PHILADELPHIA (KYW Newsradio) — Selling a house with nowhere to go has become a popular real estate trend.
There's a low inventory of homes for sale in this seller's market. Many owners are getting at least their asking price or above, and the homes are going fast — perhaps too fast for some owners who haven't figured out their next move.
"So there is an easy solution to it," said Patricia Wise Strehle, of Keller Williams Real Estate in Newtown. "We negotiate a post-settlement possession period with the buyer."
She explained the addendum to the agreement of sale allows a seller to continue to live in the home after settlement.
"Some sellers are even staying in their home as much as a year after they make settlement," said Wise Strehle. "Most are staying in the home 30 to 90 days."
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This allows extra time for the seller to plan what comes next.
"One of the most common objections they have about moving on and selling their property and be able to get a high amount, is their fear that they will have nowhere to go after their house is sold," she said, adding there are pluses for buyers too.
"The buyer is happy because they have secured a property at a interest rate that is very attractive to them."