Real Estate Layaway
It’s not just flat-panel TV’s and furniture that can be bought now, and paid for later.
So can residential real estate.
Sort of.
Unbeknownst to at least some Buyers, it’s customary for there to be a 6-8 week lag between consummating a deal, and closing (that is, paying for the house and getting possession).
The upshot: home Buyers can arguably get the best deal of the year in the waning days of December — when at least some Sellers are highly motivated and few other Buyers are active.
They can then wait until February or even March (if the Seller agrees) to close.
P.S.: December home buyers can defer most but not all purchase-related expenses.
The exceptions: housing inspectors typically expect to be paid when they perform the inspection; and the Buyer’s earnest money is due once the Purchase Agreement is fully signed.
