Buyer Sleepovers, Good Idea or Not?

A buyer sleepover, before you buy a home?  Well the idea is beginning to crop up all over the country…

Buyer sleepover good idea or not

Some sellers are offering a buyer the opportunity of sleeping over, in their home, prior to a buyer purchasing the home.  This gives the buyer an opportunity to get a “feel” for the home, the area, and the ambience of the property.

But, is this a good idea? 

Is this putting the seller’s in a precarious position?

Or, you might say, what’s the big deal? 

Isn’t it just like taking a test drive in a car before you buy it?

It’s allowing the buyer to experience the positive aspects of the property, isn’t it?  But, how do you really do that when you’re sleeping? Shouldn’t it be done during the day, or over a weekend?

Buyer sleepovers

On the other hand, it’s also allowing the buyer to find out the negatives of the property before they purchase it, too…

Is it just like early occupancy?  The buyer takes possession of the property prior to the closing.  But, they move into the home, along with their possessions, before the closing.  Personally, I do not care for early occupancy arrangements.  Often times they can get quite sticky, if the buyer is unable to close or something turns up at the last minute, and the buyer chooses not to close. Then, the seller has to get the “buyer” back out of their house.

On the other hand is a buyer sleepover any different than a lease option?  The owner agrees to sell the home at a future date for a specified amount of money.  The tenant/future buyer lives in the house for an agreed upon period of time, often times a year and pays the owner rent.  Often, a portion of the money is applied as option money towards the purchase. At the end of the specified time period the option to buy is exercised, and the parties proceed to closing.

So, what do you think about buyer sleepovers, are they a good idea or not?

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