What came first selling the home or buying the home?
It all depends on the situation.
Ideally, you do not want to depend upon the current property to sell before buying a new home. Not many sellers want to have a contingent on the sale of a home contract on their house. It limits the marketability of the house. What if the home of the buyer doesn’t sell? Then they have wasted time waiting on the buyer.
There are special cases where sellers are willing to have a home contingent on a house to sell. There are some builders in the area that would entertain the idea, especially considering how quickly homes are selling. There may be sellers who are willing to entertain the idea too.
Just remember, it will depend upon the situation the other party is facing. However, the best course of action is to list your home for sale, get it in contract, and then choose a house from a pool of homes (hopefully). Worst case scenario, you may need to live in temporary housing for a while.
Happy house hunting!
How Long from Contract to Closing?
I had my first TILA-RESPA Integrated Disclosures (TRID for short) closing last week. I survived.
- No horrible delays.
- No long drawn out 45 to 60 day closings.
- No real hiccup to shake the foundation of the Real Estate World.
So how long from Contract to Closing?
Well, really 35 days maximum if you have a good lender who has experience closing TRID loans. Otherwise, I cannot guarantee what it will be like. If you are closing with a house to sell, make sure that the lender can close the same day. There are some who will do it with no fees and others who will charge fees. You need a lender who has experience in TRID closings. It will make it so much easier on you, the consumer. If someone has not piloted the TRID program before or is going to charge you anything to have same day closings, you may need to find another lender to save you the hassle.
Thank you Ashley Siler from Guaranteed Rate for a fantastic and stress free closing for my clients! I’m glad TRID is not the big bad wolf that we were all making it out to be in October 2015!