Question about Buying/Selling a Home

If you already own a home, and are going to sell it and buy a new home, what comes first?

Do you get a buyer for your old home, and then look for a new one?

Or do you find a new home, and then try to get a buyer for the old one?

HELP!!!!!!

Thanks!

Re: Question about Buying/Selling a Home

You have to find a home and sell it before buying a new one..

Most mort. companies won't approve you or will give you a hard time (depending on income and such too) with a mort. if you haven't sold your home yet..

Re: Question about Buying/Selling a Home

I'm sure Marcella answered your question correctly, but here was our experience. We found a house, put a bid in, it was accepted, signed contract... and then we had to wait MONTHS for the owners to find a house!

So I guess you sell first....

Message edited 1/9/2004 3:59:15 PM.

Re: Question about Buying/Selling a Home

When I sold my house it was months before I was getting married and was going to move. So when someone put a bid on it, we told them when we were planning on moving and put it in the contract. If they like the house they will wait.

Re: Question about Buying/Selling a Home

You don't have to sell your home first. You can get a bridge loan until you sell it.

Re: Question about Buying/Selling a Home

Okay, so let me see if I understand....

For the most part, we need a buyer for the home we are living in. Then we can look for a new home. And the buyer has to agree to wait until we move out, even if it's months later?

Re: Question about Buying/Selling a Home

We didn't have a house to sell but when we bought our house (In July) We knew they didn't want to close till Dec. It was actually on the sheet when we went to see the house. We agreed to it and went to contract in July. We wound up closing in Nov (because we wanted to lock a low rate and she said ok) She has been renting since then and will be leaving on the 28th. It worked because we had a flexible situation.