You may be able to buy first if you qualify for the new loan and have money for the purchase and possible overlapping payments. Money tied up in your current home is not the same as cash you can use today. Compare both paths before you make an offer.
Finding and Buying the Right Home. Plan for two payments and a sale that takes longer than expected.
I want to buy firstATest both loan qualification and your real budget for carrying two homes.Details +
Ask which payments count and whether any documented exception applies to your loan.
Include both homes' payments, taxes, insurance, utilities and any temporary loan costs.
Ask what happens if the sale takes longer or the price is lower than planned.
I want to sell firstBEstimate the cash you will actually receive and the cost of the gap between homes.Details +
Subtract loan payoffs, selling costs and other liens from the expected sale price.
Include temporary housing, storage and another move if needed.
Ask your real estate professional about contract dates and any allowed occupancy arrangement.
Buying first needs a cash plan
Ask the lender whether both home payments count when you qualify. A documented exception may apply under some loan rules. Do not assume listing your home removes its payment. Any temporary financing adds costs and must be approved.
Selling first changes the timing risk
Selling first can make sale proceeds available, but may require temporary housing or two moves. Subtract selling costs, loan payoffs and other liens before treating equity as spending money. Review contract conditions and deadlines with your real estate professional.
A few good questions
Does having my home listed remove its payment from loan review?
No. The lender must apply your loan program's rules. Ask what documents and conditions are needed for any exception.
Is my home equity the same as cash available to buy?
No. Selling costs, debt payoffs, borrowing limits and timing affect what you can use.
We were amazed at how quickly Troy closed our home loan. His speedy communication saved us so much time.
Willa Henderson Fayetteville, NC
Review for Troy Schuricht
★★★★★
We were blown away by how fast and seamless our closing process was with Troy. He locked in a great rate quickly and handled every detail so we could move into our home on schedule!
Yara Mansfield Show Low, AZ
Review for Troy Schuricht
★★★★★
Troy and his team got us to the closing table in record time. They were super efficient and kept everything moving fast!