How do I sell the house I live in and buy one to move into all at the same time?
I am trying to sell our house and move to a location that is closer to college. How do I go about selling my house and buying another in a different town?
Tags: different town
April 8th, 2010 at 9:26 am
You can do a simultaneous closing. It happens everyday, you go to closing on your old home and sign for your new home afterwards. You can have a loan fully approved on the new home with a contingency of selling our previous home. I had a customer do that very thing on Friday. Let me know if you need help, I’m a mortgage banker.
April 8th, 2010 at 9:26 am
Talk to your Realtor and banker. A bridge loan would help, but I would only advise doing that if your home is under contract already.
If you own the home you can take an equity line on it to pay for your next home. Once sold pay off the equity line…usually there is a 90 day period on this type of loan where you wouldn’t have any interest to pay.
If your home is priced correctly you shouldn’t have a problem doing the later.
Good luck!
April 8th, 2010 at 9:26 am
Do NOT take a bridge loan or even buy a house till yours is sold unless you can afford to carry two mortgages for 9 months. that is the average time currently to sell a house.
Sell your home and then rent an apartment on a Month to Month basis. then start looking for your new house.