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Extended settlement and lease back options becoming increasingly popular

I’m sure you will have noticed that the property market has not slowed down - At all. We are having conversations with many owners who are wanting to sell and move house but are worried that if they do sell their home in the current market that they will be left struggling to try and secure a new home for themselves in a difficult property market for buyers and in a typical 30-day settlement period.

The thought of doing this is tough and I know all about that feeling, as this was the predicament myself and my family were in when we decided to sell up and move earlier this year.

The good news is that as a seller in a ‘sellers’ market’ you are in a fortunate position and are much more likely to be able to negotiate a more time-friendly settlement period for your own family or circumstances.

Buyers are in a situation where they just want to secure a property and at this time of year, they would prefer to do this before Christmas. Of course, many buyers have hopes that they can move in and enjoy their new home ready for Christmas, however, you may find that if the buyers can secure a property, even if they have to move in early next year, is the next best option. It means that they no longer have to trail through the real-estate websites scrolling for properties and going to open homes EVERY weekend in search of a property where they actually have a chance of buying.

This is great news for sellers right now. As a seller, you have an opportunity to sell your home for the absolute best price possible. Currently, there are an array of local and interstate homeowners and investors willing to pay a pretty penny for your home, but it also means that with strong negotiation in your favour. You get the price, and you will have more flexibility to dictate the terms, hopefully bagging you an extended settlement as well. Longer settlement periods and leaseback arrangements ranging from two weeks to six months as well as other creative clauses that were once limited to the top-end of the market have become more widespread.

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