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I am under contract for my house where the buyers are closing on July 7th. Inspection has been done and the buyers do not want anything, appraisal was done a week ago and we haven't heard anything so I am assuming it went ok. I have requested my agent to follow up and see where the buyers are and make sure all is in place for the close. I am negotiating an offer for a house to close on July 10th and all signs point to the offer being accepted. Unfortunately I cannot close on the new house July 7th since my wife needs to be at the close and she is traveling on July 7th. We can sell our place on July 7th by giving my real estate agent the power of attorney.

We had the following questions where I could use help.
1. We have a lot of stuff. We are moving from a 3 bedroom to a 4 bedroom house. Since there is a 3 day difference, should we rent a pod, have them pick it up a few days before closing and drop it off once we close? I have a lot of the smaller stuff in storage already. We are moving 10 miles away so its not too far. Rent a hotel for a few days. We have family/friends but living with them creates a super long commute for both me and my wife.
2. Ask the buyer of my place if we can rent the current house from them for a week. That would give time for me to move everything over. My agent recommends against it saying buyers get picky over condition if they rent to you and can hold money.
3. Ask the seller if they would rent the place to us for a week before we close. Their agent says they are moving out at the end of June.
4. Any other options????
 

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You can always arrange to do a short term rental that terminates on closing day.  I have seen this setup before.

daw4888 (May. 24, 2017 @ 1:02p) |

You can get a mobile notary for the closing so your wife can do it on the 7th. Or you can get a power of attorney signed... (more)

gnopgnip (May. 24, 2017 @ 6:25p) |

Yes I did. We can afford 2 mortgages without dipping into savings.

DesiVibe (May. 31, 2017 @ 1:27p) |

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I think you have the options listed in reverse order of priority / best case for you. 3,2,1,?, profit

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bNeta86 said:   I think you have the options listed in reverse order of priority / best case for you. 3,2,1,?, profit
 

  Thanks for the red. I am not looking for profit here or anything, just trying to understand what would work best.

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Can't you move the sale closing to July 10 or 11?

You should be able to give your agent power of attorney to buy a house as easily as you can to sell a house.  

Any reason your wife has to be on the new home's title at all, let alone right away?  

Ask the sellers of the place you are buying if you can move some of your stuff in a few days early.  Stay at a friend's and suck up the "super long commute" for a couple days (it won't even affect your wife, since she'll be out of town, right?)

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Option #1.

If they are moving out the end of June, they are in the same situation that you are in. I wouldn't want to buy a home and not be able to get into immediately. My other concern would be if something broke while you were renting, they could come back and say that it happened before while you owned it and it could get complicated and ugly.

I have done the pod thing and it is great. They drop it off and you can load it up on your schedule or hire a few men to do it at once. Same thing with the unloading. Compare prices and lock one down now. Summer is the busy season for them and when I did it, I found that the pricing varied greatly between companies.

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Rent the biggest Penske truck you need and leave your stuff in it for a few days. Not sure how local rentals work but my 1-way rentals I had the truck for 10 days or so (probably based on pick up-drop of distance).

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You can't assume this early that you'll hit all the dates. Seems like the selling part is mostly done, or much further along - so has much less risk.

But buying a house - have you done inspection/appraisal etc? What if something comes up?  You need to prepare that the buying process breaks down somehow, and you still need to look for another house.   Basically prepare for worst case scenario - you sold your house, but don't have a new house lined up yet.

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Thanks for all the advice. Prozario: I know if my buy falls through, I will just rent for either an year or month to month depending on what I see coming in the market.

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Your wife should be able to give you a POA for buying the property so you can sign the loan documents on her behalf, that way she does not need to be present during the transaction.

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We are in a similar position this coming July, and are doing as you describe in option #1.  We are going in the reverse order though - we have a purchase contract on a house which is scheduled to close on July 17th, and are putting our current home on the market tomorrow.  Our plan is to squeeze the two transactions as close together as possible, but regardless of that, we're planning 2-3 weeks worth of renovations to be done on the new home before we move in.

