Help! The house I'm selling will close escrow before the house I'm buying! It wasn't supposed to be this way, but my loan has been taking forever and now I can't close escrow when planned. What can I do? I need to be moved out by the time my sale closes!

You have several options.

Step 1 - See if your buyer can delay the close of escrow until after your purchase closes. Due to rate locks and terms, this may not be an option, but it's the simplest.

Step 2 - Ask if you can stay in your sale until your purchase closes. This is called a "rent back" agreement. Usually the buyer will request that daily rent be paid at a flat rate or amount equal to their PITI (mortgage payment including taxes, insurance, and HOA fees, if applicable). This option is convenient if you expect the delay to be minor. Most buyers who purchase with intent to occupy must move in at or shortly after close of escrow, so a two- to three-month rent back is probably not going to fly.

Step 3 - See if you can move into your purchase before close of escrow. This will be a similar situation as Step 2, just in reverse. The benefit is, of course, that once you move, you can settle

Step 4 - Secure temporary housing at a Stay America or other "hotel" or short-term apartment rental. It's not fun to move twice, but neither party (your buyer or your seller) is required to let you stay or move in to a home you don't own. There can be reprecussions to either "rent back" situation, making the property owners nervous about what ifs (what if you can't close escrow, what if you don't move out on time and THEY have no place to go).

TIP - NEVER, NEVER, NEVER allow someone to stay in or rent your home without a legal rental agreement in place.