Here’s a question many sellers ask: can we move directly into a new home or do we need to get temporary housing and put our belongings in storage? The answer depends on your individual circumstances. A direct move can save you thousands of dollars in storage and hotel costs, and substantially reduce the stress of moving.
Let me explain how I can help you with back to back closings and extended possession.
What are Back to Back Closings?
With Back to Back Closings you sell your home first, so you can use the proceeds of the sale to buy your new home. Both transactions happen on the same day, ideally at the same title agency.
Although you transfer ownership on the same day, physically moving from one house to the next presents a challenge. That’s why we try to negotiate extended possession.
Extended Possession means you can stay in your home a little longer to finish packing and directly move into your new home without interim housing or storage.
Timing is Everything
When I manage both transactions for you, I always try to arrange for back to back closings and set possession dates, so you can directly move into your new home.
Here’s how we do it:
- Lender Pre-Approval First, you have to be pre-approved by your lender or have cash in the bank, so you are ready to make an offer. We need to know if you must sell before you can buy or if you can get financing without.
- New Home Search Next, we nail down exactly where you want to move to, look at a few listings, and evaluate how competitive the market is in that area.
- Prepare Your Home to Sell At the same time, we’ll get your current home ready to sell. Based on recent sales I will help you estimate how long it will be on the market and what improvements to make.
- List Your Home I will put your home on the market and attract as many buyers as possible with my 4 Day Marketing Blitz.
- Make Offers on a New Home As soon as we get a contract on your current home, we’ll write offers for a new home. I will try to get a home sale contingency accepted (if necessary), but this may be difficult if there are multiple offers.
- Sell Your Home I will negotiate extended possession with your buyer to give you sufficient time to move after closing. I managed to get up to 2 months for one of my sellers, which gave him plenty of time to find and close on a new condo.
The Agent Matters when You Sell and Buy
Managing the timing of back to back closings is not easy. It takes both experience and skill to negotiate these deals.
As YOUR Realtor I have your best interest in mind.
- You save money with extended possession as you don’t need storage, interim housing or hotels.
- Then you save time by not having to move twice.
- You avoid headaches as you can rely on my experience managing the transaction.
Call or text me at (614) 975-9650 to discuss the best timing for selling or buying in the second half of 2018.