We evaluated a couple of other options:  
1) Closing our current home after renovations are complete (July 17th plus 3 weeks; to allow us to stay in the house longer and move in one shot), while using a bridge loan to float the equity we plan on using for the new home's downpayment.
2) Renting either old house back from the new owner for several weeks

Ultimately we decided that a bridge loan was cost prohibitive since it carries many of the closing costs of a traditional mortgage.  And we decided that renting our home back from the new owner carried too many risks of disputes; as someone else mentioned, the buyer could easily claim that something was damaged after they purchased the house and attempt to hold us responsible; we'd much prefer to make a clean contractual break.

So we're planning a multi-step approach utilizing POD storage, and my brother's house as temporary shelter for us for a few weeks.  This plan allows us to minimize risk as well as cost (PODs are surprisingly cheap), maximize showing potential of our current house, utilize equity on current home for downpayment on new home, and account for the gap of time when renovations are in progress.  Actual dates are still in flux since there are numerous variables in play, but our approach is flexible enough to mitigate most fluctuations:

Step 0 (complete) - Finish option period on new house: inspections, re-negotiation, etc are all completed.  Buyer contract remains contingent on sale of current home.
Step 1 (in progress) - Using POD storage, declutter and stage current house for MLS listing.  We had POD #1 delivered last week and yesterday just finished loading it full of most of the junk and clutter from our house; leaving only staging furniture/decorations as well as the necessities for us to live until August.  POD #1 will be picked up today, and stored in climate-controlled POD storage.
Step 2 - Show and sell current house. In the event that this fails (due to lack of buyers or timeline risk), we still have the option to fully abort and only lose option/inspection and POD storage fees to date.  Once buyer's option period closes, move to step 3.
Step 3 - Schedule POD #2 for delivery (targeting 3-5 days prior to current home close date), and pack it upon arrival.  We will pack 3 weeks of necessities in suitcases, otherwise load everything else in the POD. POD will be picked up on the day of final buyer walkthroughs, prior to closing, and also stored in climate controlled POD storage.
Step 4 - Move into brother's house.  Wife and I will sleep on a guest bed, and kids on the floor and in portable crib.
Step 5 - Close on new house, and begin critical renovations.
Step 6 - When renovations are complete, have POD #2 delivered to new house.  Unpack POD #2, and move out of brother's house and into new house.  Have POD #2 removed, POD #1 delivered, and repeat.
Step 7 - Profit?

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thurst0509 said:   We are in a similar position this coming July, and are doing as you describe in option #1.  We are going in the reverse order though - we have a purchase contract on a house which is scheduled to close on July 17th, and are putting our current home on the market tomorrow.  Our plan is to squeeze the two transactions as close together as possible, but regardless of that, we're planning 2-3 weeks worth of renovations to be done on the new home before we move in.

We evaluated a couple of other options:  
1) Closing our current home after renovations are complete (July 17th plus 3 weeks; to allow us to stay in the house longer and move in one shot), while using a bridge loan to float the equity we plan on using for the new home's downpayment.
2) Renting either old house back from the new owner for several weeks

Ultimately we decided that a bridge loan was cost prohibitive since it carries many of the closing costs of a traditional mortgage.  And we decided that renting our home back from the new owner carried too many risks of disputes; as someone else mentioned, the buyer could easily claim that something was damaged after they purchased the house and attempt to hold us responsible; we'd much prefer to make a clean contractual break.

So we're planning a multi-step approach utilizing POD storage, and my brother's house as temporary shelter for us for a few weeks.  This plan allows us to minimize risk as well as cost (PODs are surprisingly cheap), maximize showing potential of our current house, utilize equity on current home for downpayment on new home, and account for the gap of time when renovations are in progress.  Actual dates are still in flux since there are numerous variables in play, but our approach is flexible enough to mitigate most fluctuations:

