The House Searching / Buying/ Building Thread

[MWard]

Has anyone ever done 2 closings (closing on purchase of new home and closing on sale of current home) and moved in the same day? That is the scenario that is being presented to me right now, and it seems daunting. We would be moving in our current town so distance isn't a big issue, but thinking about how to manage everything makes my head want to explode.

It’s doable. Relatively simple, if the title company or attorney knows what they’re doing. In theory, you the seller should sign a few days in advance so you’re only making one drive that day.

Yes, that is what we did with our current house. It was a LONG day. First the buyers of our house needed to close on their house and that happened at 9am, then they closed with us on the house we sold them which happened around noon, and then at 2pm we closed on the house we were purchasing (and currently live in now). It was SO stressful, especially because it was summer so the AC was having condensation from us moving out the day before and when our buyers went that morning to do the final walk through they thought something was wrong with the AC and it held up everything until they could get an AC guy to come out.

By 5pm that evening the movers came with our stuff and got us moved into the new house. We moved out the night before and they held our stuff for us overnight and we stayed in a hotel for that evening.

Yours was more of a A to B to C. That was a long, loonnng day indeed.

 

[GolferGal]

It’s doable. Relatively simple, if the title company or attorney knows what they’re doing. In theory, you the seller should sign a few days in advance so you’re only making one drive that day.



Yours was more of a A to B to C. That was a long, loonnng day indeed.

Honestly, if it wasn't for our buyers freaking about the AC, it wouldn't have been a big deal at all. The big fear was that if we didn't close on that house, we couldn't close on this house, and the movers weren't going to hold our stuff another night, and that's when things would have gotten bad.

 

[MWard]

Honestly, if it wasn't for our buyers freaking about the AC, it wouldn't have been a big deal at all. The big fear was that if we didn't close on that house, we couldn't close on this house, and the movers weren't going to hold our stuff another night, and that's when things would have gotten bad.

If it wasn’t for the agent, yeah. She just needed to pump the brakes and maybe not make a mole hill into a mountain. All it takes is hey we’ve got someone coming out, we got this. That’s what escrow holdbacks are for. While not preferred (or in this case, needed) it’s not a major deal. Not like the place burned down.

 

[GolferGal]

If it wasn’t for the agent, yeah. She just needed to pump the brakes and maybe not make a mole hill into a mountain. All it takes is hey we’ve got someone coming out, we got this. That’s what escrow holdbacks are for. While not preferred (or in this case, needed) it’s not a major deal. Not like the place burned down.

That agent was the freaking worst!

 

[Greg Kulbick]

That agent was the freaking worst!

We got lucky, I met my agent because he was a customer of mine who happened to come by like two days after we were about ready top put it on the market, the buyer's agent was a previous coworker of mine and our mortgage person was the ex-sister-in-law of the wife's friend. Aside from the rush of packing the entire house the day before, the whole process was pretty much a breeze.

 

[arydolphin]

It’s doable. Relatively simple, if the title company or attorney knows what they’re doing. In theory, you the seller should sign a few days in advance so you’re only making one drive that day.

I think it's going to be doable, but the logistics stress me out. We are buying a new construction condo, so we don't have to worry about anyone having to vacate the space before moving in there. The issue in my head is that the closing right now is scheduled for noon, and the movers are paid by the hour, not based on how much stuff they are moving because it's a local move. So in other words, I don't want them just sitting around with our stuff in a truck if they come to our current condo and load everything into it in the morning, waiting for us to get done with the closing and then have the keys to get into our new place.

I will be so freaking happy when this process is done. Our closing is supposed to be on July 11 and I'm already exhausted by the entire thing.

 

[MWard]

I think it's going to be doable, but the logistics stress me out. We are buying a new construction condo, so we don't have to worry about anyone having to vacate the space before moving in there. The issue in my head is that the closing right now is scheduled for noon, and the movers are paid by the hour, not based on how much stuff they are moving because it's a local move. So in other words, I don't want them just sitting around with our stuff in a truck if they come to our current condo and load everything into it in the morning, waiting for us to get done with the closing and then have the keys to get into our new place.

