Selling and Buying (Completing) The Same Day...Not Worth The Risk
Many Vancouver home sellers and buyers are unaware of the potential dangers of having a real estate sale and purchase complete on the same day.
The best situation is to have one or two business days between completion of the 'old' house and the completion of the 'new' house. It does not help to have weekend days or holidays in between.
To make it really simple if you are using the money from the sale of your current home to buy your new home, you can't buy your new home until you have the money in hand.
To promise someone that you will pay them the same day you get paid can be risky.
What if you don't have your money until the end of the day, or they don't get you your money on time, a day late?
You put yourself in a position where you may not be able to follow through on your agreement to purchase your new home!
The sellers are not obligated to accept an extension and may choose to no longer sell you their home. In a brisk market the sellers may feel they can get a better price now then when the agreed to your price.
You can arrange for interim financing from your bank to fill in any potential one or two day gap between selling your home and getting paid the money from the sale of your Real Estate.
Or you can just place a one or two gap between the sale and purchase.
It would be a shame for a deal to fall apart and you, as the buyer, losing your deposit and the home you were looking forward to moving into.