How Important is the Closing Date?
Whether you are buying or selling a home, there are a number of factors to consider when signing that offer. Of course, price weighs heavily on both sides of the offer, as well as clauses for things like financing, inclusions and inspections. But, what about the closing date? How important is it to both the buyers and sellers?
To the seller
When you list, you generally choose a closing date or period (30 days, 60 days), dependant on how long you need after sale to get out of the home. If you’ve already bought another house, it can definitely throw a wrench into the plans where you may need a specific date. Fortunately for sellers in this market, where they have the upper hand, you can pretty much ask for any closing date and get it. With many situations where there are multiple offers happening, you can modify the offer to ask for your specific closing date and then sell to the buyer who can give it to you. Gone are the days of selling your Collingwood property and accepting an offer with a closing date that causes them to have to put their home contents in storage and live in a hotel until they get their next house (or having to have two mortgages at once).
To the buyer
As a buyer, the closing date is also important to you. If you are selling another house, you may need a closing date that matches the one on your home sale so you can access your funds for the new home. If you are renting, you may have to give your landlord 60 days notice. If you are living in a situation (like in your parent’s home) where you simply have to say goodbye, you definitely have the most flexibility and power in this situation. As we discussed above, this is seller’s market and giving the seller exactly what they want is very important when making an offer. If you put in a good offer, but need a specific closing date that they don’t want to accommodate, they may take a lesser offer just to satisfy their closing date needs. As a buyer, your best bet is to be as flexible as possible when it comes to closing date. If you have to pay an extra month’s rent or move quicker than you’d hoped, this isn’t as big a deal as losing the house to another buyer.
Closing dates don’t have to be important, but if they are a big deal to the seller, this should be validated by the buyer. The more flexible you can be, the better chance you have at buying the perfect Collingwood real estate.