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A Lesson in Multitasking: Buying and Selling Your Home

April 3, 2017 By: Great Midwest Bank

open house sign in front yard

No matter how many times you have done it, home buying can be stressful.

Home selling, whether it is your first or fifth time, is another complex process.

Doing both at the same time? Spoiler alert: it’s not always smooth sailing!

For starters, it can be tough to line up your home sale and home purchase to happen on the exact same day. A few questions this can bring up: Will you need a temporary place for you and your belongings? Will you have to pay for (and do you qualify for?) two mortgages at once? Do you need your sale proceeds to use as your purchase down payment?

When it comes to buying and selling at the same time, an important first step is getting your home financing questions answered. Your local Loan Officer can explain your options and any creative solutions that might benefit you. Whether it’s exploring a home equity loan on your current home to use as a down payment on your new one, or simply learning how you can qualify to leave out that home sale contingency in your Offer to Purchase, your local Loan Officer is here to help.

Another key step in planning out your selling and buying timeline is to have a solid understanding of your local housing market. A great local realtor is a wonderful resource! Find an agent who is knowledgeable, communicative, and aware of what’s happening in your local real estate market. This will prepare you for what to expect, both on the buying and selling side.

Our final tip for buying and selling your home at the same time: Don’t let fear or stress take over, and know you’re not alone! We’ve got your back, from answering your earliest questions to being there when you get the keys to your beautiful new home

Posted in  Selling Your Home