Step 0 (complete) - Finish option period on new house: inspections, re-negotiation, etc are all completed.  Buyer contract remains contingent on sale of current home.
Step 1 (in progress) - Declutter and stage current house for MLS listing.  We had POD #1 delivered last week and just finished yesterday loading it full of most of the junk and clutter from our house; leaving only staging furniture/decorations as well as the necessities for us to live until August.  POD #1 will be picked up today, and stored in climate-controlled POD storage.
Step 2 - Show and sell current house.
Step 3 - Pack POD #2.  Planning to have it delivered 3-5 days prior to current home close date.  We will pack 3 weeks of necessities in suitcases, otherwise load everything else in the POD. POD will be picked up on the day of final buyer walkthroughs, prior to closing, and also stored in climate controlled POD storage.
Step 4 - Move into brother's house.  Wife and I will sleep on a guest bed, and kids on the floor and in portable crib.
Step 5 - Close on new house, and begin critical renovations.
Step 6 - When renovations are complete, have POD #2 delivered to new house.  Unpack POD #2, and move out of brother's house and into new house.  Have POD #2 removed, POD #1 delivered, and repeat.
Step 7 - Profit?
 

  Not knowing your market - what will you do if your home doesn't sell quickly?

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Tiggerlgh said:   
thurst0509 said:   We are in a similar position this coming July, and are doing as you describe in option #1.  We are going in the reverse order though - we have a purchase contract on a house which is scheduled to close on July 17th, and are putting our current home on the market tomorrow.  Our plan is to squeeze the two transactions as close together as possible, but regardless of that, we're planning 2-3 weeks worth of renovations to be done on the new home before we move in.

We evaluated a couple of other options:  
1) Closing our current home after renovations are complete (July 17th plus 3 weeks; to allow us to stay in the house longer and move in one shot), while using a bridge loan to float the equity we plan on using for the new home's downpayment.
2) Renting either old house back from the new owner for several weeks

Ultimately we decided that a bridge loan was cost prohibitive since it carries many of the closing costs of a traditional mortgage.  And we decided that renting our home back from the new owner carried too many risks of disputes; as someone else mentioned, the buyer could easily claim that something was damaged after they purchased the house and attempt to hold us responsible; we'd much prefer to make a clean contractual break.

So we're planning a multi-step approach utilizing POD storage, and my brother's house as temporary shelter for us for a few weeks.  This plan allows us to minimize risk as well as cost (PODs are surprisingly cheap), maximize showing potential of our current house, utilize equity on current home for downpayment on new home, and account for the gap of time when renovations are in progress.  Actual dates are still in flux since there are numerous variables in play, but our approach is flexible enough to mitigate most fluctuations:

Step 0 (complete) - Finish option period on new house: inspections, re-negotiation, etc are all completed.  Buyer contract remains contingent on sale of current home.
Step 1 (in progress) - Declutter and stage current house for MLS listing.  We had POD #1 delivered last week and just finished yesterday loading it full of most of the junk and clutter from our house; leaving only staging furniture/decorations as well as the necessities for us to live until August.  POD #1 will be picked up today, and stored in climate-controlled POD storage.
Step 2 - Show and sell current house.
Step 3 - Pack POD #2.  Planning to have it delivered 3-5 days prior to current home close date.  We will pack 3 weeks of necessities in suitcases, otherwise load everything else in the POD. POD will be picked up on the day of final buyer walkthroughs, prior to closing, and also stored in climate controlled POD storage.
Step 4 - Move into brother's house.  Wife and I will sleep on a guest bed, and kids on the floor and in portable crib.
Step 5 - Close on new house, and begin critical renovations.
Step 6 - When renovations are complete, have POD #2 delivered to new house.  Unpack POD #2, and move out of brother's house and into new house.  Have POD #2 removed, POD #1 delivered, and repeat.
Step 7 - Profit?

  Not knowing your market - what will you do if your home doesn't sell quickly?

  
It should be a non-issue because our market (Dallas) and neighborhood is red-hot right now.  As long as we price right, we should have multiple offers above listing price in less than a week.  But just in case something unforeseen happens, our buyers' contract on new house is still contingent on sale of current house.

I was surprised that they allowed us to keep the contingency in such a hot market, but the seller is FSBO and frankly I think we have had the upper hand all along in negotiations due to having a broker on our side.  The seller would truly be screwed in a big way if we were unable to sell - they are moving out of state on July 17th.  But we would only be out our option/inspection and POD storage costs.

