Closing question

I understand there was a recent change in the law in October (TRID), which can apparently make it difficult to close on both properties on the same day, or even next day.
We are closing on our current house 2/8, and the new house won't close until perhaps 2/15. This is forcing us to have to put all our stuff in storage, and live in a hotel until we close. I am beyond stressed and frustrated.

Can any realtor or mortgage expert here please explain this in more detail and make me understand this.

What if people cannot afford the couple of thousand dollars this will now cost us?

Closing question

Basically when you close now at the closing table, there is still a documentation review period based on TRID and you don't officially close or officially own the house for a day or two afterwards. This will make same day transactions more complicated for sure.

Why not ask for a leaseback to take possession prior to the closing (seller will probably say no but doesn't hurt to ask). Or just try to carry both mortgages for a few days. If you don't have sufficient DP to do this then yes, you have to move into temporary space for a few days.

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I am not familiar with all of the ins and outs, but the main thing that I know that has changed is that you need 3 full business days from when the bank gives clearance to close, to when you can actually close.

In the past, if the lender cleared the closing on a Thursday, and all parties/attorneys were good to go, you could close the very next day.

Now, there's a waiting period. But if everything lines up with the waiting period, I don't see why you can't close on the same day on both.

I'd check with your attorney.

However, even pre-TRID, it was sometimes hard to line up a sale and purchase on the same day. Therefore, as Ave said, keeping possession on your current home post-closing is always an option.

There's usually a standard clause in the purchase contract that states the seller has the right to remain in the home x number of days after closing (5 to 7 is typical, but anything can be negotiated). Then, your attorney would work out a post-closing possession agreement with the buyers' attorney, and some of your proceeds would be held in escrow during the period that you remain in the home (to ensure no damage occurs).

Re: Closing question

The trid laws just mean that the closing disclosure has to be issued 3 business days prior to closing. You still close and take possession the same day. You could still line then up unless you need proceeds to close #2.

Why do you have to close feb 8th? What is your on or about? You have 30 days from then.

Closing question

Thanks for all the replies everyone! Our current home we are selling is closing on 2/8, but we could not get the new home to close that day or next. The buyers of our home selected that date as they are selling their home which is closing 2 days before that.