How to sell and buy at the same time
Talk to your lender
1. Ask if you have to sell in order to buy for DTI (Debt to Income) purposes, or are you just wanting to sell before you buy for comfort reasons?
2. If you figure out that you have to sell in order to buy, it will take more planning, but I do it all the time!
My most commons plans
1. Pay Ribbon (www.ribbonhome.com) to turn your contingent loan offer into all cash. Ask me for more details on this!
2. List your house, once it sells, we have 2-3 weeks to find your purchase. I work to line up closing dates. I make sure the buyer you accept is flexible with our timing.
3. Prepare your house to list, search for and write an offer on your purchase, tell that seller your home is one click away from going active online and we expect to sell quickly
4. Ask your lender if you can do a bridge loan, which takes the equity from your current house to help you purchase your next house. Then after purchasing, sell your current house.