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Selling a home and buying a home - there may be a gap between settlements.

G

Garet Jax

Diamond Member
My wife and I are going to be selling our current home. We are also building a new one so we don't know exactly when it will be done (probably ~ July - August). We are listing our current house in the next few weeks, but don't really know when it is going to sell.

If it sells very quickly, then we may find ourselves between homes. What options do I have for temporary housing?

I have looked at ExtendedStay type hotels, but they don't have any suites and the 1 bedroom rooms are too small for a family of 4. In addition, my kids are way too young to put in a separate room.

Rental apartments may be an option, but there is no guarantee of availability 4 months from now and they typically have a minimum stay lease length (3 months or less is OK, 12 months is not).

What else is out there?
 
Originally posted by: Garet Jax
My wife and I are going to be selling our current home. We are also building a new one so we don't know exactly when it will be done (probably ~ July - August). We are listing our current house in the next few weeks, but don't really know when it is going to sell.

If it sells very quickly, then we may find ourselves between homes. What options do I have for temporary housing?

I have looked at ExtendedStay type hotels, but they don't have any suites and the 1 bedroom rooms are too small for a family of 4. In addition, my kids are way too young to put in a separate room.

Rental apartments may be an option, but there is no guarantee of availability 4 months from now and they typically have a minimum stay lease length (3 months or less is OK, 12 months is not).

What else is out there?
Click to expand...

i stayed in an ExtendedsStay America room for 2 months with 3 kids. 5, 3 and 2 at the time.

they had a great time.

 
if you're in a city of any reasonable size, there will be extended-stay hotels or monthly apartments. Just as an aside, if they tell you your house will be done in July, don't count on it. Houses are almost never done on time.
 
Originally posted by: MikeyIs4Dcats
if you're in a city of any reasonable size, there will be extended-stay hotels or monthly apartments. Just as an aside, if they tell you your house will be done in July, don't count on it. Houses are almost never done on time.
Click to expand...

This is exactly why I am looking for alternate housing. 😀
 
Originally posted by: PlatinumGold
i stayed in an ExtendedsStay America room for 2 months with 3 kids. 5, 3 and 2 at the time.

they had a great time.
Click to expand...

One room with 5 people. :Q

Amazing.
 
You could always add the condition that you will not be moving out until your new house is done and that you will pay rent to the new owners until then. Not the most attractive to buyers, but...
 
yeah, you don't have many options. you can see if someone that is renting a house will give it to you on a short term basis. You can also look to stay with family.
 
Corporate short term housing.

Place everything you own in storage except for clothing and live in their fully furnished apartment. 2bdrm in the bay area like this usually runs about $2200 - $2400/month.

About $600 - $800 more than a typical 2bdrm apartment.




 
Originally posted by: MedicBob
You could always add the condition that you will not be moving out until your new house is done and that you will pay rent to the new owners until then. Not the most attractive to buyers, but...
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It's a buyer's market right now and that may make the house impossible to sell.
 
Originally posted by: NuAlphaMan
yeah, you don't have many options. you can see if someone that is renting a house will give it to you on a short term basis. You can also look to stay with family.
Click to expand...

Rentals are very similar to apartments - there is no guarantee about availability and some require long term leases.

Family is 10+ hours away by car. This would make a very difficult commute.
 
Originally posted by: Fmr12B
Corporate short term housing.

Place everything you own in storage except for clothing and live in their fully furnished apartment. 2bdrm in the bay area like this usually runs about $2200 - $2400/month.

About $600 - $800 more than a typical 2bdrm apartment.
Click to expand...

Let me look into this.
 
Originally posted by: Garet Jax
Originally posted by: PlatinumGold
i stayed in an ExtendedsStay America room for 2 months with 3 kids. 5, 3 and 2 at the time.

they had a great time.
Click to expand...

One room with 5 people. :Q

Amazing.
Click to expand...

It beats living in a van down by the river. 😀
 
There is always an apartment complex or someone in the paper who will accomodate a 3 month lease. You just have to talk to people about it. It will probably be at a higher rate than a 12 month+ lease...but it will certainly be better than having your ass in the street.
 
Originally posted by: MotionMan
You can also do a rent back on the house you just sold, if the buyer agrees.

MotionMan
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DING!
or simply put in the contingency that you aren't moving out until your new house is done.
With that short amount of time between dates, it doesn't make ANY sense to move everything you own twice

 
Originally posted by: MotionMan
You can also do a rent back on the house you just sold, if the buyer agrees.

MotionMan
Click to expand...

Yep, I did that. The OP should be advised that a new buyer may not want to take such a contingency. That said, I've had good results doing just that, twice.
 
Originally posted by: Homerboy
Originally posted by: MotionMan
You can also do a rent back on the house you just sold, if the buyer agrees.

MotionMan
Click to expand...

DING!
or simply put in the contingency that you aren't moving out until your new house is done.
With that short amount of time between dates, it doesn't make ANY sense to move everything you own twice
Click to expand...

Actually, I think your options are a rent back or delaying the close until your new house is ready. The contingency described above would not work for many reason.

MotionMan, Esq. (the real estate lawyer - though I am not giving legal advice on a message board)
 
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