Is my home closing schedule too tight?

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toyotafan_463
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Is my home closing schedule too tight?

Post by toyotafan_463 »

I am scheduled to close on a condo on Friday, June 28. I’ve scheduled movers from my apartment to the new place for Saturday, June 29. My lease at the current place ends Sunday, June 30.

So if I don’t close June 28, I will be without a place to stay and put my stuff pretty quickly after. All my contingencies are no longer available and it’s a cash purchase so nothing lender related can become an issue.

Still, I’m wondering if the schedule is too tight? What else can go wrong for the June 28 close?
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RickBoglehead
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Re: Is my home closing schedule too tight?

Post by RickBoglehead »

Sounds fine. Relax.
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HomeStretch
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Re: Is my home closing schedule too tight?

Post by HomeStretch »

Have a Plan B in case you’re closing is delayed such as you pay the movers to store your stuff and you stay in a hotel for a few days until the closing happens.
exodusNH
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Re: Is my home closing schedule too tight?

Post by exodusNH »

toyotafan_463 wrote: Tue May 14, 2024 8:29 pm I am scheduled to close on a condo on Friday, June 28. I’ve scheduled movers from my apartment to the new place for Saturday, June 29. My lease at the current place ends Sunday, June 30.

So if I don’t close June 28, I will be without a place to stay and put my stuff pretty quickly after. All my contingencies are no longer available and it’s a cash purchase so nothing lender related can become an issue.

Still, I’m wondering if the schedule is too tight? What else can go wrong for the June 28 close?
It's not an an unreasonable schedule, even if you were financing. Just stay on the closing company and make sure things like condo fees and taxes are paid up. An outstanding condo fee could cause a delay. (This happened to me. I had setup automatic payments, which was my bank mailing a check. Well, one random month, a bunch of checks were lost. I had to square that up before they would close.)
bombcar
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Re: Is my home closing schedule too tight?

Post by bombcar »

Try to schedule the closing early on the 28th in case something comes up. We closed in our bank which had all our accounts and was providing the loan, so the chances for screwups was minimal. Check that insurance will be ready to go.

Even if something DOES come up, you can often get "keys" before you finally close if everything knows it's just some stupid paperwork - and real estate people are used to working Saturdays and Sundays if needed.

And again, the real worst case scenario has the moving company store stuff (they've done this before, they just leave it on the truck and charge you) and you take a hotel for a day or two.
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lthenderson
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Re: Is my home closing schedule too tight?

Post by lthenderson »

I've only had two closings in my life. Both were delayed for various reasons, none my fault and out of my control. Both times were a royal pain in the tuckus getting everything rescheduled. On my last closing, after rescheduling for the second time, I went to the bank (which was the hold up) and sat in the lobby of the mortgage department refusing to leave until closing happened. Three hours later, despite being told that morning it might be the following week, it happened.
Tavistock1
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Re: Is my home closing schedule too tight?

Post by Tavistock1 »

toyotafan_463 wrote: Tue May 14, 2024 8:29 pm I am scheduled to close on a condo on Friday, June 28. I’ve scheduled movers from my apartment to the new place for Saturday, June 29. My lease at the current place ends Sunday, June 30.

So if I don’t close June 28, I will be without a place to stay and put my stuff pretty quickly after. All my contingencies are no longer available and it’s a cash purchase so nothing lender related can become an issue.

Still, I’m wondering if the schedule is too tight? What else can go wrong for the June 28 close?
You’re fine- with a cash purchase if settlement lasts longer than 1/2 hour than you’re talking about the weather or baseball
lostcoast2023
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Re: Is my home closing schedule too tight?

Post by lostcoast2023 »

I wouldn't schedule a closing for the day before a weekend, especially close to a major holiday.

I have had closings occur on time, but many of them have been delayed one or more days. You should move it up a couple of days if you have a tight deadline to get out of a rental.
vtjon
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Re: Is my home closing schedule too tight?

Post by vtjon »

I have generally tried to avoid closing on a Friday or Monday. It is just more to go wrong. I might take a chance on a Friday instead of a Monday though.

