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when buying a house and you need to sell your current home, which do you do first

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August 24 2013 - US
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Everyone's situation is different.  In today's market and stricter laws for loans you will first need to check with your bank or mortgage broker to see if you qualify and also to see if they will provide you a swing loan. 

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August 24 2013
Hello
This situation is different for all people. If you need to move for any reason and have a time constraint, it might be best to make the purchase of a new home first. This situation is only feasible if you are able to make payment on both of the properties if necessary. If you have more time, and are not able to make payment on both properties at the same time, it would be advisable to list your current home for sale, and while doing so begin your search for a new home. 
It is advisable that you speak with a real estate professional about your specific situation. . 

Stefan Lembo
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August 24 2013
Profile picture for wetdawgs
It depends on your budget.    If you can afford two mortgages and have sufficient equity in the current home that lenders don't get edgy,  it is far more convenient to buy then sell. Then you can move your stuff and have your home on the market in pristine condition all the time without the hassle of the clutter of daily life.

If you can't afford to pay two mortgages indefinitely and wish to use equity in your current home to make the purchase of your new home feasible, then sell first and then buy.   At least have it on the market with good offers on the table before you move forward with making an offer on the new home.

A lender may be able to evaluate your finances and give you some ideas about what would work for you. 

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August 24 2013
 
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