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What to Do When Closing Dates Don’t Match

Friday, March 9, 2018   /   by Ruth Ballantyne

What to Do When Closing Dates Don’t Match



If you want to sell your current property and purchase your next dream home, you might be concerned that the closing dates need to be on the same day.






You might be worried that you’ll lose a property if the closing dates overlap, or you’ll be put out on the street if the dates are far apart! For the most part, these concerns are unfounded.






Thousands of properties change hands every day and usually, everything works out just fine. In fact, it’s amazing how often closing dates actually do match!






But what happens if the closing date of the home you want to buy is days or weeks earlier than the closing date of your own property?






Most lenders anticipate this situation and offer something called “Bridge Financing.” This is a special loan that allows you to purchase the property with the earlier closing date. When your current property closes, the bridge financing ends and your new mortgage – if you need one – begins on the new home.






Alternatively, if the home you want has a later closing date, we will work together to explore options, such as a short-term rental.






*Article Provided by Morris Marketing*

Ballantyne Professionals | RE/MAX Realty Services Inc.
Ruth Ballantyne
295 Queen Street E
Brampton, ON L6W 3R1
905-456-1000

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.
Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2021 Last Updated February 28, 2021
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