So you are in the process of selling your home and on the hunt for your dream home. What happens when you purchase that dream home and still have your current home on the market? What you have is called a Concurrent Closing transaction, when two or more properties are dependent on each other to close. The first property funds and records and the proceeds from that transaction are then used to fund or partially fund the second transaction.
There is nothing to fear of the Concurrent Closing scenario. A successful close can and will occur as long as there is good communication among all parties involved. Provided the home you are selling and the home you are purchasing are within the same county, the most efficient way to handle the transaction is to have the same Realtor team assist you. In doing so, you will have a group of experienced individuals working together for your best interest on both sides of the transaction.
The other convenient aspect of working with a Realtor team is that the same escrow and title office will be used for both transactions. The escrow and title offices will both be offices that the team works with on a regular basis so all parties involved will be able to provide a seamless transaction. Time is of the essence during a concurrent closing, having a group of experienced individuals working for you on all aspects of the transaction will ensure a successful close and several happy new homeowners.
