Buying While Selling?

Buying while selling requires more preparation than just a single purchase transaction. In the real estate industry, it is called a simultaneous closing when one home is sold in order to access funds to buy another. It can be a lot of fun but without proper preparation you might be in for a few surprises. We at Lending Path are involved in simultaneous closings on a regular basis and can provide you with a few tips to make sure both your closings are flawless.

When buying and selling at the same time you need to have your financing pre-arranged. With a preapproved loan from Lending Path, you can do just that. When getting approved for a new mortgage, it is best to get preapproved way before you select a property. That way, there are no surprises during your loan approval process. Click here to start the preapproval process.

 

Since you are selling your house at the same time, you also need assurances that your buyers are qualified to buy your home. Work with your real estate agent and carefully evaluate the preapproval letter from your potential buyers. Do not accept a bona fide offer without a preapproval letter. You want to make sure your buyers are serious and have been through the loan approval process as well.

Call us at 803-765-9399 or click here to start the preapproval process.