Updated almost 3 years ago on . Most recent reply
15 Day Close in this Buyer's Market?
Who here is closing on their or helping their clients close on their primary properties in 15 Days of LESS in this new buyer's market? I've noticed a trend towards longer escrows 21-30 days with the buyer pool shrinking but why?
This is an opportunity for buyers to get more of what they want and be comfortable with their purchase. For buyers this can be the difference between Negotiating a just Below List Offer Purchase and Negotiating the Below List Purchase WITH Receiving Seller Credits for Closing Costs and/or Temporary Buy Downs for example. There are too many different ways this can play out to the buyer's advantage to list.
15 Days to Close is a great way to soften the blow to an "Insulting" offer price and negotiating seller credits. You can even renegotiate on the back end of the escrow for you and your clients to get seller credits. This tactic at this time in the year can be the difference between just getting a deal done and getting a great Deal on a property.
You can always retract the 15 Day Close in the negotiating process and extend escrow if the sellers won't budge on the terms. Can't receive if you never ask. Put it all out there, this is the market for buyers to push their limits.
What are your thoughts?