After Contracts Are Signed, When to go REAL house hunting?

Not in contract BUT, I spoke with a real estate lawyer today and he advised me to wait 45 days after contracts are signed to make sure that the bank approves the buyer's mortgage.

I understand what he is saying so you don't carry two mortgages and whatever else.

But, I have kids who are school-aged. How can I be in-closing in like September and homeless for weeks and weeks afterwards waiting for my own closing?

My in-laws are in queens. I don't even know where the kids would go to school if I was techinically homeless in september.

Your advice?

Re: After Contracts Are Signed, When to go REAL house hunting?

1) Try to negotiate an extended closing when you go to contract on the sale of your home so you have more time to find a house; the buyers may be first-timers who are currently renting and/or living at home, and may be willing to give you more time; and

2) You can make your purchase of a new home contingent on the sale of your current home going through -- HOWEVER, many sellers and listing agents are reluctant to accept an offer (or, even if they will accept, they won't actually go to contract) with this contingency unless the buyers for the purchase of your current home already have a mortgage commitment from their lender; SO

3) See if the buyers will agree to a 30 day period to get a mortgage commitment versus 45 days. It's in everyone's interest to get the commitment sooner rather than later.

4) As far as the school issue - I've had deals where we've had closings in late September, but the kids of the family who were buying a house started school in that district, even though they didn't technically own the house yet. And I have a situation now where a family is moving to another town over Memorial Day weekend (a few towns over), but the kids will finish out the school year in their current school. If you could stay with your in-laws to fill any gap between your closings, then I am sure you can work it out (even though it may be really inconvenient to drive the kids to school from Queens if you aren't in western Nassau).

But you should definitely speak to your attorney (and your real estate agent) further about your concerns and what your options are!