Answer No. 1
Buying and selling a home all at once can be stressful. In case you sell it first, you might end up with no place to stay until you find another home and if purchase first, you get stuck as might be you have to pay two loans/mortgages at once. So as for this some options available, as-
If you buy first then you have to –
- Make an Offer, and then List your house.
- Get a New Loan from bank.
- Rent Your House.
If you sell first then you have to-
- List your house, and then make an Offer.
- Request a Rent-Back.
- Find a Temporary Rent House.
Answer No. 2
To buy and sell the house at the same time you have to do some things-
- Real estate market research- Do market research on real estate before buying and selling the home at the same time.
- Coordination of closing dates- Always keeps coordination of selling and buying of home and its closing dates.
- Contingency contact- You can also line dates up by asking to add a contingency to your contract, whether you are buying or selling.
- Consider bridge financing- Bridge loans are available specifically for those who are buying and selling a home simultaneously. These are temporary loans that bridge the gap between a home buyer’s new mortgage the sales price of a new home. Basically, It is a short term loan that to help you to pay for your new home uses your old home’s equity.
Answer No. 3
It’s always good to buy first and then sell your home but in a case of same time of buying and selling follow these steps to avoid difficulties as this are-
⦁ Find a Good Real Estate Agent- Do find a good real estate agent that can help you both as a seller and as a buyer. When you find the right house, part of your agent’s job is to write up an offer. Talk to your agent about how you will handle this process. If you are putting in an offer on a house and your house is not sold, you have two options:
- Put in a contingency clause.
- If your home doesn’t sell immediately be prepared to carry two mortgages with no restrictions.
⦁ Talk to Your Lender- Be in touches with your lender and get preapproved or prequalified for a new loan. You have two options:
- You can attempt to qualify for a new loan while carrying your original loan.
ii. The second option is to qualify based on a “pending sale” status. By selecting the right people can help you in this whole process.