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It's not totally uncommon to ask to keep possession for a few days after closing. Assuming you are in a hot sellers market, you should be able to get a buyer to agree to this.

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rascott said:   Assuming you are in a hot sellers market, you should be able to get a buyer to agree to this.
  I thought every market was simultaneously "a hot seller's market" and "a hot buyer's market"?  At least that's what all the mailers from realtors say....
It matters more on the specific buyer.  If there's no contingency remaining, the " hot"-ness(?) of the market is irrelevant.  The seller has no right to back out of the contract.  OP would be asking for an amendment to the contract that the seller has no benefit from.  If buyer has dumb advice they may readily agree with favorable terms (to seller).  
If buyer is not a moron they will require terms that are favorable to themselves, as they should.  Buyer would be taking on risk of complications (and potential damage to the property, not to mention increased likelihood of the "seller" coming back and asking for more rent time if their purchase gets pushed back) by letting the seller "rent" for even a short duration.
What you mention is (possibly) more valid in negotiations before the contract is agreed to by both parties.

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DesiVibe said:   I am under contract for my house where the buyers are closing on July 7th.
I am negotiating an offer for a house to close on July 10th and all signs point to the offer being accepted. 

  Am I the only one who thinks this is a bad idea? What happens if your buyer bails? Can you afford two houses at once? At least tell me you made the house you are buying contingent on selling your current house.

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atikovi said:   
DesiVibe said:   I am under contract for my house where the buyers are closing on July 7th.
I am negotiating an offer for a house to close on July 10th and all signs point to the offer being accepted. 

  Am I the only one who thinks this is a bad idea? What happens if your buyer bails? Can you afford two houses at once? At least tell me you made the house you are buying contingent on selling your current house.

  Contingent generally = less $.  Depends how reasonably flexible OP is.  Sell house first means must be ready to rent or use storage and hotel for a while if necessary.  OP has already said that is a reasonable fallback, so why's it a bad idea?  If everyone listed contingent on sale of old house, then at the least you're excluding all buyers from the pool who are also buying contingent on sale of existing property.  Less demand with equal supply = lower market value.
  
Most people are house-poor, so the only way they can buy a new house is by selling their existing house first because they have no other assets (like large taxable account that can have a margin loan against for the down payment) and/or not enough income to support two mortgages at once.

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PODS lets you store your stuff at the site where you loaded it or off site. That seems like the least hassle.

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A lot can go wrong between now and July, so I would be planning for, but not worrying about, timing issues that may arise.  The biggest issue in my mind is whether or not you will still be able to close on your new house even if something delays the sale of your current house.  Closings are delayed all the time, so I wouldn't worry too much about it, but know that it can occur.  If one transaction gets delayed, you may just have to delay the next one.  No seller is going to cancel a closing altogether if you have to delay a few days, and if it costs you something, then build that into the negotiation on the first deal that caused the delay in the first place.  You just have to go into these things with a bit of flexibility.

On the move, it wasn't clear to me if this was a full service or a do-it-yourself move.  If you have hired a moving company, they'll store your stuff for a couple of days, and they might not even unload the truck if it is over a weekend or they don't otherwise need to use it.  I'd rather pay for storage than getting into a situation where I'm renting after closing or trying to move in to the new place before closing.  I've done that before, but in the long run, there are just more things that can go wrong.  The cleanest transactions are ones which occur with empty houses.

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As mentioned....really need to know if you can qualify/afford 2 homes at once. At least for a short while.

If not, then you'll want to make sure your main contingencies (inspection, appraisal, buyers approval) have cleared....before getting locked into a contract on your new home. Sounds like those are cleared, though.

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You could always find one of the storage places that offers the first month free. You might also be able to find one that has a free truck to use to move your stuff. This would mean moving your stuff twice.

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kevinm22001 said:   Your wife should be able to give you a POA for buying the property so you can sign the loan documents on her behalf, that way she does not need to be present during the transaction.
  ^ This. We did this when we bought our current house. My wife was not going to be in town, I got a POA for the transaction, and signed for both of us. Very easy. 

