Negotiating Access: Post Offer Acceptance

I have just had an offer accepted... The first offer I have made since IP1... In the excitement of the moment I forgot to include a clause regarding early access (to have an open home).

I understand most vendors would not agree to early access (since they have nothing to gain and everything to lose). So I was hoping to offer them a trivia amount of money (no idea how much) as a fee for early access... So I can either A) hold an open home (a once or twice event) or B) Conduct a mini reno (just painting) C) Have a tenant move in or D) Mini reno with tenant moving in

The property is currently VACANT (interstate vendor) and I am happy to negotiate via the agent with the owner to see if we can work something out... I was just wondering.. What would this structure look like? Would I be leasing the property? Then perhaps subleasing? Or is there an access fee (NOT RENT) I can pay to access the property? Ideally, option B is preferred.... A paint job and an open home so tenant can move in the day after settlement.

Despite having a law degree, I have no idea about the legalities around thisif it is not RENT... If it is RENT.. Then obviously I have to pay a bond ect... Then Sublet (Option C and D) to the tenant when they move in OR adopting option B I could simply rent for the last two to three weeks pre settlement.. Show tenants the place whilst renovating?

The theory being it will help avoid vacancies and allow me to potentially work on the place without have approx $340 a week of liabilities. E.g. I would offer the vendor money/rent for their hassle but less than $340 a week (to be negotiated) and as a result saving me money.

I hope that made sense?

Worst case scenario.. I settle on the settlement date, spend a fortnight painting ect whilst continuing to advertising for a tenant to move in (having already advertised before hand).

P.S. I PROMISE not to get caught up in the moment next time and remember to include early access (for an open home) in the offer!!

 

Just ask if you can modify the contract to allow early access. Worst they can do is say no. In which case, try negotiating a payment for it. Its no skin off their nose since its vacant.

Also since its vacant you might as well throw in a request for early access to allow for any repairs and perhaps to allow you to improve anything too (*just dont go spending too much $$ in case for some reason it doesn't settle).
Note, I would not ask for a tenant to move in while it's not yours. But I would ask to be able to paint, advertise and hold opens.

 

The worst they can say is no however if I was the owner I would tell you no.

 

If I was the owner I would tell me know too!

My concern is... If I settle without having access.. No tenant is going to agree to move into a place without having inspected it first (I assume)... So might have a short term vacancy.. Which I can afford.. But it still bothers me because I was so silly!

 

Just because you put it in the contract is no guarantee the vendor would have signed with that condition attached. I wouldn't.
Marg

 

Hiya

It's not silly at all - just ask. I've asked post offer before and it was all good.

 

Certainly not a silly request - whilst it would have been ideal to have put it in during the negotiation stage, certainly worth asking the question. Maybe just say 'from the time the contract goes unconditional'? This will then still allow you a few weeks, but will give the vendor the confidence that you have satisfied all outstanding clauses and settlement will be happening. Hope this helps.

 

I recently requested pre-settlement access for essentially the same reasons but was knocked back by the vendors - as is their prerogative.

 

I am thinking of suggesting (once unconditional): I will settle two weeks earlier if you will let me hold an open home... Since it is vacant and they have been trying to sell for two months and I have been their only offer!

 

I got access to paint my PPOR pre settlement. The vendors only requirement was that I got property insurance first in case I burnt it down, trashed it etc and I had to fax the insurance certificate to their solicitor.

 

I'd still try simply asking first. If you were their only offer, the place is vacant and was on the market a long time, why not? They are probably simply estatic to see that they have you as a buyer after a painful sales process.

Ask now but ask to be able to do all that once it becomes unconditional. (And you can suggest the insurance as per comment from Leila if they immediately hesitate).

Ps. I think offering earlier settlement is risky, not to your benefit and you want that time to be able to do the painting etc. anyway. Longer settlement means you don't have to start paying the mortgage etc till later. And that's your aim.

 

We will be trying to negotiate early access today, for a contract that was accepted almost a fortnight ago and goes unconditional on Monday. We met with the selling agent last night to take some measurements / more photo's and were advised the vendor (elderly lady) is happy for us to keep any furnishings that we would like. We let him know that we were happy for her to take whatever furnishings/personal belongings she wanted, and that we would take care of the rest.

The agent said she will be very relieved to hear that as she has been worried at the thought of having to get rid of it all herself. It's only a tiny 2 bedroom house and she's obviously taken care of her belongings, so we're not concerned about removing/sorting through it ourselves.
We've asked for early access to allow us to begin once it goes unconditional and she has removed everything she wants, so it's a win-win for both parties. Just need to have our solicitor amend the contract.

 

I was permitted early access on my last purchase after signing contract. Vendor said "yeah go for it". I got permission to commence landscaping works and access garage to store my trailer and tools.

I had made an offer on another property prior to this one and they denied early access even when I offered full asking price and market rent before settlement. Property had been vacant for 6 months and was ex houso so I couldn't make it much worse. Wouldn't budge so I walked and it sat vacant for about another 4 months until it finally sold.

So I guess it all depends on the vendor. Good luck.

 

My friend just sold a place in Sydney (and made the move to Adelaide) but the purchaser dragged on the settlement for an additional 3 weeks. And apparently in that time squatter/s moved in and it was trashed! Anyway, it all turned out ok for my friend, but you could always suggest that with you looking after it, the chance of squatter/s is decreased... ?