January 24, 2020 at 10:37 am EST | by Joseph Hudson
Winning offers – highest price or best terms?
rent back, gay news, Washington Blade

One thing I have learned over the years is that yes, the sales price matters to a seller of a home. Of course it matters. But sometimes there are other circumstances that matter also. For example, does the seller need to stay in the property for a while as they look for their new home or tie up some loose ends that just can’t be done within the usual 30-day time frame?

So do they need a longer closing period or a rent back? A rent back is where the property is sold to the new buyers, but then the new buyers “rent back” the home to the old owner while they get their belongings packed up and move, or need time to look for their new home. Does the seller need to sell that house as fast as they can so they want a 14-day close, and you need a lender that can wrap up all the details in a short period of time? Does the house need repairs but the seller doesn’t have the time or energy to do them so they would rather issue a credit to the next buyer so they can move on with their lives?

I once helped a couple buy a home but the sellers did NOT want to sell it to a developer, and the fact that my clients wanted to keep the home intact but just do normal renovations was the deciding factor in selling the home they had owned for decades that they did not want to see get chopped up by a developer.

Living in the D.C. area, we often have buyers and/or sellers who have to travel internationally for extended periods of time for work. Sometimes a seller wants to take advantage of selling their home at the “prime time” for selling it such as during the Spring Market, but they are not ready to move yet because at the same time as settlement they have a large work trip coming up and want to rent the home back for an extra month so they have time to finish their work priorities and then come back and start the moving out process.

Having a good Realtor at your side will help you find out the context for each home sale. Because as one of my old professors used to say, “Context is everything.”

Joseph Hudson is a Realtor with The Oakley Group at Compass. Reach him at 703-587-0597 or Joseph.hudson@compass.com.

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