Two Closings on One day: The Buy and the Sell
By Brian Madigan LL.B.
This is always a difficult situation, no matter what.
Late in the day, the buyers are paying double time and a half to have the movers unload their belongings before midnight.
This just doesn’t happen once, it’s a scenario repeated every Friday at the end of the month.
So, here’s what I recommend:
1) buy early,
2) close the deal a day or two ahead of your sale,
3) finance it through bridge financing,
4) hold your furniture in storage for one or two days, there’s a small cost to this, they just don’t unload the trailer,
5) move in unrelated to the actual sale of your own house,
6) sell your house,
7) take the money and pay off the bridge loan,
8) and note: the cost of the bridge loan and 2 day’s storage is likely less than the extra time charges for the movers to do everything on one day.
Brian Madigan LL.B., Broker is an author and commentator on real estate matters, if you are interested in residential or commercial properties in Mississauga, Toronto or the GTA, you may contact him through RE/MAX West Realty Inc., Brokerage 416-745-2300.
www.OntarioRealEstateSource.com
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