Buying a home when you have one to sell
Cain Murray
If you're looking to buy a new home while still owning your current home, here are some steps you can take:
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Determine your budget: Before you start looking for a new home, figure out how much you can afford. Consider your current home's equity, your savings, and any financing options that may be available to you.
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Get a pre-approval letter: Contact a lender and get pre-approved for a mortgage. This will give you an idea of how much you can borrow and help you determine your budget for your new home.
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Find a real estate agent: Work with an experienced real estate agent who can help you navigate the buying and selling process simultaneously. They can help you coordinate the timing of both transactions and make sure that everything goes smoothly.
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List your current home: Once you've found a real estate agent, list your current home for sale. Be sure to price it appropriately and make any necessary repairs or updates to make it more attractive to buyers.
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Search for a new home: While your current home is on the market, begin searching for your new home. Be sure to factor in the timeline of your current home's sale and the closing date when making offers.
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Consider bridge financing: If you need to buy your new home before your current home sells, consider bridge financing. This type of financing allows you to borrow against the equity in your current home to buy your new home. Once your current home sells, you can use the proceeds to pay off the bridge loan.
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Coordinate the closing dates: Work with your real estate agent to coordinate the closing dates for both your current and new homes. This will help ensure a smooth transition and avoid any potential gaps in housing.
Buying a new home while still owning your current home can be a complicated process, but with the right planning and coordination, it's definitely possible. Working with an experienced real estate agent and a reputable lender can help make the process go more smoothly.
