Here's the story:
Last year, our sellers accepted an offer on their home that allowed a rent back period after settlement, making the moving process really convenient and flexible for our clients. Quick definition for those who are new here: a rent back period allows the sellers to stay in the home as "tenants" because the buyers take possession of the home after settlement. The sellers deliver a security deposit to the title company for the buyer to use if they find damage or malfunctions in the home that incurred during the rent back period.
Back to the story: The rent back period ends and our sellers move out of the home. Per the Virginia contract, the buyers then had 3 business days to complete a final walkthrough to ensure the home was broom clean and everything in working order. The 3 days came and went, proper notice was never sent. 2 days after that, the buyer's agent calls us and states the buyers wanted to take part of the deposit to repair move-out related scuffs and dings in the home. But unfortunately for those buyers, they missed that crucial deadline that would have given them that extra negotiation power. It may not seem like much, but it must be a disappointing way to end your home buying journey.
The lesson here?
Read your contract! Remember your deadlines! Talk to your agent!
Missing a deadline can lead to a cascade of issues (as we saw with those poor buyers), affecting everything from negotiation power to financial repercussions. It's like having a strong hand in a game of cards—only useful if you use it before the game ends.
So how can you avoid this?
Staying organized is key. Use a shared calendar with reminders for critical dates. Communicate regularly with your agent and all parties involved. Don't hesitate to ask for extensions if needed, but do so before the deadline, not after. Remember, it's better to be proactive than reactive in real estate.
Luckily, your friends with Jillian Hogan Homes stay on top of our game- for all and any transactions! Let us help you make a move in 2025!
Til' Next Time,
Jillian
Every month Jillian Keck Hogan shares local real estate insight, advice, and more. To learn more about Jillian and her team, visit jillianhoganhomes.com and follow her real estate group on Instagram @jillianhoganhomes. Equal Housing Opportunity.
