Recruit the right professionals to assist you in the process.
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List your house for sale as far in advance as possible of purchasing your new home.

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.

Get the property professionally inspected and make sure it is insurable before you make the seller an offer.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.