Can I sell my home and buy the next one on the same day?

I have worked through purchases that depended on money from the sale of another home. The challenge was not getting everyone to circle the same date.

It was making sure the sale money would be available when the purchase needed it.

A shared closing date is a target. The order of events is the plan.

Start with the cash coming from the sale

The sale price is not the amount you take to the next closing. The existing mortgage, selling costs and other closing items come out first.

An estimate helps us plan. The purchase lender will also need the required final evidence of the sale and proceeds.

I want the team to be clear about what can be reviewed from estimates and what has to wait for final numbers.

Work backward from purchase funding

I would ask both escrow teams and the purchase lender:

1. What needs to happen before the sale can fund and record?
2. When will the net proceeds be confirmed?
3. How will the money reach the purchase closing?
4. What proof does the purchase lender need?
5. What are the review and transfer cutoff times?

Each answer should have a person responsible for the next step. That is more useful than hearing that everyone is aiming for Friday.

Have a plan if one step runs late

Signing documents does not always mean money has moved or keys are available.

Talk with your agents about possession, movers and what happens if a transfer or recording takes longer than expected. Do that before moving day.

Same-day closings may be possible. I would still build a backup plan around the step that could hold up the purchase.

The less you have to solve while a moving truck is waiting, the better.

This example is based on a real mortgage discussion with identifying information removed. Any numbers are illustrative and are not current loan terms or a commitment to lend. Loan programs, rates, property values and borrower qualification vary.

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