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Buying and Selling Homes

Have you ever heard of an owner NOT wanting to close for months?

7 years ago

last modified: 7 years ago

They want to sign contracts and "lease" the property to us but the closing and funding wouldn't happen until the end of their tax year.

What that means is that we couldn't do anything with the property until then, a big negative for us. AND, they countered at a higher price than we offered.

Is this as weird as it seems to me?

Featured Answer

rrah

7 years ago

Because you wrote the words, "end of their tax year" this indicates to me that the property is owned by some type of business. Businesses have reasons for disposing of properties and often try to minimize tax liabilities when they do so. My spouse is a small business owner and is very watchful of when he makes certain purchases or pays certain bills, etc. due to the tax ramifications.

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Comments (9)

jewelisfabulous
7 years ago
How much time are we talking about? And how much more do they want you to pay despite the inconvenience?
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kitasei
7 years ago
Even an individual tax payer could prefer to defer the capital gains. If you don't have to move before then, why don't you ask for a right of first refusal? That way you can keep looking while preserving your option to buy this property, but avoid the messiness of the lease. And messy it could be. You incur the expenses of moving and during that period the property deteriorates -- as all properties do! A storm fells some trees.. an appliance breaks down,.. who pays?
C Marlin
7 years ago
I bought a house where the seller didn't want to close becasue he wanted to get the two tax exemption for his gains. He allowed us to move in without paying rent.. It worked out for us as we'd sold our house and needed to move in, paying no rent for several months was great for us. Out attorney said he was taking a bigger risk than us, what if we didn't close and refused to move until an eviction?
Just Jane
Original Author
7 years ago
How much time? 6 months. Yes, they need to get past a certain date not to incur higher taxes.

It's undeveloped, so nothing to deteriorate while waiting, just living in limbo in a rental with everything we own packed up for 6 months.

We haven't sold our house yet. Our area isn't as hot as most parts of the country, but we think our house should sell within a month.

Our plan was to buy the land and put in utilities and our 5th wheel trailer on it to live in while we had the house built. Now, none of that can be done for 6 months. We would have to find a short term rent house, and those are scarce here.
chispa
7 years ago
Why would you have to lease the land, since you can't do anything with it? The contract should be standard puchase contract, except that the closing date will be 6 months out.

There isn't anything weird about a seller countering at a higher price than you offered, except if you offered list price and they countered beyond that ... this can happen, but usually in a hot market with multiple offers.
elpaso1
7 years ago
Chispa...our tx contract only allows for up to a 90 day close. May depend on where the OP is.
greg_2015
7 years ago
last modified: 7 years ago
Why would you sell your house and pack up and rent while you're waiting for this sale to go through? Why not just stay in your current house until you get the new property?
weedyacres
7 years ago
last modified: 7 years ago
I agree: just push out the closing date. If your house sells before you close on the property, then you could move your trailer there until your purchase closes.

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