I will be so freaking happy when this process is done. Our closing is supposed to be on July 11 and I'm already exhausted by the entire thing.

Typical closing takes 45-75 minutes, depending on how fast you sign and how much you want to read the documents you can’t change a single thing to. Based on a dual closing, yeah there’s gonna be some waiting of sorts since you can’t use proceeds of your buy without the sell fully closing. If both are at the same title company, different story. They can both happen at the same time and no issues.

If not, the movers will basically sit with your stuff for a bit. Unless you pod it, which may not be a horrible idea.

 

[Johnny mojo]

It’s official. We are building. WTH have I done?!

JM

 

[mikeg_74]

It’s official. We are building. WTH have I done?!

JM

Make room for me!

Congrats!!! (I think)

 

[Johnny mojo]

Always buddy. My back fence line is 80 yards. #countryliving #shortgamearea?

JM

 

[Quickstrike]

I really want to put our house up for sale but my wife wants to upgrade ours. The floor plan makes no sense and I'm not sure how much we can put into this place for it to make sense.

 

[ddec]

back under contract for a house. Waiting on mortgage stuff to go through. Been a bit crazy, but this will be a place that we can grow in to and do some tweaking to make it more our own. Majority of the big stuff is done which is nice and I already have a bunch of projects I am looking forward to learning how to do. All goes well, we should be closing in early August.

 

[Gyro25]

Good luck!

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[arydolphin]

I need my real estate pros to weigh in on this one. @wake @mward

As I've talked about on here, we are moving into a new condo soon. It's in a 4 unit building. One unit has been occupied for months, one unit other than ours is under agreement but hasn't closed yet, our unit is also under agreement, and the last unit is still on the market. The building is new construction, so clearly we're not waiting for someone to move out of the space before we move in. We had our offer accepted on May 16, signed the purchase and sale agreement on May 30. On the P&S, it clearly states the closing is July 11.

Over the past week, we've discussed with our attorney moving the closing up by a day or two in order to get the closing on the sale of our current condo done as early as possible. Today, we got this synopsis from our attorney: she talked to the seller's attorney, and they are not sure that they will have a certificate of occupancy for our condo by July 9 or July 11, so they want to push our closing back to July 18. I know that they are doing some external work (putting in outdoor storage units and extending some paving on the driveway for parking), but doesn't it seem a little fishy that they've had over a month to resolve this issue and they haven't done that?

It's not a huge issue for us to push our move back a week except that we were going to be on vacation 3 hours away from here during the week of July 15-19, so now we're going to have to cut that short to drive back here to do the closing and then the move on the following day. I'm annoyed with the entire thing.

 

[Wake]

I need my real estate pros to weigh in on this one. @wake @mward

As I've talked about on here, we are moving into a new condo soon. It's in a 4 unit building. One unit has been occupied for months, one unit other than ours is under agreement but hasn't closed yet, our unit is also under agreement, and the last unit is still on the market. The building is new construction, so clearly we're not waiting for someone to move out of the space before we move in. We had our offer accepted on May 16, signed the purchase and sale agreement on May 30. On the P&S, it clearly states the closing is July 11.

Over the past week, we've discussed with our attorney moving the closing up by a day or two in order to get the closing on the sale of our current condo done as early as possible. Today, we got this synopsis from our attorney: she talked to the seller's attorney, and they are not sure that they will have a certificate of occupancy for our condo by July 9 or July 11, so they want to push our closing back to July 18. I know that they are doing some external work (putting in outdoor storage units and extending some paving on the driveway for parking), but doesn't it seem a little fishy that they've had over a month to resolve this issue and they haven't done that?

It's not a huge issue for us to push our move back a week except that we were going to be on vacation 3 hours away from here during the week of July 15-19, so now we're going to have to cut that short to drive back here to do the closing and then the move on the following day. I'm annoyed with the entire thing.

It doesnt really sound fishy to me. The smaller builders, which it sounds like yours might be, can have a hard time getting sub contractors back out for small jobs, and then the building inspectors can be a pita as well. It definitely could be the builder causing the issue, or it could be semi out of their hands. It's hard to say. It doesn't make it any less frustrating.

