SIMULTANEOUS CLOSINGS: RISKS AND TIPS
Selling one house and buying another can put the buyer/seller between a rock and a hard place. If both closings are set within the same basic time frame there’s a risk of ending up with two mortgages–or much worse. If the closings are schedule with sufficient time between them to solve any problems there’s then the prospect of renting and also moving twice. This is not a rare dilemma; NAR estimates 6.24 million homes were bought or sold during 2006, and unless the buyer was a first-timer purchase or the old house was kept as an investment property, most of these transactions involved buying one house and selling another. But there are steps buyers can take to protect their best interests.