Home Buyers Sleepover Party
| Jul 15th, 2008 | By RT Staff | Category: Featured Articles |
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Today in most markets, home buyers have the upper hand over the sellers. That often means buyers have greater negotiating power when it comes to price or the chance to get out some extra perks from sellers.
With reality programs such as HGTV’s “Sleep On It” and TLC’s “Date My House” show home buyers spending a great amount of time in homes they are considering. Some buyers in the real world will ask a seller for even more, a request that will help get to know the home better. They will ask to sleep over.
It isn’t something being agreed to by large number of sellers, but it is a new promotional tool that some realtors are considering. Keller Williams Classic Realty in Orlando, FL is arranging for a prospective buyer to stay overnight in a downtown Orlando condo.
The condo is a good example because the prospective buyers are usually not from the area, and experiencing the downtown night life might lean them toward making an offer.
From the buyer’s perspective, there are other opportunities to spend more time in the home. Usually, buyers see the same property three to four times, even before an offer is submitted.
Sellers who are interested in having a buyer stay in their home overnight should also think about the possible consequences.
Drafting a short-term contract to give the home a test drive isn’t difficult. Most real estate attorneys can structure the transaction. The seller should also notify the insurance company about the sleepover.