How to have a Successful Simultaneous Closing

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Lately, we find many of our transactions involve our clients upsizing or downsizing locally. This means a “Simultaneous Closing” resulting in the sale your current home and purchasing your new home on the same day. This also means moving out and moving into your new home on the same day as well.
Let’s face it. Packing up your life and moving is stressful, buying a home is stressful, selling your home is stressful… any one of these things by themselves can send your blood pressure soaring and when you look at doing all three things on the same day, the anxiety can be overwhelming.
There are a lot of moving pieces and we wanted to share what’s worked and what hasn’t, to increase the chance your experience will be the best it can be.
Keep in mind (and we know it’s hard) but you’re not the only person in the transaction. Presumably there is a buyer moving into your property and a seller moving out of your new home. They are all just as stressed out as you are, and everyone needs to be as flexible as possible while following the contract.
Patrick and I have developed a sure-fire system to make these transactions go smoothly. You need to spend a little extra money but at the same time can you put a price on your sanity?
Once we have the clear to close on your property you pre-sign your documents, schedule your movers, (have them come pack you up and hold the truck overnight at their facility) take yourself to a very nice hotel and relax. Don’t forget to pack any medication, change of clothes, basically anything you may need in the first 48 hours. (A good bottle of wine always helps)
In the morning, wake up go walk through your new place, head to the title company to sign your purchase paperwork and get your keys, then meet the movers at your new home. Typical cost for one night hotel and overnight storage is less than $400.00. (packing fees are additional)
Maybe you’re packing up and using a U-Haul. No problem. The same rules apply. Be out the day before, park the U-Haul in a safe location, stay with friends or family and move to your new place the next day.
If pets are a concern, board them either professionally or with friends/family. It’s less stressful for them as well. Go pick them up after the movers are gone and you’re in your new home.
Now alternately compare the above to packing up the day of closing. Your buyer is unable to walk through because you’re still in the house, your movers show up at noon, the buyer must come back and walk through when you’re out, (the house is a mess) and then you then head to the closing table. Only now it’s 3pm and the wire doesn’t go, so your movers have your stuff at your new home, but you can’t move in because the sellers didn’t get paid and won’t let you have the keys prior to a successful closing. Let’s add that it’s a Friday so you won’t close on your new home until Monday. Your buyers have moved in to your old place which did close. You can’t move in either direction, you’re yelling at your agent (who gave you better options), life is miserable, the truck has to sit over the weekend at the moving company and you’re in a hotel for three nights instead of one. Suddenly $400.00 or less looks great right?
The other thing we insist on is having the same title company for both transactions. It’s so much easier for everyone involved. Sometimes this involves some negotiating and addendums, we’ve even had escrow funds moved from the first title company to the second. We’ve never had anyone refuse to have everything under one roof once they understand the process.
Over the years we’ve seen enough of these deals to structure them in a way so that everyone has the best experience possible. The bottom line… a simultaneous closing doesn’t have to be a nightmare. With some planning, flexibility and great Agents you’ll be in your new home before you know it.

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