JANUARY 18, 2017 Volume 12 • Issue 3
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RESIDENTIAL • ACREAGE • FARM • COMMERCIAL • AREA DEVELOPMENT 515-233-3299 • 317 5th Street, Ames All REALTOR® ads within are REALTORS® licensed in the State of Iowa
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SEPTEMBER 7, 2016 Volume 11 • Issue 36
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• AREA DEVELOPMENT • FARM • COMMERCIAL RESIDENTIAL • ACREAGE 317 5th Street, Ames State of Iowa 515-233-3299 • ® licensed in the
RESIDENTIAL • ACREAGE • FARM • COMMERCIAL 515-233-3299 • AREA DEVELOPMENT • 317
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Page 6 • Story County Sun • Wednesday, January 18, 2017
DEAR MONTY
How to negotiate pre-closing occupancy
R
eader Question: We need advice convincing the seller to let us move in before the closing. The seller’s agent has advised against it. How can we change the seller’s mind? Monty’s Answer: The seller’s agent is concerned about their client blaming them if the sale fails to close. The seller is concerned about property damage and added expense. The seller is afraid this decision is going to cost them money. Ultimately,
RICHARD MONTGOMERY
assuming there is a no-contingency contract, the seller has nothing to gain and much to lose if you occupy and the closing fails.
Here’s an approach consider
to
First, project the costs of
an extra move. For example, assume these costs to move, the extra time and short term living amount to $6,000. The pitch is to incentivize the seller. “ Will you allow us to move in for $4,000? ” You just saved $2,000 and only move once if they accept. The seller picks up $4,000 they would not have received otherwise. You could also ask, “ What would you charge us to move in early? ” They may offer a lesser amount. It may be your landlord would charge even less.
Tidy up This arrangement must include a rental agreement. The rent price should be market value rent for similar properties, or you may offer to pay an extremely high rent and skip the cash offer. If the transaction does crater, include a pre-agreed move-out date that states a penalty if you miss the deadline. There should be a damage deposit and a Movein, Move-out report as a part of the rental agreement. Take photos of the condition of the house for proof, and all the
precautions a landlord normally takes to protect their property should be in place. Your attorney will have the proper language to include in the lease (make sure you have renter insurance). If the risks of a failed closing are small, this tactic may provide a solution. Your chances increase if the home is vacant. — Richard Montgomery gives no nonsense real estate to readers. Send him questions at DearMonty.com.
Story County Sun • Wednesday, January 18, 2017 • Page 7
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Story County Sun • Wednesday, January 18, 2017 • Page 9
Page 10 • Story County Sun • Wednesday, January 18, 2017
Story County Sun • Wednesday, January 18, 2017 • Page 11
Page 12 • Story County Sun • Wednesday, January 18, 2017
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JANUARY 11, 2017 Volume 12 • Issue 2
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