Buying & Selling a Home at the Same Time
Borrowers in the market for mortgage bridge loans are usually trying to buy and sell a home at the same time, which poses a unique set of challenges. Here are some tips to make the process less stressful.
Teamwork
- Recruit the right professionals to assist you in the process: a real estate agent, a lawyer, movers, an appraiser, and a lender that can offer mortgage bridge loans
- Communicate often with all parties involved and keep a record of all telephone and face-to-fact conversations
- Tell your real estate agent to let you know about problems as soon as they arise
Selling
- List your house for sale as far in advance as possible of purchasing your new home. This can help you avoid a need for mortgage bridge loans.
- Require the buyer to get pre-approved within five to ten days of accepting his offer
- Don't dismiss a slightly lower offer that gives you more flexibility on your closing date. A more flexible or lengthy closing process could help you eliminate the expense of mortgage bridge loans.
Buying
- If there are not a lot of homes available in your market, you might want to buy first and ask for a long close to then sell you old home. Mortgage bridge loans can help you span the transition period.
- Get pre-approved for a mortgage.
- Get the property professionally inspected and make sure it is insurable before you make the seller an offer.