How Do I Time the Closings on My Sale and My Purchase on the Same Day in Algonquin, IL?

How do you time the closings on your sale and your purchase on the same day in Algonquin, IL? You schedule the sale to close first and the purchase to close later that day, you leave time for the money to move between them, and everyone involved knows the plan well before closing day.

Laurie Arslani is a REALTOR® with eXp Realty in Barrington, IL helping sellers price, prepare and sell with a plan. I work with sellers across Algonquin, Barrington, Lake in the Hills, Huntley and Crystal Lake. I have closed numerous same-day double closings for my clients, and the sellers who call me about this are usually asking the same thing: how does it actually work?

This article walks through the timeline, from the day your sale goes under contract to the day you get your keys.

Closing both on the same day means you never own two homes and you never go without one. For many sellers, that is the cleanest way to move.

It also fits the way most sellers are buying again. When the money from your current home is part of the purchase, the sale has to close first, and the proceeds have to reach the second closing in time. That is exactly what a same-day plan is built around.

It starts when your home goes under contract, not on closing day.

Once your home is under contract, you know your timeline and your proceeds. That is when we go look for the next home, and when we write the offer with the closing date built around your sale. I am not picking dates and hoping.

From there, I make sure the people on both sides of your move know the plan.

Four groups, and I talk to each of them early.

The buyers of your home, and their agent. They need to know when your purchase will close so the dates fit. I make sure the buyers' side knows exactly when your next home will be ready, and we schedule around it.

The agent and the seller on your purchase. The agent on the other side of your purchase should know what the plan is too. Nobody should find out on closing day that the order matters.

Your attorney. When you sell and buy on the same day, the same attorney works for you on both sides. The seller of the home you are buying has their own attorney. Your attorney talks to that attorney to keep everything coordinated.

Your lender. Your lender needs the contract, the disclosures and the dates so they can hit their deadlines too.

This is where I earn my keep. As your agent, I make sure everyone has what they need.

I send the contract, the disclosures and anything about personal property to both your attorney and your lender. The lender, your attorney and I work to the same deadlines, so each one is hit before the closing date.

While that is happening, your attorney handles attorney review and inspection review on the purchase. If an issue comes up, the agents usually talk it through first. Then the attorneys put it in writing in an attorney review letter and get it handled.

When every deadline is met, we get the clear to close. That is the signal that the move can happen.

Different times, on purpose. The sale closes first and the purchase closes after. This matters most when you need the proceeds from the sale to make the purchase.

Time for the wire. Money has to get from the first closing to the second one, and that takes time. I build that time into the schedule so the second closing is never waiting on funds.

Wire instructions come from the title company. The title company sends the wire information, usually to your attorney. Your attorney gets it to you so you know exactly where to send the money.

The first sale sets everything in motion. Once your sale closes, the rest follows in order. When the pieces have been lined up ahead of time, the day feels calm.

I had a couple who were downsizing. We sold their house first and got it under contract, and then they decided they wanted new construction.

New construction runs on the builder's timeline. So we made sure the buyers of their current home knew exactly when the new home would be completed, and scheduled that closing to match. That let the couple do everything the builder needed from them, on the builder's schedule.

We closed on their current home in the morning. By the afternoon, we closed on their new construction home. Two homes, one day, and no one scrambling.

Anytime you sell and move on the same day, there is some risk. I had a client who closed on her sale in the morning and needed the proceeds to buy her next house that afternoon. When we got to the afternoon closing, the buyer of her house was still waiting for funds from the sale of their own house. We had to wait a few hours for those funds to come in before we got the keys.

It is very doable with the right plan. You have to be prepared to expect anything and trust the process. I made sure my clients knew the closing was still happening, it just might take a little longer. We got snacks, we relaxed, we talked, and then the funds came in.

It can be stressful. It is also very rewarding to close on your past home and buy your new one in the same day.

Sometimes they cannot. Then I suggest one of these.

A rent-back. You close on your sale and stay in the home for an agreed number of days, paying the new owner while you are there. As a rule of thumb, I suggest the new owner's monthly housing payment, divided by the days in the month and multiplied by the days you stay. Your attorney writes up the terms. How Does a Rent-Back Work When Selling in Barrington, IL?

A bridge loan. A bridge loan is short-term financing that lets you use the equity in your current home to buy before you sell. It is paid off from the proceeds when your home sells. Each lender sets its own rules, so ask yours first.

Scheduling both closings at the same time. The sale has to go first, and the money needs time to move. Different times, on purpose.

Leaving the other side in the dark. The agent on your purchase and the buyers of your home both need to know the plan.

Picking dates without knowing the builder's schedule. If you are buying new construction, find out where the builder stands before you lock in the closing on your current home.

Waiting until the end. The planning starts when your home goes under contract. The more time everyone has, the calmer closing day feels.

Expecting no delays. Funds can arrive late for reasons outside your control. Plan for the day to take a little longer, and know that it is still happening.

Rushing. This is probably the biggest investment you will make in your life, so take your time and think it through. I don't like rushed decisions.

How do I time the closings on my sale and my purchase on the same day in Algonquin, IL?
Schedule the sale to close first and the purchase to close later that day, leave time for the wire between them, and make sure everyone involved knows the plan well before closing day.

Can I really close on two homes in one day in Huntley, IL?
Yes. I have closed numerous same-day double closings for my clients, including one where the sale closed in the morning and a new construction purchase closed that afternoon.

Who coordinates a same-day closing in Barrington, IL?
Your agent, your attorney and your lender work together to the same deadlines. Your attorney talks to the other side's attorney, and the agents handle any issues first.

Where do the wire instructions come from in Crystal Lake, IL?
The title company sends them, usually to your attorney, and your attorney gets them to you. I build time into the schedule so the second closing is not waiting on funds.

What if my closings cannot happen on the same day in Lake in the Hills, IL?
A rent-back lets you stay in your home for a few extra days after your sale closes, and a bridge loan lets you buy before you sell. Your attorney writes up the terms of a rent-back.

What happens if funds arrive late on closing day in Barrington, IL?
You wait, and you stay calm. I had a client whose afternoon closing was delayed a few hours because the buyer of her home was waiting on funds from their own sale. I made sure she knew it was still happening, we waited, the funds came in, and she got her keys.

If you are selling and buying again, call me before you list. Tell me where you are now and where you want to be, and we will figure out the order together. You can see how I sell a home in Algonquin or read how I work first. Not sure yet? Read what my clients say on Google.

Laurie Arslani is a REALTOR® with eXp Realty in Barrington, IL helping sellers price, prepare and sell with a plan.

Phone: 847.804.9595
Website: lauriearslani.com