Closing soon
Cash buyers do not wait on mortgage approval, so many sales can close fairly quickly. The exact timing depends on the title search, paperwork and your schedule.
Closing sooner can help if you are relocating, settling an estate or simply ready to move on.
Before choosing a quick date, think about what you need to do first. Packing, moving and setting up your next home all take time.
The closing company will tell you what it needs to stay on schedule. Sending documents promptly helps keep things moving.
If you have a mortgage, the closing company will request a payoff from your lender. Responding quickly to their requests helps keep a fast timeline.
Closing later
A fast close is not required. Many investors are glad to set a later date if that suits you better.
A later date can give you time to pack, find your next home or finish the school year.
Your closing date goes into the purchase agreement. Once it is set, the investor and closing company plan around it.
Many investors can hold a date several weeks or more out. Ask what range they can offer when you first talk.
A later date also gives you time to sort belongings, plan a move and say goodbye to the house at your own pace.
Staying after closing
Sometimes a seller needs a little time in the house after closing. This is often called a rent-back or post-closing occupancy.
It may be possible, depending on the investor and the terms you agree on. If it matters to you, ask early and get the terms in writing.
A rent-back is a separate agreement from the sale. An attorney can review the terms if you would like extra peace of mind.
During a rent-back, the investor owns the home. Make sure you understand who is responsible for insurance and upkeep during that time.
- How long you can stay
- Whether rent or a deposit applies
- Who pays utilities during that time
- The condition the house should be left in
Coordinating with your next move
Think about where you are going and when you need to be there. Work backward from that date.
If you are buying another home, ask your lender or agent about their timeline. Aligning both dates can make moving day easier.
Some sellers close on the sale first and then move. Others move first and close later. Either can work with a cash sale.
- Moving company or truck rental availability
- Start and stop dates for utilities
- Lease start date if you are renting next
- School or work start dates
Questions to ask the investor
A short conversation about timing can save stress later. Most investors are glad to talk through your options.
- What is the earliest date you could close?
- How far out can we set the closing date?
- Is a short stay after closing possible?
- What do you need from me to stay on schedule?
- Who should I contact if my plans change?
If plans change
Life happens, and plans can shift. Talk with the investor and the closing company as soon as you know.
Any change to the closing date is usually made in writing as an update to the purchase agreement. An attorney can help if you have questions.
Keeping everyone informed early usually makes adjustments easier. Most investors appreciate a quick heads up.
Leaving the house on closing day
Your agreement should say what condition the house should be in at closing. Many investors buy as is, so you may be able to leave some items behind.
Confirm the plan ahead of time. That way, moving day goes the way you expect.
General information, not legal or tax advice.