What To Do When Closing Dates Don’t Match
If you’re planning to sell your existing property and buy your next dream home, the closing dates may need to be on the same day.
If the closing dates overlap, or if the times are far apart, you might be worried about losing the house! These fears are mostly baseless. Every day, thousands of properties change hands, and usually, everything goes well. How often closing dates actually suit is fantastic!
But what if the home you want to buy closes days or weeks earlier than your own property’s closing date?
Most lenders are anticipating this and offering the so-called “Bridge Financing.” This is a special loan enabling you to buy the property with the earlier closing date. The bridge financing ends when your current property closes, and your new mortgage begins on the new home if you need one.
Alternatively, your real estate professional can help you explore options, such as finding a short-term rental, if the property you want has a later closing date.
A good REALTOR® can aide you make the right offer for the property you’re interested in buying or selling. For free valuation, contact us at 401-396-2888. We’re always glad to help!