<p>Ok good luck to you, artloversplus.</p>
<p>Nrdsb4, that is excellent news!!</p>
<p>OOOPs, sorry OHMom.</p>
<p>And wow Nrdsb–way to go!</p>
<p>Scheduled to close next Wednesday and just got an email from the buyer:</p>
<p>“I just spoke with XXXXX where we have a brokerage account and I may not be able to get funds sold from investments and cleared to cash in time with the holiday on Monday. It sounds like it could be Thursday. My fault. I forgot about the holiday and the markets have been good lately so I was staying invested… I believe we can wire money directly to an account to expedite if that would work but again Thursday is the likely best date or perhaps Friday to be safe. I suspect this means we may need to move closing back and I also want to make sure I have the correct dollar amounts. Sorry for the inconvenience.”</p>
<p>I am stunned at the wording and cavalier tone. We are representing ourselves and the buyer’s agent is working hard behind the scenes right now. I have packers/movers coming on Sunday. Yuck.</p>
<p>Uhhhhh…JustTryHarder…</p>
<p>If your buyer didn’t sell the stocks yet, and it looks like the buyer is planning on selling the stocks tomorrow…</p>
<p>Tell the buyer to call up his broker and sell the stocks SAME Day Settlement.
Then the buyer doesn’t need 3 days plus the trade date to get the money.
You can close the transaction Tuesday.</p>
<p>The buyer is going to get a slightly worse price for his securites, but you
don’t have to tell The buyer that. :)</p>
<p>“Cash – same day settlement, that is, delivery on trade date.”</p>
<p>It’s all legit. Another way to settle trades. The homebuyer has to ask for
same day settlement. Stocks trade same day settlement every single day.</p>
<p>Your home buyer needs to talk to a different XXXXX. ;)</p>
<p><a href=“http://en.wikipedia.org/wiki/Settlement_(finance[/url])”>http://en.wikipedia.org/wiki/Settlement_(finance)</a></p>
<p>Thanks dstark. If his investments are in mutual funds, don’t some companies take longer to liquidate since that isn’t exactly regulated? I’m kind of out of my league here, but what if we’re not really dealing with just stocks?</p>
<p>But I will mention the “same day settlement” thing if I get another call tonight.</p>
<p>FWIW this is someone who made it big in a start-up and in our town that is huge. It is all presented as though we shouldn’t question whether he actually has the $$$, which raises a red flag for me.</p>
<p>And the XXXX is a well-know mutual fund company.</p>
<p>That is great that it is a well known mutual fund company. </p>
<p>One day settlement…</p>
<p><a href=“https://www.folioinvesting.com/brokeragefeatures/mutual-fund-orders.jsp[/url]”>https://www.folioinvesting.com/brokeragefeatures/mutual-fund-orders.jsp</a></p>
<p>“For most mutual funds, the settlement date is one business day after you buy or sell the fund.”</p>
<p>^^Your link is most appreciated. I am crafting a response right now. Many thanks!</p>
<p>Ok…good luck.</p>
<p>Wow, I’d be angry. Closing/moving is a thing that takes so much planning and detail, like hiring movers, switching utilities, etc. I hope you guys work it out.</p>
<p>I am going to my house closing this afternoon. I’ve arranged to keep possession for two weeks so I am just starting the packing/moving details process.</p>
<p>^^OHMom, I was ruminating about this at 2:00 this morning and realized I should have asked for a lease back. We are just so anxious to get OUT of here that I let it get the best of me. </p>
<p>Good luck with your closing! I hope it goes smoothly. Always a great feeling when you walk out of one.</p>
<p>In order to get us out of our house as fast as possible, the buyers made some incredible concessions with regard to price and a couple of other things. We tried to negotiate a two week lease back and the buyer said he would lease back at the cost of $1000 a day! :eek:</p>
<p>We moved.</p>
<p>Our closing is done. I actually went in earlier today to sign my stuff and they did their part a couple of hours later - I have a social thing this evening. But the realtor just emailed to say she’s dropping my check by the house :D</p>
<p>I am leasing back for two weeks, already have the new place…now it’s time to boogie with packing and arranging all the moving details…</p>
<p>OHMom, so happy for you! Have fun tonight! I hope you have a glass of champagne to celebrate!</p>
<p>Congrats to the sellers and good luck on a new beginning.</p>
<p>ohmom</p>
<p>congrats, you had your cake and eat it too!</p>
<p>In general the housing market in CT is terrible - housing prices are dropping and the economy is not picking up at all.</p>
<p>Just reading up on the CT economy and jobs look stagnant which explains housing prices.</p>
<p>My houses have dropped more in the last two years than the previous years.</p>
<p>boysx3, as it turned out I had several :)</p>
<p>It’s all about packing boxes now…I try to do a few a day, working my way up from “hardly used” stuff so hopefully at the end it’s just the things we need to use daily.</p>