Keeping possession after closing on the sale of a home is becoming more and more popular to me as time progresses. What I am talking about is when you have successfully listing and sold your home, you keep the right to stay in it beyond the closing date. You may not use those days in reality but having them as an option is sure a life changer when balancing that sale and the typical purchase of a new home.
Closing on the sale of your home and simultaneously closing on a new home is pretty risky, but surely not impossible. What I find is the pressure put on everyone from the Title Company, Agents and Homeowners is simply avoidable and harmful at times. Everyone wants to reach the same goal but each parties priorities takes over when you get down to the wire. The lender needs another day to complete the mortgage (I still find this absurd past 30 days), the title company has had a block of time reserved for your and staffed accordingly and all the Realtors are trying to get paid that commission they worked so hard for. But in the end, the homeowners are put in a position of angst and put in a holding pattern that they don’t understand and have no control over. What they want to do is unload the truck sitting out front and make themselves a new home. So here is my new strategy for timing a close and its not anything amazing or new to the industry, its just how I will attempt to lower the stress that comes along with this buying and selling process and how we share information.
Lenders-The lenders will be given a date of closing and provided all necessary documents from our clients to do their job. From there is the juggle.
Title Company-Title Company will be given a date of closing and provided all necessary documents from our clients to do their job.
Clients-All of my clients will be encouraged to make arraignments in the case that the Lender or Title Company are unable to fill this obligation. Whether it be keeping possession of the current home for a week beyond the closing or only closing based on a simultaneous close, the buyers and sellers must look out for their own interests. I would also encourage the use of one Title Co for both closes as they are able to coincide both projects more smoothly.
Closing the sale of a home can be a very big deal and the source of much frustration. But it doesn’t have to be rushed and an inconvenience to the people that matter. Hire a great Realtor and they will automatically suggest these things but be sure to remember that the buyers and sellers are the clients and everyone else has the ability to work towards the clients goals.