better terms on their purchase. For the buyer, besides potential additional compensation or winning in a multiple-offer scenario, this tool may allow them to earn a better price or even be an added convenience for them, say if they are unable to occupy the property immediately after closing due to relocation logistics or family/work etc. obligations. There are many ways rent-back agreements can help both parties reach an agreement. “Gavin continues to deliver excellent results for us. I am grateful he has been our Realtor for the last few homes we have purchased. He always pays attention to the details, has great communication, and thinks creatively to get the job done.” - Michael “Gavin did a wonderful job for us and was always available if we had a question for him. He even responded when he was on vacation! Customer service is so important, and we felt like we got that from Gavin. Wishing him all the best in life as he moves ahead with his Windermere Group! Thank you.” - Jeanne and Mike S.
A Smart Solution for Sellers? RENT-BACK AGREEMENTS One of, if not the most, underestimated negotiation points in a real estate contract is your closing and possession dates. Sometimes, I would even argue the closing and possession dates have a more weighted impact on the deal than the purchase price itself. You’ve likely heard at least a version or similar quote to Jim Rhon’s, “Time is more valuable than money. You can get more money, but you cannot get more time.” Of course, this doesn’t mean we ought to skip work on Monday and start off by meeting for Mimosas and see where that takes us; however, I do think this is something we need to be conscious of both on the buy and sell side of a real estate transaction, respectively. What are rent-back agreements? One way we can leverage the value of time over money is through rent-back agreements or what we call Seller Occupancy Post Closing. In this situation, buyer and seller agree prior to closing, usually at the time of contract, that the seller will occupy the property for a set period of time after closing as the then ‘tenant,’ and the buyer, who will then legally own the property at that time, will step into the role of lessor/landlord. As your Realtor, I help you negotiate the terms of this agreement to empower you to earn the best overall contract terms possible while also providing incentives for the other party through additional time or compensation. Also important to note as the buyer: If this rental agreement period is fewer than 90 days after the closing date, this agreement is exempt from the Residential Landlord-tenant Act, further protecting the buyer/landlord. What are the benefits? There are several potential benefits to a rent-back agreement for both buyers and sellers. This type of agreement is more often a huge added convenience for the seller, which in turn can compensate the buyer
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