Dear Monty: We just lost the home we wanted. We have been looking for over a year, and finally, a house came up for sale where we want to live. We met with the seller and agreed on the price, but they wanted six months after closing to move out. Our lease was due, school was starting, and we could not wait that long. They found another buyer that had a home to sell first and sold to them. We don’t want that to happen again. What could we have done differently?
Monty’s Answer: The occupancy date is a significant reason negotiations can fail. There are times negotiations never commence. When the seller states that their circumstances are such that they need three or six months to move out, many prospective buyers will eliminate the property as a possibility. The buyer may react this way because their circumstances require occupancy at closing or soon after that. So, both buyer and seller have events that depend on occupancy that keep them from reaching an agreement. Ironically, both parties are seeking the same thing: a successful transaction.
