Changing Homes: Buying and Selling at Once

Changing Homes: Buying and Selling at Once

Timing is critical when buying a new home while selling your old one. Learning whether you can afford to carry both mortgages simultaneously will help determine how the process needs to play out. In most cases, buyers need to plan for living accommodations should the old home sell before finding and closing on the new home.

Key Takeaways
• If the old home sells before the new home closes, buyers can choose to stay with relatives temporarily, find a short-term rental property or negotiate a rent-back period with the buyers of the old home.
• If the new and old homes are scheduled to close on the same day, it’s important to let your lender know ahead of time.
• Work with your lender and real estate agent to determine key dates and deadlines to ensure one transaction doesn’t hold up the other.

Videos are for informational purposes only and represent the opinions of the speakers. Chase does not warrant the completeness, timeliness or accuracy of the content.

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Patrick Hale

Patrick is the CEO and Broker of Record for The Local Realty, Inc. (a boutique lifestyle real estate company) which powers 10+ trademarked brands and 500+ networks including partnerships with 10,000+ referral partners across the world.

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