Unless you’re a first-time home buyer, you’ll most likely have to deal with a situation where you’re selling your current home and closing on the purchase of your next home, at the same time. Meaning, the same day.
That can, and will, cause lots of stress.
Worst case scenario is when you are doing a simultaneous closing (selling your current place, and buying another place) and the sellers of your next home are also doing a simultaneous closing (selling their current place, and buying another place).
I encountered this, last time I bought. Surprising even myself, it went off without a hitch.
This is one very good reason why you should have experienced professionals around you, who have done this sort of thing, before.
A good lawyer. A good agent. A good mortgage broker.
It can also help to have a loved-one to rely on, to calm you down when you freak out. Alternatively, you can yell at your clergyman, or maybe complete strangers.
There are ways to minimize this stressful situation.
Here are some tips, for both buyers of properties where sellers are doing simultaneous closings, and for sellers, who are facing simultaneous closings.
Pretty much, keep calm, plan things out, and have a Plan B.
More: Secrets to simultaneous real estate closings – By Dana Dratch, Bankrate.com
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Updated: 1st Q 2018