Also, make sure you ask for a settlement statement (HUD) along with the rest of your closing packet 1-2 days before. You should be able to get it in PDF format. They have to provide it all to the bank anyway so they can provide it to you. This allows you to review the documents before getting to the clsoing table and have any minor clerical issues fixed. The settlement statement will make sure you know where all of the money is going and exactly how much you will need at closing.
barnaclebob
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Re: Is my home closing schedule too tight?

Post by barnaclebob »

What is your landlord going to do if you stayed say an extra week? Its not like they can throw your stuff on the curb.
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toyotafan_463
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Re: Is my home closing schedule too tight?

Post by toyotafan_463 »

They've already leased the place out to new tenants starting July 1...
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MrBobcat
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Re: Is my home closing schedule too tight?

Post by MrBobcat »

toyotafan_463 wrote: Wed May 15, 2024 10:24 am They've already leased the place out to new tenants starting July 1...
Can you work some kind of an agreement with the sellers to lease your new place until closing if the closing gets delayed given you might be homeless until the new place is closed?
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toyotafan_463
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Re: Is my home closing schedule too tight?

Post by toyotafan_463 »

MrBobcat wrote: Wed May 15, 2024 10:41 am
toyotafan_463 wrote: Wed May 15, 2024 10:24 am They've already leased the place out to new tenants starting July 1...
Can you work some kind of an agreement with the sellers to lease your new place until closing if the closing gets delayed given you might be homeless until the new place is closed?
That's a great idea.
adamthesmythe
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Re: Is my home closing schedule too tight?

Post by adamthesmythe »

It is always possible to have a last-minute kerfuffle. I have had it happen twice. Usually both buyer and seller want the deal to happen so usually an arrangement can be made. However if OP gets the sense that the seller is starting to be difficult- watch out.
LittleMaggieMae
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Re: Is my home closing schedule too tight?

Post by LittleMaggieMae »

You are fine. It will be fine.

Go ahead an pack an "overnight bag" for you (and your pets if you have them) - YOU will move this stuff not the movers.

You should probably do this anyway even if a best case scenario - so that you have a change of clothes, toothpaste/brush, deodorant and a towel (or two), and something to drink out of (your go cup :) ) , etc... just in case you are too exhausted to find what you need in the packed boxes when you get to your new home.


FWIW: the lender wants to close as close to the end or beginning of the month as they can. They also generally want to do it on a Friday for some reason. All of the closings I've had have always happened on a Friday. Even when I didn't attend the closing on the Friday it was happening (which was in another state). I had to sign the paperwork in front of a notary the day before and fedex'd it to the other state to arrive the next day by X time for the closing OR I went to the Title Company's local office and signed the paperwork there the day before and they got the paperwork to the other office in the other state in time for the Friday closing.

It will be all right. Remember the Seller most likely also needs the close to happen as scheduled because they may be closing on another property that day (or soon after) so they have TWO closings close together. Generally, everyone involved in the closing really really really wants it to happen as scheduled.
Last edited by LittleMaggieMae on Wed May 15, 2024 11:12 am, edited 3 times in total.
barnaby444
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Re: Is my home closing schedule too tight?

Post by barnaby444 »

toyotafan_463 wrote: Wed May 15, 2024 10:51 am
MrBobcat wrote: Wed May 15, 2024 10:41 am
toyotafan_463 wrote: Wed May 15, 2024 10:24 am They've already leased the place out to new tenants starting July 1...
Can you work some kind of an agreement with the sellers to lease your new place until closing if the closing gets delayed given you might be homeless until the new place is closed?
That's a great idea.
If the sellers are the ones failing to close on time, then who knows if you can count on them to provide this option. Leasing a home to buyers prior to closing presents all kinds of risks to them, and simply closing on time should be clearly preferable to them than a lease agreement. I'm not saying this is all likely to happen; it's not at all.
Topic Author
toyotafan_463
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Re: Is my home closing schedule too tight?

Post by toyotafan_463 »

All this being said, I am now leaning to our worst case scenario now being is figuring out how to store the movers stuff for a few days while we go stay with family in the suburbs until we can close. Again, only if something goes wrong and pushes the closing.
Jeepergeo
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Re: Is my home closing schedule too tight?

