Selling AND Buying a House? Schedule Closings Carefully
When you are both buying a home and selling your existing home, you have a great opportunity to optimize the timing of the two closings to save money and minimize hassles associated with the transition.
As a general rule, try not have the dates overlap. For example, if your sale closes on the third of a given month you'd like your purchase to close on the fourth or later, meaning that you would not be paying for two homes at the same time.
If your possessions are going to be moved across the country, you might even consider having your closing coincide with the earliest possible date the truck might arrive.
Sometimes you can sell your home and rent it back from the new owners until your new home is ready. This might be useful if you are waiting for a new construction to be completed, saving you the unnecessary step of moving in and out of a rental.
If the dates will not line-up, consider closing on your sale first. You can always move your possessions and have them stay in storage until the next closing. Stay in a hotel or even better, take a vacation in between the closings.
This is all great in theory, but often the buyer or the seller might not accept your desired dates. Do your best. You’ll be happier if the timing works out nicely.