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 buyerâ€™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.... more