Dear David,

We recently purchased a new home and it will close in about 90 days. Now we need to sell our current house. Our last moving day was a circus. Our movers were loading up the truck as the new owners arrived, and there was a lot of confusion all around. How can we ensure a smoother transition this time? – PLANNING AHEAD

DEAR PLANNING: When it comes to laying the groundwork for a smooth moving day, timing is everything. To avoid inviting the circus back to town, you can reverse-engineer the timing of your move as soon as you know where you’re headed. Because you have already purchased a house and know when it is closing, you can comfortably choose your move-out date, even before installing a For Sale on the lawn at your current house.

Smooth transitions take time, and in the real estate world, the definition of insanity is buying and selling on the same day. A standard purchase agreement states that on closing day, your sale must be completed by 6:00 PM, but that doesn’t mean you can take all day to get out of the house. Ownership of the property goes to the new owners as soon as money changes hands and the deed is transferred. If your lawyer’s office happens to process your file by 10 o’clock in the morning, the house no longer belongs to you and you need to be out.

I suggest taking preliminary steps to avoid any potential confusion before you have an offer in your hands. Start by connecting with your mortgage specialist, who can set up bridge financing for you. With a firm sale and bridge financing in place, your bank will be able to advance you the funds to close on your new house before the buyers pay you for your existing one. This way, you can vacate your home before the sale closes, and avoid the chaos you experienced last time.

Depending on the scope of your move, you may want to access your new home for several days before handing over the keys to your current one. By moving over the course of a few days, you have the flexibility to make return visits, and can ensure your existing house is cleaned out and ready for new owners. Buyers often want to do a final walk-through right before closing, and if they can view the house in the condition they will receive it, you are much less likely to face challenges on moving day. Finally, go over your sales agreement with your agent to be clear on which items are staying behind. If leaving curtains or bar stools behind was part of the contract, you don’t want to pack them inadvertently.

PRO TIP: Sellers determine closing dates based on their situation. When it comes to timing, you are in the driver’s seat, so give yourself some breathing space. The biggest challenges often arise when people try to buy and sell on the same day, and by planning your transition in advance, you can steer around possible issues. If the buyer of your house incurs extra expenses waiting for you to leave, they may be entitled to seek damages and you could end up facing litigation down the line. #Advice #AskDavid #TheNegotiator

David is a top-selling Broker in Kitchener-Waterloo Region. He works personally with you when selling or buying your home. Call or text today for your free home evaluation! 519-577-1212.