Coordinate Closing Dates
This one is a big one. If you coordinate the closing dates on the home you buy and the home you sell, then you won’t need bridge financing. This is the cheapest way of buying and selling at the same time. The dates need to be coordinated in such a way that the money from the home you Sell completes first, then goes towards the completion on the home you Buy, then the possession on the home you Buy with the possession on the home you Sell following directly after. This delicate little dance at land titles and with contract dates effectively leaves you with a home, and not sleeping in a hotel for a night.
Let’s do an example:
Completion Home you Sell – September 5
Completion Home you Buy – September 6
Possession home you Buy – September 7
Possession home you Sell – September 8
All of the Completion dates must happen on a business day, and the Possession dates a day apart gives you, as both the Seller and the Buyer, 24 hours to be able to move all possessions to your new home, clean your old home and get it ready for the new Buyer. It sounds like a lot, but it can be done, organization is the key.
If you are not using the same Realtor for both the Buying and the Selling process, then it would be a good idea to tell both Realtors these are the dates you are trying to achieve, prior to writing a contract. Most Realtors are not mind readers and only pay attention to the deals they are involved in.
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