Home Buying in 75140>Question Details

Jennifer Rob…, Home Buyer in Wills Point, TX

Can I sell a house and buy one at the same time ? What are the procedures ? Your new Blog today will not download to my computer so I couldn't

Asked by Jennifer Robertson, Wills Point, TX Thu Aug 25, 2011


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Most of my clients sell a home, then immediately purchase another one and have simultaneous closings. Have your Realtor refer you to the loan officer they trust the most and get pre-approved for the financing you need for the purchase. During that process ask the loan officer to help structure an enticing financing plan to help sell your existing home. Most Realtors will not suggest prearranging financing on the house you are selling. Buyers purchase based on the monthly payment they can afford. Even with rates as low as they the home you are selling is competing with other listings, give yours an edge. All of the loans we offer allow the seller to contribute towards the buyer’s financing. Offer to buy down the rate even further or pay closing costs, etc.

Best practice is wait until you have a contract on your existing home prior to making an offer on another one, be sure the contract on the one you are buying is subject to being approved for financing. Make sure your financing is subject to selling your existing home.
0 votes Thank Flag Link Fri Aug 26, 2011
Yes you can sell your home

HOWEVER contact mortgage broker determine if you qualify purchase another home IF your current home has not sold.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Fri Aug 26, 2011
These days I would sell and close first, before I ever even go look for new property.
Otherwise it just creates too much stress for most people.
Sure things can work perfectly and sometimes they do, but when they don't it can be a receipt for disaster.
What happens when you have a contract for a new home and lots of money tied up with that in earnest, option, appraisal, inspection and the buyer for your current house doesn't come through for whatever reason.

That is unless you can afford two houses at the same time....then buy first, move, and sell the original vacant.
0 votes Thank Flag Link Thu Aug 25, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
Typically if you need to sell to buy, you would market your home ' subject to seller finding suitable housing ' ... so you would find a buyer for your home, as part of your deal negotiate a time period that they allow you to find your suitable housing then you offer on that home and set the closing dates for the same day.

You close you sale in the morning and your purchase in the afternoon... busy day but a very rewarding one that ensures you are never homeless. Buying and selling is much more involved than just being a first time buyer... hire a Great Realtor to assist.
0 votes Thank Flag Link Thu Aug 25, 2011
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