Washington DC/Baltimore

[bertsuth]

What does "Possession: Subject to Home Choice" entry on a listing on the Redfin website mean?  Thanks

[RubyTue]

That the sellers are looking for a  new home, but haven't found one yet.  So they want to close on a new home before handing over the keys so they only have to move once.  Means they might ask for a rent back after close if they can't get the closings to line up.  I wouldn't stress it too much, once you put in an offer, they will get busy finding a house b/c they won't want to rent back any longer than they have to.  Everyone prefers to have closings as close to simultaneous as possible.

Message Edited by RubyTue on 08-16-2009 08:25 AM

[bertsuth]

Thanks RubyTue!

[Dmoo]

I would suggest that you never accept this as a buyer.  If the seller wants to buy another house, why should they hold up your purchase?  They can move out and rent while searching.  Giving the seller that kind of power over your contract is a bad idea IMHO.  There's no telling what could go wrong on the seller's next purchase and you will be left holding the bag (renting to them/being stuck in your place, losing money on moving reservations, you having to live somewhere other then yoru house, etc). 

GL with your house hunt!

[RubyTue]

Never?  Wow.   So a seller can't buy a house without having their house sold, and you won't let them sell their house without knowing where they are going to move?  This is only comments in a listing, it doesn't give the seller free reign to stay there forever.  Everything is negotiable.  If they ask, what is wrong with giving them a reasonable rent-back?  Like any lease, it will have an end date and if somehting goes wrong with their closing, sure kick them out and make them rent.  But things will go much more smoothly if both sides are reasonable during the transaction. 

And I say this as someone who sold first, rented for 4 months, and then bought.

[Dmoo]

Hi Ruby,

I say "never" as with today's crazy appraisals and the possibly pickiness of buyers, not to mention the slack of some agents, you can easily get stuck owning a house that you won't live in for a year while you rent elsewhere.  Just too many "what ifs" for me.  Having a firm "you get out by this" date in the contract would be fine as long as the sellers actually follow it.  It would be difficult to remove them from the property if they didn't feel the need to do so, possibly damaging your house in spite like so many these days.

If a seller really wants a smooth (ie. reasonable) transaction, they will offer a free and clear contract, not one limited to their whims.   They should sell first and rent while looking.  We're doing the same as you did right now except we've been looking for two years.   I'm glad you found a place!

edited a confusing sentance

Message Edited by Dmoo on 08-18-2009 07:03 AM