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Book 2 large uhaul/Penske/budget trucks for a week or two. If I recall correctly the reservation can be cancelled within a certain booking period prior to pick up day just case something comes up. Load the stuff and keep in in the truck for the 3-4 day difference and unload into new house/rental. Will be cheaper than pods. Same labor cost if hiring or doing work yourself. Plenty of room. Mobile storage.

Additionally if in a moving truck I think USAA covers under homeowners or rental policy the household goods (not the truck) but if in pods I am not sure how the insurance works. Perhaps your current insurer is does the same but check first.

Everything goes as planned and you have paid for 3-4 days extra truck rental. Just avoid driving a bunch as local rentals run up the price with mileage.

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jumi said:   
kevinm22001 said:   Your wife should be able to give you a POA for buying the property so you can sign the loan documents on her behalf, that way she does not need to be present during the transaction.
  ^ This. We did this when we bought our current house. My wife was not going to be in town, I got a POA for the transaction, and signed for both of us. Very easy. 

  
Also did this with my wife.  Made it easier to schedule a closing when only one of us had to be present.

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daw4888 said:   
jumi said:   
kevinm22001 said:   Your wife should be able to give you a POA for buying the property so you can sign the loan documents on her behalf, that way she does not need to be present during the transaction.
  ^ This. We did this when we bought our current house. My wife was not going to be in town, I got a POA for the transaction, and signed for both of us. Very easy. 

  
Also did this with my wife.  Made it easier to schedule a closing when only one of us had to be present.

  
This must vary by state. For mine, power of attorney is fine when selling, usually all documents get signed in advance. But the buyer needs to be present at closing or get a POA, but it's a bit more money when it's the buyer as the registry of deeds charges some fee to record the POA. No extra cost when you're the seller as you just need the documents notarized and banks will notarize documents for free if you have an account there. 

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Buying a long vacant property, my personal experience was, once we were all set and just waiting for the closing, the seller gave me the keys to let me move things in ahead of time.  There was no need for a final walk-through.  It was smooth.

If the property is vacant, if both seller and buyer are of the mind that this is a done deal, as the closing date approaches, ask for a key.

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JiggleTheHandle said:   Buying a long vacant property, my personal experience was, once we were all set and just waiting for the closing, the seller gave me the keys to let me move things in ahead of time.  There was no need for a final walk-through.  It was smooth.

If the property is vacant, if both seller and buyer are of the mind that this is a done deal, as the closing date approaches, ask for a key.

  
Sounds like you were doing a direct deal where the seller didn't care. Usually if there's brokers or attorneys involved, they don't like to hand the keys over until everything is recorded in the registry. Some don't even want to do it until they have the check in their hand. 

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henry33 said:   
JiggleTheHandle said:   Buying a long vacant property, my personal experience was, once we were all set and just waiting for the closing, the seller gave me the keys to let me move things in ahead of time.  There was no need for a final walk-through.  It was smooth.

If the property is vacant, if both seller and buyer are of the mind that this is a done deal, as the closing date approaches, ask for a key.

  
Sounds like you were doing a direct deal where the seller didn't care. Usually if there's brokers or attorneys involved, they don't like to hand the keys over until everything is recorded in the registry. Some don't even want to do it until they have the check in their hand. 

  
You can always arrange to do a short term rental that terminates on closing day.  I have seen this setup before.

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DesiVibe said:   Unfortunately I cannot close on the new house July 7th since my wife needs to be at the close and she is traveling on July 7th.
 

  You can get a mobile notary for the closing so your wife can do it on the 7th. Or you can get a power of attorney signed so you can sign on the 7th.

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atikovi said:   
DesiVibe said:   I am under contract for my house where the buyers are closing on July 7th.
I am negotiating an offer for a house to close on July 10th and all signs point to the offer being accepted. 

  Am I the only one who thinks this is a bad idea? What happens if your buyer bails? Can you afford two houses at once? At least tell me you made the house you are buying contingent on selling your current house.

  Yes I did. We can afford 2 mortgages without dipping into savings.

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