Question of the week:

Can I close on my sale and purchase on the same day?

We’re hoping to buy a house using the money from the sale of our current one. Is it realistic to close both sales on the same day?

Alternatively, can we get a bridge loan for a week or so to close the purchase and allow that time to do the actual move? (That is, close the purchase house a week before sale of existing house.)

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Nick's Response

As my colleague mentioned, it’s possible to close on both properties on the same day, but it may be easier overall not to.

 

Ask your lender/mortgage brokers for a few alternatives well before you ever put an offer in on your next place or list your current place. What would you do if you had to carry both homes for a couple of days? A week? A month? Longer? Some of those scenarios won’t be ideal, but by knowing what options you have you’ll sleep better through the search process. Better to be prepared for them and not need them than to be unprepared.

 

As for what’s ideal, I generally recommend to clients to give yourself a week between closings with a weekend in the middle of that to do your big move. It’s long enough that you can go back and do the last little cleaning bits after the movers are done, but not so long that you’re spending money to carry two places for no reason. There are various ways to arrange the money to do this; consider the options and choose the best one for you.

 

Good luck on the move!

3 Ways to make your closing go smoothly

1

Professional Cleaners – If it’s in the budget (or if your Realtor loves you), hire cleaners to do a once-over at your place after the movers move you out and/or at your new place before you move in. Moving is already stressful and this is one job that’s worth giving to a professional.

2

Book movers well in advance – As soon as you know your closing dates, book your movers. At certain times of the year, the best ones book up, and there are a lot of shady movers in every marketplace ready to take your money. We recommend the services of a moving broker who can pair you with the right, reputable movers, like Lisa Robinson in Ottawa.

3

Leave a gift for the new owners – You know what’s no fun? Getting hassled by the new owners of your old home because of something nit-picky. In my experience, a gift basket and a note left behind for the new owners about the quirks of the home and neighbourhood goes a long way to creating a positive atmosphere and defusing the majority of little issues before they ever happen.

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