Home Buying in 30344>Question Details

Eileen, Home Buyer in 10549

Can the seller close and buy on the same day?

Asked by Eileen, 10549 Thu Mar 7, 2013

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14
Eileen,
You bet! This is done on a regular basis.
HOWEVER...
(there's always a 'however')
this requires everyone to preform their tasks effectively, efficiently and on time.
Where the wheel typically comes of the wagon is the BANKS. Especially the 'too big to fail bank.
Too big to fail means to big to care that you have your furniture on a truck, the buyer has their furniture on a truck, everyone is 'homeless....and that's when 'Never Ever Bank of Clearwater Florida' decides...sorry, we change our mind. Many attorneys tend to be insensitive to schedules also.

This is why real estate consultants ask the probing questions they do. Someone needs to be overseeing the progress of all the wagons (seven) and all the wheels (100 per wagon). Any one of a nearly 700 wheels can leave you without a place to call your own.

Yes, it is done. When done successfully, rarely do the professionals involved get recognized for the competency, precision and professionalism required to overcome a myriad of hurdles others throw into the path. But, that's what we do..everyday. So owners can sell and buy on the same day.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us

Scotsdale Bluffs, Dunedin Home Tour
http://youtu.be/KTuVUxNDpOQ
1 vote Thank Flag Link Fri Mar 8, 2013
As I replied on your other post - yes, back to back closings can be done and I have done those several times.

The key is haveing the right team to coordinate every step of the transaction - agent, lender, and closing attorney who have done these.

Let me know if I can help.

Best,

Robert Whitfield
Broker/Owner
Professional Buyers Broker
New Home Construction Expert
ICC Code Certified Building Inspector
Advantage Realtors
678-585-9691
RobertWhitfield.com
TheHomeBuyersRep.com
Corporate Relocations | New Construction | Luxury & Investment Properties
0 votes Thank Flag Link Fri Mar 8, 2013
Yes, you can close on a property that you currently on then leave that closing and then go to the next closing and purchase that property. Otherwise, you would have to be able to qualify for two mortgages at the same time if the first property has not closed an sold yet.

That timing is critical and can be difficult to achieve in today's market.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Fri Mar 8, 2013
Not a good idea, too many things can go wrong. See Annette's answer below.

Dave Herren
Best Atlanta Properties
404-425-4945
0 votes Thank Flag Link Fri Mar 8, 2013
It is possible for a seller to close on the house they are selling and close on the house they are buying in the same day. However, I would not recommend it. There are things that could come up in the closing and delay the process.

Jeff Jackson
Prudential Georgia Realty Buckhead
jeff.jackson@prudentialgeorgia.com
404-909-1965
0 votes Thank Flag Link Fri Mar 8, 2013
best for the closing attorney to answer that - all depends on how/when the funds transfer
Web Reference: http://www.hmtatlanta.com
0 votes Thank Flag Link Fri Mar 8, 2013
Yes. But I would advise to buy the following day. What happens if there is a hiccup in the first closing. Give yourself some time between them you will be less stressed
0 votes Thank Flag Link Fri Mar 8, 2013
Yes, it's possible and I would suggest the same attorney for both closings. I do agree with Bill sometimes, it does not go smoothly and there can be delays.
0 votes Thank Flag Link Fri Mar 8, 2013
Yes, but you may want to try waiting a day or two. It may be less stressful for you if you close the first deal, get the funds in your pocket, relax, celebrate (safely) and then go the purchase the next day or two. Mortgage lending is not an exact science and sometimes things happen that hold up a loan (verification of employment, obtaining funds to close - wiring funds, closing department runs slow and the wire doesn't go out on time, appraisal issue last minute, insurance info incorrect on declaration page). Just make sure that the check is in your hand before you get the keys to the rental truck and before you move out. The worst thing is having to keep your things in storage while you reside in a motel for a few days. I don't mean to put a scare into you, but I'd rather you be prepared, than not.
0 votes Thank Flag Link Thu Mar 7, 2013
Should not be an issue- unless the second closing rquires wired funds to close. I have seen it happen- however the best scemerio would have the same attorny for both closings so they could indeed guarantee the money in their account.
Becky Loar, Realtor
(reference check on LinkedIN)
Hope that helps
0 votes Thank Flag Link Thu Mar 7, 2013
Not a problem. It is best to use the same attorney for both closings to make the transactions go more smoothly!
0 votes Thank Flag Link Thu Mar 7, 2013
Sure, It is done all the time. Usually it is arranged at the same attorney for both closings..
0 votes Thank Flag Link Thu Mar 7, 2013
Yes. To make it easier, you would want to use the same closing attorney.
0 votes Thank Flag Link Thu Mar 7, 2013
Depending on your personal financial situation, it is even possible to buy a new home before you close on your existing home.
0 votes Thank Flag Link Thu Mar 7, 2013
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