Secrets to simultaneous real estate closings
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Another potential downside of a simultaneous closing: If the buyers know you're in a time crunch, they can use it to squeeze you for extra considerations at the last minute -- like getting you to pay for decorating upgrades or more of the sale costs.

A Fort Lauderdale, Fla., couple told Bankrate they were "held-up" by the buyers of their home in this manner. "An inspection had showed a slight leak in a shower and so we had it repaired by a licensed plumber a few weeks before closing. To make sure it was done right, we had the entire shower removed, a new shower pan installed and the entire bathroom retiled. At the closing table, the buyer said he wouldn't accept the repair because it had not been done by someone of his choosing and refused to close. This was the third delay in closing, and the buyer knew that we had to close on our new home that day or lose a $20,000 deposit. In the end, we had to give the buyer a $5,000 credit to get him to close. It was highway robbery."

It can wreak havoc if something goes wrong with the first part of the transaction," says Phipps. And nine times out of 10, if something does go wrong it will be with the first sale, not the second, he says.

The time constraints can also pressure you to gloss over closing details that may need further examination. This is one instance when it can really pay to have your own private closing attorney review the records ahead of time and either attend the closing with you or be available by phone to handle any last-minute questions or complications.

Before you agree to a simultaneous closing, analyze your buyer. 

Some factors to consider:

• Who are the buyers? • Are they financially sound? • How stable are they? • How firm is the offer? • What are their repair requests? • What is their personal situation? (Do they have to move to the area by a certain deadline or can they take some time?) • Are they indecisive and undecided or do they really need the home?

Do the old gut-check test, too. What do you really think of these people? Are they fiscally and emotionally sound? Are their requests reasonable? And are you getting a fairly consistent message from their camp or do their needs, demands and dates keep changing?

Look at your side of the table, too. What are your resources and risks? Can you get interim financing if you need it? Exactly how much would it cost? Do you want to put your stuff in storage and rent for a month or two? How soon must you close or move?

Dalzell remembers one friend (not a client) in another state who called for advice when his closing went awry. When the two of them put a pen to paper, Dalzell demonstrated that the man's interim financing option would only add $500 to the cost of the deal.