Published on Jun 26, 2014 Timing is critical when buying a new home while selling your old one. Learning whether you can afford to carry both mortgages simultaneously will help determine how the process needs to play out. In most cases, buyers need to plan for living accommodations should the old home sell before finding and closing on the new home. Key Takeaways • If the old home sells before the new home closes, buyers can choose to stay with relatives temporarily, find a short-term rental property or negotiate a rent-back period with the buyers of the old home. • If the new and old homes are scheduled to close on the same day, it’s important to let your lender know ahead of time. • Work with your lender and real estate agent to determine key dates and deadlines to ensure one transaction doesn’t hold up the other. Videos are for informational purposes only and represent the opinions of the speakers. Chase does not warrant the completeness, timeliness or accuracy of the content. ______________________________________________________ VIDEO TRANSCRIPT Jenny: This is our second home. So our first house we lived in for… Eric: Seven years. Jenny: Yeah, seven years. Eric: We kind of out grew the house. Amy: If a homeowner is in the process of wanting to sell their home, and then purchase another property, the first thing I do of course is tell them talk to your lender because they need to determine and figure out are they able to purchase without selling. Most aren’t willing or able to do that. Jenny: We had two options: we could find the new house and move into a new house or we could we were thinking about finding a place rent for a few months. Until we found the right house. Eric: And then we found this house. Called a realtor to make it happen. Amy: So we just got busy. We started figuring out what their house would sell for. Jenny: We had to get our old house ready. Kinda had to, we had a lot of stuff. Amy: I think I also had a stager meet them to just go room by room and boss them around a little bit. Telling them how to get the house ready to sell. Just de-cluttering. Putting things into storage. Doing any minor repairs or maintenance work at the house that needed to be done. Eric: To sell the house there was a few bumps you could say. We actually sold our house four days prior to us buying this house. Greg: There is nothing more stressful then a consumer or anybody that’s selling a home and on the same day they’re having to close on their new home. I call that stacked. You know, there stacked transactions. Amy: Clients get very nervous when they start to talk about the realities of how do they make that happen. How is the timing going to work? Greg: We do our very best to stay on top of our closings where if we’re ten day out from that closing, and especially if it’s a stacked closing like that, we’re going to do all hands on deck. Eric: In working with the finance guy also helped us determining when was the last day we could get paperwork in. They were willing to kind of speed things up. Amy: And they were just wonderful. They worked so hard. They did everything right and that’s really important when you’re trying to get your house ready to put on the market.