Post-Sale 'Gap' Housing Options

There is a good chance that you were able to close the deal in 30 days when you purchased your current house. The closing process may take up to two months, depending on the new rules for mortgage lending. On average, it takes around 50 days.

The time between closing and signing a contract is known as escrow. You'll use this time to plan your next move. The sales contract can include negotiation of the closing date. They should know how long it will take for the loan to be funded if they have been preapproved by a lender. Although the date can move around a bit depending on what happens, it should still be within one or two days of closing.

The keys often change hands at closing. Sometimes you will be granted a grace period of 2 or 3 days before you have to move out. You can save money if you already have a purchase or a rental property. However, the timing between closing on your current home and moving into the next one may leave you with an unfinished deal. It's wise to think about your options now.

Your stuff: If you have a storage unit that you rented when staging your home, you can either get another one or hire a moving company. They will move your items and store them before you bring them to your new home. Get quotes as soon as your house is on the market.

Here are some temporary options that you can use:

• Rent Back

  Your buyer may not need to move in right away. Perhaps they are renting, and their lease doesn't expire before closing. Your interests may align. You may be able to negotiate a rent-back agreement in this instance. The process involves selling your house and renting it back for a specified period. It could take days or even weeks. For however long you are staying, you'll have to pay enough to cover the mortgage and insurance costs. This saves you time and can be beneficial for both of you.

  However, don't count on it. You may find yourself in the exact same situation as you, needing to sell your home quickly. They may not be willing to take on the responsibility of being landlords for a limited time. If it is feasible for everyone, a rent-back option would be the best. However, you will need a plan B.

• Rent

  You may want to rent a house or apartment while you search for a new place. A month-to-month rental is probably the best option, even if it's the most expensive. They can also be difficult to find in a hot rental marketplace. As soon as your house is sold, start looking.

• Extended Stay Hotels

  A hotel for business travelers that offers extended stays is a good option if you have found a home but are not in escrow. If you're not staying for very long, it may be more expensive than a regular apartment, but it is a good option as a temporary home.

• Couch Surfing

  This is the best option if you only need to stay for a few nights and have friends or family nearby who are willing to host you. You'll need to thank them for their hospitality by giving them a gift card or going out to dinner, depending on how long your stay is. If you are able to afford it, consider the possible relationship costs for a stay of more than a week.