When do people usually settle on the house they're selling and the house they're buying?

Question

Next year, we are planning on selling a condo and buying a house. We can't move our things into the new house until we settle, but we don't want to pay two mortgages. Also, the house is owned by a relative, so there may be some leeway as to when we can move our stuff in.

What would be the ideal schedule for the two settlements? If you could do your buying/selling real estate all over, what would have been your perfect situation?

Answer 1

Well, you have a couple of different options.  I would probably first put your condo on the market.  While getting it ready to show, start packing up whatever you don't need so your condo looks really clutter free and you've already starting packing.  If you don't have room for the boxes, rent one of those self-storage units.  Or store it with a friend or relative.

It sounds like you already know what house you're going to buy, if I'm understanding correctly, and that the house you're buying is owned by a relative.  One alternative is to make an offer on the house before your condo is sold, and put in a contingency clause that you can't buy the new house until your condo sells.  However, a lot of sellers don't like this kind of arrangement.  So I would try to focus on selling your condo first.

Once you get an offer on your condo, the closing will take place probably 60-90 days from when you and the buyer agree on the sales price.  

Now I'd recommend making an offer on the house - your condo is sold

(barring their mortgage approval and a home inspection, appraisal, etc.) for all intents and purposes.  

If the settlement date for your new house is before you sell your condo, you can ask the seller of your new house to rent it to you before the settlement date.  

This kind of situation happens pretty frequently, the important thing is not to get too stressed out over it.  Work with your realtor, who will work with the other party's realtor, for an alternative that will be agreeable for everyone.