It would be great if you could hand your keys to the buyer at closing, close escrow on your next home, and get your new keys all at the same time. While it’s possible for closings to go that smoothly, you may need a contingency plan if delays occur to one transaction or the other.
Sometimes the buyer’s home doesn’t close on time, so they can’t close on your home as scheduled. Your builder may not have your home ready for move in by close of escrow. Or, you may sell your home before you’ve found another home to move into.
What can you do? Put a contingency into the contract that you rent back your home after closing for a few days or weeks. Or, ask your real estate professional to help you find a short-term furnished executive rental. There are also commercial executive suites that you can rent by the week or month.
Where will you store your furniture and belongings? Get a safe deposit box at your bank for your most precious valuables and papers. A climate-controlled storage facility can run hundreds of dollars per month, but they’re well worth it in terms of protection. Be sure to get storage insurance for floods, leaks and other water damage. Your moving company may also have short-term storage available.
What about bills? Pay them online or get a post office box.
With a contingency plan, you’ll be more relaxed and flexible. The important thing is not to let delays stop you from selling your home.