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Is it wise to sell and buy at the same time?

currently own home and has outgrown it but have not put it on market yet.

  • February 19 2014 - Irvington
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Answers (3)

I have done same day closings for the sale of the current and purchase of the new property and using the proceeds from the sale to use towards the new home. As long as the contracts are all in place and none of the parties involved have cold feet, it can be done and has been done.

I am located in NJ so let me know if I can be of any other assistance!

Good luck !
-Scott
  • February 19 2014
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I agree with "wetdawgs".  The only caveat I would add is to do some searching online to make sure that you would be able to afford the type of home you want to purchase in the neighborhood you choose.  Sometimes, people will experience sticker shock and realize that they cannot afford the type of house they were hoping to purchase, even with the sale of their current home.

Best of luck!
  • February 19 2014
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Profile picture for wetdawgs
In an ideal world, life would be easiest if one could buy a new home and then sell the old home.  However, that takes the financial strength to have a down payment without selling and ability to carry two mortgages indefinitely.

The more realistic alternative for  most who need the equity from the current home to buy a new home is to get all your ducks in a row.   Start by preparing your current home for sale.  Clean, declutter, repair etc.   Interview agents to find an excellent one, then work with an agent to get it on the market at an attractive (to buyers) price.    At the same time talk with a lender about what is needed for the next step.   Then, and only then start looking at new properties.       
  • February 19 2014
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