Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Im not sure if this is the appropriate place to ask this question. If not please let me know where to put it. Would like your help on the day of the move. It looks like im going to have to close on my house and buy the new house on the same day. What is the best way to coordinate this with the movers. Do they have to sit in there truck for hours until I get to my new house? Also, do the people do there walk through after all your stuff is moved out or before? Thanks for any suggestions you can give me. Mindy
I don't see how you can do it all on the same day.
And although I have seen both closings on one day, I have not seen both moves in one day. The house was usually empty several days before with either your belonging in storage or even on the truck overnight. Sometimes if the house is big the movers can't even pack it all in one day. And even if they manage to pack in one day you don't wont them to be so tired and get careless when they unpack. This might not be an issue if you don't have much and maybe come from a 2 BDR house. I don't know if they still do that but there are bridge loans for several days so that you can close on your new house before selling your old one (lenders might not do these type of loans anymore now). Also you probably want to clean your old and new house a little. And what do you do if something goes wrong at closing. Our closing was pushed back 3 days due to problems with the other side's lender (and that was last year before the mortgage crises) I know it complicated matters but it is better to have a couple of days in between.
Also closings with complex mortgage documents last at least 2-3 hours (in the northeast)
I wish you good luck!
One more solution- short term renting from the other side
I forgot this option: you stay in your house past closing and become renters for one or two weeks (or less) and pay a partial rent based on the mortgage amount. This is not ideal either and can complicate things a little but is a solution to work out your logistics. Your lawyer can include the documents for it, I forgot but there is even a legal name for this scenario.
We are closing on Thursday and doing a residential lease back from the buyers for 3 days. We're paying them $500 to allow us to stay in the house until Sunday at midnight. They picked a number plus a security deposit and we countered back at $500 (rent + security) which they accepted. If you do this option there is a residential lease back form (at least in TX) that you use.
Had we not done this then the options were to either have the house empty by closing time or have someone at the house supervising movers while at closing.
Every house we have sold we have had 2 or 3 days past closing to leave...this was in California so not sure how it is elsewhere,but that was written into the contract
the buyers went thorough the house a day or two before closing, so of course all our stuff was still there.
Most people don't attempt to close simultaneously and move on the same day. Sometimes simultaneous closings don't happen for one reason or another and then you are homeless.
Most sellers usually negotiate a 2-3 day period after closing in which to stay in the house, and pay rent for those days.
Out here we do final walk throughs prior to funding so most people are in the process of moving. Homes usually aren't vacant, but are in the process of becoming vacant.
Your contract should state when you get possession of your new home and have to give up possession of your old house. Out here it's 5:00 pm. If you can't get around the simultaneous closing, then I would try and negotiate a slightly earlier possession time frame for your new home. Most people can accommodate a few hours.
The problem with you staying in the house and renting from them is what about accidents. What if I fall while moving my stuff or the mover falls and the home insurance is under the new owners? Mindy
Im not sure if this is the appropriate place to ask this question. If not please let me know where to put it. Would like your help on the day of the move. It looks like im going to have to close on my house and buy the new house on the same day. What is the best way to coordinate this with the movers. Do they have to sit in there truck for hours until I get to my new house? Also, do the people do there walk through after all your stuff is moved out or before? Thanks for any suggestions you can give me. Mindy
You should work all this out with your agents. Pre and Post Possession is extremely risky, and should not be attempted without the proper paper work and legal advice.
People do it all the time on an informal basis, and sometimes it bites them in the pocket book.
I agree, the legal issue is extremely important. That's why you need a lawyer taking care of this. Also, your insurance sometimes covers these in between periods or can write up some extra coverage depending on what you would like to do.
Aren't you in MA? Here things are over-regulated when it comes to this kind of stuff anyway so I am sure your agent knows and your lawyer can help you with the legal process.
And if you do a lease back you and new buyers usually have two walk throughs, always with your agent of course.
Mindy, what does the contract say..the contracts on our homes always said 'possession at close of escrow + 3 days" or whatever...we were always lucky to have moving out/moving in pretty close together, but it's tough. You don't want to find yourself homeless for a few days...
I never worried about falling after close of escrow...someone's homeowners would take care of it...
Oh, I always tried to be OUT before they showed up with their stuff..Kind of uncomfortable for me..every home we have sold (except this one) had a lot of sentimental issues for me, and to see someone ELSE moving into MY house always bothered me. For that reason I don't drive past afterwards. Guess that is my issue, my husband thinks I am silly, but it's just hard to see other people in my house....even when I was glad to sell...
Man, I wish this place would sell...I would gladly drive by it...no sentimental issues here at all. have a good day and get packin' girl
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
One more solution- short term renting from the other side