 

[MWard]

I need my real estate pros to weigh in on this one. @wake @mward

As I've talked about on here, we are moving into a new condo soon. It's in a 4 unit building. One unit has been occupied for months, one unit other than ours is under agreement but hasn't closed yet, our unit is also under agreement, and the last unit is still on the market. The building is new construction, so clearly we're not waiting for someone to move out of the space before we move in. We had our offer accepted on May 16, signed the purchase and sale agreement on May 30. On the P&S, it clearly states the closing is July 11.

Over the past week, we've discussed with our attorney moving the closing up by a day or two in order to get the closing on the sale of our current condo done as early as possible. Today, we got this synopsis from our attorney: she talked to the seller's attorney, and they are not sure that they will have a certificate of occupancy for our condo by July 9 or July 11, so they want to push our closing back to July 18. I know that they are doing some external work (putting in outdoor storage units and extending some paving on the driveway for parking), but doesn't it seem a little fishy that they've had over a month to resolve this issue and they haven't done that?

It's not a huge issue for us to push our move back a week except that we were going to be on vacation 3 hours away from here during the week of July 15-19, so now we're going to have to cut that short to drive back here to do the closing and then the move on the following day. I'm annoyed with the entire thing.

Yeah that doesn’t sound all that fishy to me, not for a week. New construction, you can’t close without that CO so if things are delayed, or even if one thing just didn’t pass county inspection (which happens and is very common) it can slow things down a bit.

Nothing to panic over yet, just a pain in the butt.

 

[arydolphin]

Yeah that doesn’t sound all that fishy to me, not for a week. New construction, you can’t close without that CO so if things are delayed, or even if one thing just didn’t pass county inspection (which happens and is very common) it can slow things down a bit.

Nothing to panic over yet, just a pain in the butt.

I'm only thinking it was fishy because one of the other condos is already occupied. But if they need a separate CO for each condo, I guess that would make sense, although they aren't even doing any internal repairs.

It doesn't help that everyone on the seller's side (listing agent and attorneys) have been slow to respond to everything in this process. It's not exactly instilling much confidence in them.

 

[MWard]

I'm only thinking it was fishy because one of the other condos is already occupied. But if they need a separate CO for each condo, I guess that would make sense, although they aren't even doing any internal repairs.

It doesn't help that everyone on the seller's side (listing agent and attorneys) have been slow to respond to everything in this process. It's not exactly instilling much confidence in them.

Even though it’s the same building, every unit still needs a certificate of occupancy. Also, you said the key word there: attorney. Gotta rack up those billable hours man.

 

[Johnny mojo]

Things are getting real now.

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[wubears71]

Things are getting real now.

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Always a fun time seeing the foundation staked. I remember going through it about 15 months ago.


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[MoparMan]

Submitted an offer on a house last night. Super excited. I’ve been so stressed for the past 3 weeks looking at dozens of places, hoping this all works out!


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[Wake]

I'm only thinking it was fishy because one of the other condos is already occupied. But if they need a separate CO for each condo, I guess that would make sense, although they aren't even doing any internal repairs.

It doesn't help that everyone on the seller's side (listing agent and attorneys) have been slow to respond to everything in this process. It's not exactly instilling much confidence in them.

Unfortunately it's all par for the course with new construction. Delays and no answers can definitely be part of the process. Frustrating but it'll all be worth it in the end.

 

[Golf Ghost]

Unfortunately it's all par for the course with new construction. Delays and no answers can definitely be part of the process. Frustrating but it'll all be worth it in the end.

We had multiple with our townhouse as well. New build, extremely reputable builder. I guess the positive is that hopefully everything is being completed to the standard so new home warranty doesn’t have to be used and they end up constantly coming back. However, unlike Amol, we didn’t have to worry about timeline moving from one place to the new place so definitely understand the frustration.


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[ddec]

bank appraisal came through with no issues. Just another step down.

 

[campilobaxter]

Unfortunately it's all par for the course with new construction. Delays and no answers can definitely be part of the process. Frustrating but it'll all be worth it in the end.

That's exciting. Was your offer accepted?