Today David talks about how to do a double closing in residential real estate and goes into the details about whether or not he recommends doing a double closing.
So you might be wondering what exactly is a double closing?
People usually need to sell property before they buy because they pull the equity out to use as a downpayment on their next property. A double closing is when you schedule both your selling and buying closings on the same day. You’re closing on the seller side first, then you’re closing on the buyer side second and that way you can do it all in the same time.
Before you do that there are things you need to set up in advance
- You need to make sure the title company you’re closing with on the selling side of your house has the wiring instructions for the title company that youre using for the buying side of your house. The reason being when you close on the helloing side of your house you will not be getting a check from them because that does not allow you time to cash it in. The funds need to be wired directly to the title company on the buying side so they receive that directly. David recommends they send all the net proceeds from the selling side to the title company on the buying side. Whatever is leftover will be wired into your account after from the buying side title company.
- Make sure you schedule this properly from a timing perspective. From the selling side schedule it first thing in the morning and make sure the buyers purchasing your home schedule it in the morning too. The reason being you need to allow time for the buying side to finalize. You want to make sure you close on your house on the buying side late in the afternoon. The more time you have the better it is.
Proper planning allows you to fo through this process correctly with the least amount of issues.
David personally does not recommend doubling closing because it puts. Lot fo stress on you and everyone involved. Rather, David recommends you close on your selling side property one day and then schedule your buy side closing for the following day.
It makes it easier and less stressful and you're not giving up leverage to the buyers not the sell side.
For more information on this or if you need trusted realtors to represent you, feel free to Contact Us, and we would be more than happy to assist you. "Get Real Estate Smart" with The Millers!