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The seller to the house we're buying wants to close as soon as possible, but there is no incentive to me and, actually, it would be a huge burden including financial. Is there any reason to do it? Can it be used to renegotiate price or something else?
You didn't indicate how much of a time acceleration you are talking about, BUT, most closings are driven by the time required by the bank and title company to get your mortgage approved and complete the paperwork (typically 30-45 days)....OR are you still in the negotiation (vs closing) stages?
In any case, inasmuch as you can control the closing date, this is a negotiable point and you can either decline or ask for whatever concession seems reasonable (is there some concession you would like to have from the seller?).
I already own. It wouldn't be a huge burden to own, but to close super early. We'll be selling or leasing out our current home and closing early means staging early in the midst of a retirement party I'm throwing along with my wife taking an exam. It's just too stressful.
So to bend over backwards to make the seller happy, what's in it for me? We'll also be losing valuable time for our current house to be on the market in the weeks prior to closing.
> Most contracts have a "Time is of the essence" clause in them. Which means if all parties are ready to close before the contract date, they should.
I don't think that is what is meant by that clause. I think it means that you are promising to close on time, not later.
> So to bend over backwards to make the seller happy, what's in it for me?
If you can accommodate the buyer, at least part way, your only benefit is giving the buyer minimum opportunity to change his mind or come up with objections.
Like others have said, go ahead and close early if they can make it up in other ways...maybe they lower the price or something similar.
This person isn't your friend. There is nothing personal, it's just business. If you don't want to close early, then don't. You have perfectly good reasons why you can't.
Are you saying there is already a contract with a date and they want to close earlier or you are still negotiating the date? If the first one I wouldn't close earlier if it would cost me any kind of significant money. If it is the second one I would want them to compensate me in the form of a reduced purchase price/help with closing costs.
The seller to the house we're buying wants to close as soon as possible, but there is no incentive to me and, actually, it would be a huge burden including financial. Is there any reason to do it? Can it be used to renegotiate price or something else?
If its already going to be inconvenient, then don't close earlier. Respectfully say that you wish you could accommodate it as you have made plans surrounding the current closing date. "Is there any reason to do it?" - yes, otherwise the seller wouldn't be asking you but they haven't shared insight to you. Besides it means you get keys earlier and can casually move in over a longer period.
You can certainly ask for something in return to change the closing, such as contributing towards closing costs as a credit/concession etc. I wouldn't suggest a 'simple price change' b/c more than likely it would trigger your whole loan file being sent 'back of the line' and underwritten all over again and you might then be facing a loan deadline, new closing date or whatever, which you can't meet and potentially jeopardizing earnest money .... and then its you sheepishly going back to the seller for a request where they could counter back 'monetarily' to you. Funny how karma can happen in RE. I had a transaction once where it escalated into a tit-for-tat mentality due to the initiation of 'what's in it for me' and both parties nearly lost in more ways than one as it nearly didn't close.
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