Selling + Buying
Selling a home and trying to buy a new one simultaneously can seem confusing and overwhelming. Do you find the prefect house then put your home on the market or do you put your home on the market then find your new home? Well, there are a few questions to ask your self first:
- Can you qualify for both mortgages at the same time? If so, then you can wait to find the perfect new home then work on selling your current one. If not, then you will need to have your first home sold or under contract with a contingency on your current home selling. So first step is to contact your lender and find this out.
- Do you have a place to go in the interim? If so, then you can sell your current home and move into that temporary place. If not, then you will have to coordinate closing on both homes at the same time. That means, putting your home on the market, getting it under contract, then during that 10 day due diligence with your buyer, go shopping for your new home and get it under contract
- There are also a few different types of loans that can bridge the gap between when you sell and buy. That is a strategy to discuss with a lender.
Still seem overwhelming. Here are some more helpful tips. Also, coming up with a plan with your Realtor® is imperative. Remember, you don’t have to figure it out all on your own, coming up with a plan to make the transition as smooth as possible is what your Realtor® can help out with.