How risky is this - closing on new house before closing on current house

[bumbershoot]

I guess I understand what you're saying, but to me it's a waste of money to use a mover when you can get friends together and do it in an afternoon...and save that $750

Not everyone has friends who can or will help move. Our main moving helper friend now has horrible back problems and won't be available for anything but his truck in the future. Such a shame because he's so strong.

 

[clutter]

it depends on your financial situation and the market where you live.

We closed on our new house one week before the old one on purpose. That way we moved slowly, and had time to paint. We had no problems.

However we are very fortunate that if we had to pay for both for a few months we would have been fine. Also, the market was very hot and we weren't too worried about selling the old house again if we had to.

Good luck!

I closed and moved before putting my old house on the market. It was a good market, and I sold in 21 days, closed in less than 90. But I knew that it would work financially at a worst case price, so I did it.

It just depends on whether you can swing it or not.

 

[Gigi22]

Another real-life horror story here, more of a near miss, really. My father unexpectedly died less than a week before his and my mother's house sale closed, with the closing on their new house set to occur in the afternoon of the same day. Fortunately, my just widowed mother was able to access enough money to close the real estate deals, and our lawyer was an old family friend, which I am sure helped.

 

[TheRustyScupper]

Don't do it !!!

 

[wallawallakids]

If you can financially afford both homes it is fine. If you can't then I most definitely would not do it. Any sale can fall through until that last minute. If having two homes isn't stressful to you then there is nothing to worry about. However, if you find that thought terrifying, which I assume is why you are asking about it, then I would change closing dates.

There was one week, not that long ago, when the mortgage rates inexplicably climbed and many sales fell through here in Maine because people hadn't locked in their rate and were suddenly priced out of their "new home". That alone would scare me to close on a new home before selling my old one. Good luck.

 

[josiegracesmom]

Don't do it! When we sold ours, the people tried to back out day before and tell us they wanted to give us waaaaay less. Luckily, I called their bluff. But when we bought our new house, we went through hades to get it. Even though we had extremely high credit, plenty of money to put down etc, our underwriter put us through the ringer. We were supposed to close January 31, and it was March 18 before we closed. Living at the beach, 6 hours from WDW, and lovin life now!

 

[TheRustyScupper]

1) OK, I will admit to a sneaky little ploy.
2) We have moved seven times due to job promotions and job changes.
3) Twice, we thought the seller was unreasonable during negotiations.
4) The seller would not budge enough.
5) So, AT THE CLOSING TABLE for we asked for reductions.
6) In both cases, we saved mega-bucks.
7) No seller wants to have the buyer back out at the last minute.
8) They are afraid it will take a long time to relist, show, and close the second time.
9) It is a great little tactic.

 

[cheer25mom]

I guess I understand what you're saying, but to me it's a waste of money to use a mover when you can get friends together and do it in an afternoon...and save that $750

This only works if you have enough able bodied friends. We definitely don't.

 

[disneymagicgirl]

I guess I understand what you're saying, but to me it's a waste of money to use a mover when you can get friends together and do it in an afternoon...and save that $750

There are many situations where that won't happen...people don't live near friends/family, physically unable to move items themselves, etc. For us, I agree with pp, we would be out a lot of money to move the stuff twice.

 

[pantherlj]

Thanks for all the input. We went to make an offer this afternoon on a home we really wanted and when our agent called the sellers agent she let us know that they verbally accepted an offer yesterday we went ahead and made an offer since there is no official contract but I am not even sure she will show them our offer based on how she was talking. Now the stress off being out of here in seven weeks with nothing lined up begins!

 

[mamasuf]

We closed on our old house a full month before closing on our new. The buyers allowed us to rent for a month. It all worked out great but it was a little weird to be "renting" your own house.

 

[4HppyCamprs]

I guess I understand what you're saying, but to me it's a waste of money to use a mover when you can get friends together and do it in an afternoon...and save that $750

True if your friends and family are available when you are. During our 20s we had lots of friend s available to move for pizza and beer and cheap furniture so it didn't matter much if something got knocked but with our 30s came better jobs, better furniture, conflicting schedules and a desire to move in a timely manner....

Sent from my iPhone using DISBoards

 

[Poohforyou]

I guess I understand what you're saying, but to me it's a waste of money to use a mover when you can get friends together and do it in an afternoon...and save that $750

Our friends and us are way past the age of helping each other move. That ended in our 20's.

Op, we closed on our current house 3 months before our old house sold. It was just how things worked. I wouldn't choose to contacting I had other option.

To the poster that short changed a few sellers at closing that a really cruddy thing to do. If I were the seller I would have left the table.

 

[Allison]

1) OK, I will admit to a sneaky little ploy.
2) We have moved seven times due to job promotions and job changes.
3) Twice, we thought the seller was unreasonable during negotiations.
4) The seller would not budge enough.
5) So, AT THE CLOSING TABLE for we asked for reductions.
6) In both cases, we saved mega-bucks.
7) No seller wants to have the buyer back out at the last minute.
8) They are afraid it will take a long time to relist, show, and close the second time.
9) It is a great little tactic.

The sellers would probably use a different phrase.

 

[Hisgirl]

When I married my husband 13 years ago, he had a fine home to sell.

The first buyer backed out at the last moment.

The next buyer didn't show up at closing. Like we were literally sitting there waiting to start and they never showed up.

If someone can't afford to own two homes, never close one without having the first one sold.

And to the fellow who showed up at the closing table expecting and asking for reductions. I would have smiled and said thank you but no thank you and we would have walked out. With your deposit. Just sayin...

 

[Lewisc]

Renting your home from the buyer for a few days is the normal way of handling the situation. Should that be impossible, maybe the buyer has a reason why they must move in immediately, try to find a mover who will let your stuff stay in the truck overnight. Rent a truck and hire people if you have to. Everything goes right your stuff goes into your new home the next day. Problem. Your stuff either goes into storage or back into your old home.

Hisgirl--Buyers who try to "renegotiate" at closing generally try to find open items at the final walk through. Assuming the items are sort of legit you might need to reduce your price, correct the items immediately, have your attorney hold funds in escrow or cancel the sale and maybe have to return the deposit.

 

[a1tinkfans]

Really??? Negotiate at closing? All the contracts I have seen allow the seller to WAlk and the buyer at that point Loses The Deposit for reneging... And rightly so. I know wed walk. That's not a tactic it's unrealistic, borders on Unethical( if its not a legit reason) and imho pathetic...If by chance there was an issue at walk thru, prompt notification is typical before the closing. Nothing I'd be boasting about....nor would any atty worth their credentials condone that.

Regardless, stuff happens and unless you can pay costs for Both homes op I'd avoid that scenario. Best of luck!

 

[beavismom]

It looks like your situation has changed a bit anyway, but I would ask to rent back for a couple of days or use a company like Door to Door moving to move. They drop off the crates, you load them, and then they pick them up and either move or store them. When you are ready for them, they drop them at the destination. That is how we managed our move a few years ago that required us to be in hotels for 6 weeks.

 

[si-am]

I wouldn't do it either. Definitely too risky. When we closed on our current house, our sellers asked if they could have two more days in it until they were able to move. They offered to pay us "rent" for the time, and it was written into our paperwork somehow.

Maybe this could be an option for you?

 

[lost*in*cyberspace]

The sellers would probably use a different phrase.

I would have walked away from the table, if I'd been the seller.