How do you Buy a house when you are trying to sell a house at the same time?

lil_ny_sweetie: How do you Buy a house when you are trying to sell a house at the same time?
Here is my question. We currently own a house. I want to sell that house and buy another one. What if I find a house and want to get a preapproval on a new house. Do they take into consideration that you already own a house? Or do you have to basically get 2 houses?

Answers and Views:

Answer by OC1999
When you apply for another mortgage the banks realize that you are going to sell the first house.

However, in order to not get stuck with 2 houses you need to make sure that the loan and purchase of the new house is contingent of you selling the first house.

Answer by stan c
You can get a Bridge Loan but it is best that you have a buyer on the that property before you buy a new home. Plus the cost is extremely high. If you have any stocks or bonds, the cost would be a lot less. You can also ask your agent what would be the best way to go. Best of luck.

Answer by Monika Wilson
You can make an offer on another house contingent on the sale of your current home, it might be hard because the seller of the other home will loose valuable Marketing Time since they have to take the house off the market. If you try to go this route you might want to provide the seller with proof that your home is currently listed with a Realtor and also provide a CMA that shows that your home is priced to sell.

Depends on the area and Market Situation in your local Area, ERA Real Estate is offering a program for exactly this situation. They have a plan “seller security plan” and garanty (if your market and house qualifies) that they will buy your home for an agreed amount after a certain time if it is listed with an ERA Agent, priced right and qualifies.

Should your home or market not qualify for this program ERA Mortgage might be able offer a bridge loan until the other home sells to purchase the other home. But you might be able to get a bridge loan from any other Mortgage Broker or Bank as well without using ERA. For more info you can check: https://www.era.com or talk to a local bank or mortgage broker.

Answer by HEATHER
In this market I would not even think about purchasing a house until I sold my current one. Moving into an apartment for a few months if you have to and putting your stuff in storage would be cheaper and a lot less hassle.

Answer by Terry S
If you were my client I would strongly advise AGAINST buying another home in this market.

Do you want to be stuck making 2 mortgage payments?

P.S. You can get a bridge loan. But again you would be making 2 house payments.

Who knows how long it will take to sell your existing home. 3 months, 6? 12? 18 NO ONE KNOWS

As they say in New York “Fugetaboutit”

Good Luck

Terry S.