Pt. 1-When Buying and selling a home at the same time, many “what ifs” may come to mind

1-What if I sell my house before I can buy a new one?

This is a great what if. Many homeowners in the market are looking to sell their home to either upgrade or downgrade. This may put a delay on someone selling their home because they believe they will not have a place to go, they would have to put their things in storage, money for the new house and extra cost of maybe renting. There is a way around this! You can sell your house and close on your next house simultaneously. If it is in a contract somewhere it can work.

Ex-Joe just got a contract on his house and the new buyers would like to close March 1st (30 days). Joe has not found the perfect house yet. The next week Joe found the perfect house, writes an offer and it gets accepted. His close date will be March 15th.

Now some would think that Joe would need to find a place to go for the week or two and put his items in storage. This could still be a possibility, but there are ways to make it work with Joe still in the house even if it is no longer his.

Joe could ask the new buyers for his house if he can stay in the house until March 16th, at the rate of 20-30 dollars a day after they close. Sometimes the perspective new owners will say yes, sometimes they say no.

When they no, sometimes its good to talk with the lender and title company to see if they could close around the same time. If it is close enough most places make it work!

If it was possible that Joe needed the money from selling his house for the new house, then he would have to stay with someone, rent a hotel, or something along those lines, unless he can change his close date to before the new buyers move in.