I want my house sale and new home purchase to close on the same day to save on expenses!

While the actual moving day will be hectic, from your lawyer’s view, it can be done. However, if for some unanticipated reason, your sale closing is delayed and the money is received late at your lawyer’s office, the money will not be available to complete your purchase. Your taking possession of the new home may also be delayed and you may have to pay interest to the seller for the delay.

To avoid a stressful situation, it is recommended that you have another source of money available to close the purchase of your new home so you do not have to depend on the sale proceeds. Ask your mortgage lender about interim or bridge financing.

This arrangement will give you peace of mind, as the money will be there to complete the purchase if needed. Your lawyer will pay back the bridge loan from the sale proceeds.

And, if you are getting bridge financing, still consider a closing/possession date of your home a few weeks before your sale closes. This should make the move more leisurely and less stressful.