Jonathan Fm, Both Buyer and Seller in East Meadow, NY

Do I need to close on the house I'm selling before I can close on the one I'm buying? How do banks work with this.?

Asked by Jonathan Fm, East Meadow, NY Mon Mar 4, 2013

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Javier Meneses’ answer
BEST ANSWER
There is several things that would determine it. As mentioned below, do you need the proceeds from the sale for your purchase? If not, do you qualify for the monthly mortgage payment of your current loan AND the mo they payment for the new mortgage? I suggest you speak to your Loan Officer and see what your options are. I would need more information to be able to give you an accurate response.

If you need a Loan Officer, I'm always available. Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
5 votes Thank Flag Link Mon Mar 4, 2013
Depends, do you need the proceeds of the sale to buy anew, or if not, can you carry both properties at the same time; for a personalized answer visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
1 vote Thank Flag Link Mon Mar 4, 2013
do you need the cash from the first house to close on the 2nd? are you paying cash or getting a mortgage?
1 vote Thank Flag Link Mon Mar 4, 2013
Hi Jonathan,


It's a very good question that you ask.
Generally if you aren't relying on the funds of the property that you're selling as the total down payment for the home you are purchasing then you don't necessarily need to be concerned about both closings taking place in tandem.

Have you already purchased your new home?

I'm here to offer any assistance should you need it, feel free to e-mail me or call me directly.

All the very best, Angela
0 votes Thank Flag Link Mon Sep 23, 2013
Jonathan, there are many factors that would have to be evaluated. In all honesty, your questions are better directed at your mortgage broker or loan officer since they would be fine tuned in the specifics of your financial situation. The short answer is that most people are in need of the proceeds from the sale in order to be able to afford the second purchase. But there are other factors and regulations that need to be considered as well. Good luck with your purchase!

John A. Weber IV, Associate Broker
Bayview Estates Realty
(516) 777-0146
0 votes Thank Flag Link Thu Jul 18, 2013
Only if you need the money from the first house for the second house, or if your mortgage company says you have too. Talk to your mortgage person for the real answer for your situation
0 votes Thank Flag Link Tue Mar 5, 2013
This question would be best answered by your current loan officer because there are too many variables that are unknown. But generally speaking, you would need to close the sale first if you need the proceeds or are required to show the HUD-1 to close your purchase. And no, if you meet all the qualifications for your purchase mortgage without closing your sale. For more information, I can be reached directly at 917.699.0183.

I value your feedback so please hit the thumbs up, if my response was helpful.

Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
Mdenniston@RHFunding.com
http://www.rhfunding.com
.
0 votes Thank Flag Link Tue Mar 5, 2013
In most cases yes unless you are able to get a "bridge" style loan. Most closings are back to back meaning you close on your old home an dthen go andclose on your new home. A good loan officer can guide you through the mortgage process.
0 votes Thank Flag Link Mon Mar 4, 2013
Check with a mortgage broker. This would be predicated on your income and debt to income ratio.
0 votes Thank Flag Link Mon Mar 4, 2013
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