Selling and buying on the same day

levi

We’re supposed to be moving next Thursday. Selling in the morning, buying in the afternoon. Have the movers lined up etc. They’re coming on Wednesday to pack up the house and then will move the furniture and all boxes out of the house on the Thursday morning. They expect about 12/1.

I’m worried about how this will all work in reality - can people who’ve been through this before reassure me that it will work out?

The buyers of our house would like a prepurchase inspection, is it acceptable to do this on the Wednesday evening when the house is packed up but not empty? It might scupper things on the Thursday otherwise?

whiskeyman

When you say you are 'buying' in the afternoon, what do you mean?
I hope this means the collection of keys after all other things?

I would have thought the prepurchase inspection would be fine. Just be sure to point out what's going /staying as agreed.

levi

whiskeyman wrote: »

When you say you are 'buying' in the afternoon, what do you mean?
I hope this means the collection of keys after all other things?

I would have thought the prepurchase inspection would be fine. Just be sure to point out what's going /staying as agreed.

All the contracts are done etc but we need the funds from the sale of the house to fund the purchase of the new house.

q85dw7osi4lebg

Hate to say it but very unusual for this to work out in reality, any delay with the transfer of funds leaves you snookered. I'd have a plan B for that night just in case.

happyfriday74

Doable but tricky.

Ideally you close your own one day and buy the the following day to allow movement of funds.

I tried doing a same day double whammy this and the f*ckers buying mine got wind of it and used it as an excuse to try price chip at the last day thinking we were under pressure and needed our own sale to close before we bought.

We didnt though. They sheepishly completed the sale a day or two later once they coped it.

smeal

Same day rarely happens in my experience (I work in Conveyancing).

Even if your Solicitor gets the all clear from your Purchasers to release funds and close early on Thursday your Solicitor then needs to send money, probably by EFT over to your new property's Solicitor. This usually doesn't clear same day especially with such a large amount of money and where each firm has different banks. Then the Solicitor for the Vendor on the other side needs to be quick replying to your Solicitors closing searches and authorise that funds have cleared and that keys can be collected. Also bear in mind it is holiday season in the legal world and some country firms would be even closed entirely around this time.

Maybe you could contact the Estate Agent and see if the Vendors will allow you to drop your furniture off on the Wednesday? Some Vendors can be very obliging that way but you will probably need to arrange alternative accommodation for the Thursday night and perhaps even an overnight facility for your furniture and belongings.

April 73

It can & does happen but you need to make sure the solicitors are on board. In my case there were three houses in the chain which all closed on the same day.
We didn’t get our keys until 5pm but it all worked out in the end.

The_Conductor

Its only going to work if all involved are using the same bank. An EFT from one Irish bank to another- is the same as any Eurozone bank to another Eurozone bank- and in ideal situations takes 1-2 working days- occasionally it can take longer (an EFT from Commerzbank to Bank of Ireland took me a full week this week). BOI to BOI typically same day. BOI to AIB (or vice versa) typically 2 days. BOI to a third tier or international bank- typically 2-3 days, but allow 5.

Its doable- but very unusual- to manage to do it on the same day. I'd go as far as saying that its highly improbable, but not impossible.

April 73

I’m living proof that it can happen - with three houses all bought & sold on one day. The 2nd & 3rd people in the chain needed the funds from their sale to purchase.

garbanzo

Have done this twice over the years and it is a lot of stress, but it is doable. We’d no other option really at the time, each time.

You need to ensure everything, absolutely every single link in the chain from vendor, purchaser, solicitors, banks, EAs and removal companies are all on the same page. Check, double check check again and hope for the best.

Good luck with it.

annoyedgal

We did it. Had a very competent solicitor and as someone else said that solicitors need to be in good contact to make it work.
We transferred funds the day before we closed as did the couple buying our place.
Once we got the call the next day to say the money had gone through we got the keys for house we were buying.
Removal guys came at 8 and had house packed by 12. They went for lunch and hung around till we got keys at 3. Unpacked the van and were gone by 5. Excellent service, pm if you need a recommendation.
I had packed an overnight bag for us all in case of any problems and would have booked a nearby hotel if necessary. Removal guys could have stored our things if necessary for a fee so we had checked that out first.
All went smoothly and our solicitor suggested from the off that we buy and sell on same day and didn't seem phased by it. Best of luck!

annoyedgal

Also do the final walk through whenever suits yourself. They will just be checking your not taking the floorboards with you or leaving a bunch of crap in the attic!

levi

Great, thanks for the advice everyone. I’ll speak to the estate agent and see if we can move our stuff in on Thursday even if we don’t get the keys. We have somewhere to stay that night and if worse comes to worse, the movers will put the furniture in storage and deliver the next day. Would like to save the few bob on that but it is what it is!