When to look for a rental?

so our place is under contract and we have a tentative closing date of around May 20th (buyers want to be in ASAP). We plan on renting for a while after selling our condo. My concern is I dont know when we should start seriously looking for a place to rent. The people buying our place are in the process of getting the mortgage approved (we should know in the next 3 weeks), so my fear is what if we find a place, give the $ to secure it and then the people can't get approved for their mortgage. So we can wait till the end of the month to find out all is good on their end but then it only gives us 1-2 weeks to find a place.
Or what if they get approved and then the bank changes their mind. This just happened to my neighbor literally last week. They were ready to close on thurs (their person finally got approved for the mortgage literally a week before the close date) and they had moved out on Tues and on wed AM they got a phone call that their buyers bank still had some more questions/paperwork (dont know the details), so everything was put on hold. Now our neighbors are paying their mortgage for their condo AND the rent on their new place. I don't want to be in the same situation.
Any advice is appreciated
PS- please dont quote

Message edited 4/6/2011 3:48:52 PM.

Re: When to look for a rental?

As a fellow home seller please please consider my advice: DO NOT SIGN A LEASE UNTIL AFTER YOU CLOSE!!! Live with your parents for a week, go to a hotel, anything, just don't sign anything!!!

I had an all cash buyer with a closing date of on or about April 15. Then about three weeks ago, we got a call from the lawyer saying the buyer wants to close early so we scrambled to find something and signed a lease that started April 1. All the while, the buyer wasn't confirming an early close date. We couldn't get an answer one way or the other but since my lawyer assured me there was a less than 1 percent chance that anything could happen since she's cash, I hedged my bets and signed. She had been SO into my house - chased to find out when I was signing the contracts, brought contractors in before she made an offer, etc. Then it went back to the original close date which ticked us off because we were stuck with a double payment this month but we looked the other way. Then Friday she calls and says she's backing out!!!

So our house is going back up with the help of LIF's fabulous Beth!

Pleease don't sign anything yet. I don't care how close you are. I don't mean to sound negative but you're not safe until it's a done deal. Learn from me.

Re: When to look for a rental?

Thank you I am so so sorry you guys went though that!! It's horrible!! I hope you get a new buyer ASAP!
We could technically move in with my dad for a month to find a place, but I hate the thought of paying to move everything into storage and then doing it again to move it out when we find a place. It may come to it though, just to make sure everything goes through. A friend of mine called this week to tell me a friend of hers is looking to buy a condo in my community and did I want her to come by just to take a look around (she knows we are under contract). So I am going to let them check it out, the womens not in a rush to buy and if she likes my place and is willing to wait it out a couple weeks and be a possible backup, then it cant hurt. Of course I hope it works with the people we have now but I feel like this day and age you have to have all bases covered.

Re: When to look for a rental?

That's exactly what we were going to do at first and I had the same feelings you did - didn't want to move twice, put things in storage, etc. And as much as I love my dad, I am not particularly keen on the idea of me and DH living in my childhood bedroom. So at the last minute we changed our minds and said let's just find a place. Had we stuck to the plan, this would've still been a stinky situation but at least we wouldn't have two payments.

PLEASE inconvienience yourself and move twice. Please. It is not worth the risk.

I am praying we find someone else soon. I need all the good luck I can get right about now!