Post by Jeepergeo »

toyotafan_463 wrote: Tue May 14, 2024 8:29 pm I am scheduled to close on a condo on Friday, June 28. I’ve scheduled movers from my apartment to the new place for Saturday, June 29. My lease at the current place ends Sunday, June 30.

So if I don’t close June 28, I will be without a place to stay and put my stuff pretty quickly after. All my contingencies are no longer available and it’s a cash purchase so nothing lender related can become an issue.

Still, I’m wondering if the schedule is too tight? What else can go wrong for the June 28 close?
Your biggest challenge is with the mover and the contract service date. My guess is if you change the date, there may be a change fee and you might have a wait to get back on their schedule.

For your existinng place, there is not much they can do if you stay over. Remember the saying, "possession is nine tenths of the law." Check your lease, it likely reverts to monthly at its expiration. If they play hardball, they might start an eviction process, but that is expensive and takes more time than you probably need. Perhaps talk to the landlord, offer to pay the daily rate or a premium daily rate and be willing ti stay out of the way of their cleaners and painters they will bring in tp get the place ready for the next occupant.

Until it happens, relax and get packed. It's a great oppportunity to assess what you really want to keep going forward....no sense packing and moving things you do not even really want any more.
Jack FFR1846
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Re: Is my home closing schedule too tight?

Post by Jack FFR1846 »

I had 2 closings on one day. 9am, we attended the closing to sell our house while our friends finished loading the rented moving truck. We drove there and at 1pm, our attorney attended the buying closing as we drove the 6 miles to our new house, unloaded and awaited our attorney to drive up, give us paperwork and tell us all went well.
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toast0
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Re: Is my home closing schedule too tight?

Post by toast0 »

Depending on the level of movers, they probably have access to storage, and it's likely not a time problem for them to do a old house to storage move rather than old house to new house. Might be worth asking them about it, so you don't have to wonder if it's going to be a big deal. If they're really booked up, you might have a delay before they can move you to the new house when it's ready though.
Topic Author
toyotafan_463
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Re: Is my home closing schedule too tight?

Post by toyotafan_463 »

I just emailed my moving company what it would cost if I need to opt for last minute storage of my stuff and how many days notice they'd need for that
Surfcaster
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Re: Is my home closing schedule too tight?

Post by Surfcaster »

I did a close like that for my 1st house. Never again. I now allow for usually 3 week overlap to allow for renovation time.

At walk-through I found several issues that had to be taken care of. Some were fixed immediately before close, but I had to agree to purchase because my lease was ending the next day. It was a major hassle to get sellers to do anything. Took a year before everything was resolved. Would have been so much easier if I just had the option to delay closing a week.

The last house I purchased ( cash sale) had the closing delayed an extra week due to unexpected title issue that had to be resolved. Same title issue came up again when I refinanced so I presume this title will be questioned again when I sell.
tjtv
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Re: Is my home closing schedule too tight?

Post by tjtv »

bombcar wrote: Wed May 15, 2024 8:59 am
And again, the real worst case scenario has the moving company store stuff (they've done this before, they just leave it on the truck and charge you) and you take a hotel for a day or two.
This is probably doable most of the year. But a move on the last day of June is VERY DIFFERENT than almost all other days in the year. That is ultra-peak season, and most moving companies are unlikely to have a truck they can just leave sitting around idle with your stuff on it for a day or two.
Amien
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Re: Is my home closing schedule too tight?

Post by Amien »

Seems super tight schedule, w/no room for errors or delays.

All cash transaction? Ask seller to agree to earlier closing date, several days, but at least two days before your move-in date. Cash is king, buyer’s needs must be addressed; note to seller this is urgent critical item.

Also note some high-end high-rise condo buildings don’t allow weekend moves, don’t allow simultaneous multiple moves, and require move to be scheduled at least 1+ weeks in advance. Be sure to coordinate date w/manager.
Amien
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Re: Is my home closing schedule too tight?

Post by Amien »

Friends just sold a condo, closed three weeks after accepted offer. Delivered unit vacant at closing, empty at final inspection day before. Nothing requires buyer to delay closing till end of June.
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toyotafan_463
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Re: Is my home closing schedule too tight?

Post by toyotafan_463 »

There are tenants living there until June 15 and we are on vacation until June 23, that's why it is end of June
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