How to Sell and Buy a House at the Same Time

The new year may mean you are buying and selling a house at the same time. If this applies to you, Brock Built Homes will guide you on how to buy and sell a house at the same time and what you should prepare for as you start the process. 

The mortgage, of course, is a key factor in buying and selling a home at the same time. You can carry a balance with the first home’s mortgage and sell it in most cases if the sale price is greater than what you have left on your current mortgage. Mortgage porting involves transferring your existing mortgage to your new home without changing terms. Quite often, that can be done. However, mortgage porting may not be the wisest route if you move to a more costly home.  Be sure to ask any questions and be clear on all guidelines when you are planning out how to buy and sell a house at the same time. Discuss all avenues based on your current situation to determine the best way to go about qualifying for a mortgage before selling your home. 

It is recommended that you get a valuation for your current home. It is important to be clear on where you stand and where you can go with that information to decide what you need to do when it comes to buying and selling a house at the same time. You may want to check with several real estate agents and do a search online to compare the prices given. It is suggested that you consult at least a few real estate agents to get a true market value for your property. Researching homes in the area will also be a benefit to ensuring the price you are given is not above or below where it should be for the property. Getting two to three appraisals so that you can compare will also help with being sure of your home’s value. 

Once you know the correct value of your home, take a close look at your finances by possibly speaking to a mortgage advisor before you begin your new home search. Make sure the person has a good track record so that buying and selling a home at the same time can go well. You might find that you need to remain in your home while the new one is ready. Brock Built has a solution. Through a partnership with Offerpad, the company will buy your home for cash, and you can remain in the home for five days after closing. For new construction, such as with Brock Built Homes, weather, supplies, and other factors may change the move-in date. Therefore, the homeowner shouldn’t be dependent on the original estimated date given or schedule movers or furniture deliveries prior to being in the home. 

When relocating, making the process smooth is the key. The first step is to consider taking time off to pack and unpack both homes. Moving locally or hundreds of miles away will determine what you need to do regarding services, schools, doctors, and jobs. Take the time to create a document of things you need to do and the people you have to contact. Store important documents together so they will not be misplaced during the move, hindering the transition between homes. The time it takes to adjust to relocating can vary but being prepared for the unexpected can get you settled in faster.