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I am selling my apartment and buying a new one that is on the other side of town. The apartment I buy will be much less expensive then the one I am selling so I won’t have a mortgage. Here’s my problem/question. I can’t afford to buy the new place until I go to settlement on the old place which is when I will hand over the keys and move out. I can’t make settlement on the new place and move in until I can pay for it in full. Am I supposed to put my furniture in storage and live in a hotel for a week until the check from my buyer clears? How does that work? I asked my realtor about a possible bridge loan to pay for the new unit before settlement on the old one but she didn’t think that was an option. How do people do this when there is no mortgage involved?
Why would a check need to clear? When a buyer closes on a property, it's by a certified cashiers check or wired funds from their bank. There is no check to clear. You should be able to do a simultaneous close on the same day. It's done all the time in my market.
I haven't sold it yet so there is no agreement. I was just curious and worried when it happens.
Thank you FalconheadWest and JKgourmet. I guess I will go talk to my bank for confirmation.
Very imaginative screen names BTW.
Even if you do back to back closings you may still need to do maybe a 2 day lease back. You'll need time to get your stuff out and moved to the new place.
Discuss all your options with your agent on how to time your move and closing.
Even if you do back to back closings you may still need to do maybe a 2 day lease back. You'll need time to get your stuff out and moved to the new place.
Discuss all your options with your agent on how to time your move and closing.
Right.
One stumble, no matter whose fault or no one's fault, and at the last minute someone needs to become very adaptable.
Back to back closings work, but can also be pretty stressful, since there are more people involved who have to perform for it all to work out.
I haven't sold it yet so there is no agreement. I was just curious and worried when it happens.
Thank you FalconheadWest and JKgourmet. I guess I will go talk to my bank for confirmation.
Very imaginative screen names BTW.
Actually, Bryson, I think that the agent(s) that are helping you to buy and sell your home are the one's to discuss this with.
Good luck - this is a situation that happens ALL the time, not unusual at all. It will go far more smoothly than you think it will.
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