Vancouver sellers who are trading down or trading up and therefore buying and selling at the same time often have difficulties with the Closing Date. Trying to co-ordinate two closing dates is sometimes impossible. In most cases, the sale closes first, with the purchase completing after the sale.
Hopefully, both deals can complete a day apart. Often sellers will not wish the buyer of their Vancouver home to move into the property until the latter half of the day, so the transition from one home to the other is often stressful.
Closing the sale before the purchase means the seller literally is homeless between closings. That necessitates finding an alternative place to live, and storing the furniture.
What about the flip side, when the purchase closes days or weeks before the sale? The funds to finalize the purchase can be a real predicament, since he funds for the sale won't be available until the sale closes.
There is a solution - bridge financing! It involves arranging a short term loan to purchase, that's repaid (along with interest and costs) when the sale is completed.
P.S. I am your Vancouver real estate Realtor! Put my hyper-local experience to work for you!