Orchestrating back to back real estate closings requires finesse and strategic planning. Although this process can feel complicated for you as the client, an experienced realtor like me can help guide you through this process. So that you understand what to expect, I put together a comprehensive guide to navigate this intricate process seamlessly. Take a look!
Lining Up Your Home Sale
Start early in the morning to ensure ample time for closing on your home sale before moving on the purchase of your new home. This early start allows for the necessary recording time with the county and ensures your funds reach your attorney in time for the new purchase. Keep in mind that most homeowners won’t permit early move-ins unless possession before closing has been agreed upon.
Time Management with Movers and Cleaners
Coordinate with your moving and cleaning teams to guarantee sufficient time for emptying the house you’re selling, facilitating a smooth walkthrough for your buyers. It’s important to acknowledge the potential stress of moving furniture on the same day—if you can, find accommodations for a night to alleviate tight deadlines.
Utilizing the Same Law Firm
Whenever possible, hire the same law firm for both transactions. This approach streamlines fund movement, reducing wait times between accounts, and contributing to a more efficient process.
Contingency Planning
While we hope that we can move forward with our desired plan, it’s wise to develop a contingency plan. Canceling movers, contractors, and other moving-related tasks can incur additional, avoidable costs. I would recommend allowing a “grace period” before moving in, when possible.
Avoid Wire Delays
Ensure that you have the wiring instructions before closing day to prevent delays from the your bank or lender. This proactive step ensures that your funds reach the intended destination with ample time to spare. You should also be aware of the rise in wire fraud during real estate closings. The best way to combat this is to be well-prepared, knowing who you should be communicating with.
Lender and Register of Deeds Pace
Lenders have varying funding requirements and document review processes. The register of deeds, representing the county, operates at its own pace. Between your lender and the register of deeds, the combination of your lender’s role and the register of deeds could be as quick as 5 minutes or as lengthy as 5 hours. This is part of why it’s important to have a contingency plan in place.
Recording Processes
Understand that utilizing proceeds from the sale of your home requires that first transaction to be on record with the register of deeds. While appointments completed on the same day don’t need to be in sequential order, recording the second transaction is contingent on the completion of the first transaction.
Navigating back-to-back real estate closings demands careful planning and a keen understanding of the processes involved. By following these guidelines, you can be prepared for a successful transaction. If you feel ready to find your next home, you can start by searching homes for sale in the Lake Norman area.
