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harry_fine

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My condo developer just sent me a notice, prior to that, there were interim occupancy dates but now I've been sent a firm occupancy date. I think that means that any further extension means I'm entitled to compensation but that's not my question.

So it's been extended from June to October as the firm date. What prevents the developer from telling me I have to move in in July because the unit is ready? In other words, what's a good strategy to time the sale of your current place in a situation like this.

Appreciate all comments.
 
My condo developer just sent me a notice, prior to that, there were interim occupancy dates but now I've been sent a firm occupancy date. I think that means that any further extension means I'm entitled to compensation but that's not my question.

So it's been extended from June to October as the firm date. What prevents the developer from telling me I have to move in in July because the unit is ready? In other words, what's a good strategy to time the sale of your current place in a situation like this.

Appreciate all comments.
Hi Harry,

That's a tough one.

There are a few strategies, but ultimately it depends on your current home. If in a higher price bracket ($2M+), it could take much longer to sell. I'd recommend discussing with a real estate agent and doing 3 forecasted scenarios - assuming average time on market for your building, taking into account your listing price, current market performance, average closing dates, etc.

To be on the safe side, I'd also look into potential storage solution and short-term rentals if your "firm" date moves (which is always a possibility).

I hope this helps!
 
Hi Harry,

That's a tough one.

There are a few strategies, but ultimately it depends on your current home. If in a higher price bracket ($2M+), it could take much longer to sell. I'd recommend discussing with a real estate agent and doing 3 forecasted scenarios - assuming average time on market for your building, taking into account your listing price, current market performance, average closing dates, etc.

To be on the safe side, I'd also look into potential storage solution and short-term rentals if your "firm" date moves (which is always a possibility).

I hope this helps!
That's what I did a few times. For my house I reserved a Airbnb for a month (you can negotiate a good deal) between spaces and had my stuff in storage.
 

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