Sometimes I run into new home buyers in Miami, Florida who rely on the sale of their old homes to finance the purchase of their new home getting in a bit of trouble. But for whatever reason the people buying their homes are sometimes unable to pay on closing day and so to their inconvenience these home buyers are also unable to pay for their homes and move in to them—a pretty stressful experience which often costs a lot of time and money. It’s for that reason that I recommend anyone who buys and sells on the same day to make use of interim or bridge financing and have it prepared by closing day, as this will remove the reliance on their buyer closing with them and will allow them to close the home they’re buying on the scheduled day. I’d also recommend being particularly wary and heedful of this advice if your buyer has put down a relatively small deposit with your agent (under $5000). If you’re in the Miami, Florida area, much less anywhere, it is well worth the small time and cost to set bridge financing up.
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