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.
• 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.
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