When the going gets tough, the tough get clever. In this soft property market, some vendors, buyers and agents have started thinking outside the box to get a sale over the line, driven by the fact that dollars are not the only thing that can be brought to the negotiating table.
One way buyers and sellers can seal the deal is through negotiating a flexible settlement period. In NSW the average settlement takes about 42 days, but anything from a week or two up to more than three months can often take place. A later settlement date can give both parties a lot of flexibility.
For many people selling their home, their biggest concern is where they’re going next. And for the buyer it could be the case that they need to sell for a variety of reasons, but they might not be ready to move immediately when they find the right house.
Although the negotiation of longer settlement periods is not a common practice, it is a valuable tool in a slow property market.