Your lender will hire an appraiser to ensure the home is worth the loan amount. If the appraisal comes in low, you may need to bridge the gap with cash or renegotiate the price. Phase 5: The Double Closing
Even if you’ve owned a home for years, lending standards change. A fresh pre-approval letter proves to sellers that you are a serious buyer who can perform once your current house sells.
Determine how much your current home is worth and subtract your remaining mortgage balance. This "net proceed" estimate will likely serve as the down payment for your next purchase. steps to buying and selling a home
The key to a successful "buy-sell" is a buffer. Always have a backup plan for storage or a short-term stay in case a closing is delayed by a few days. With a solid real estate agent and a responsive lender, you can navigate the complexity and move into your next chapter with confidence.
You have two main paths. You can sell first (which puts cash in hand but may require temporary housing) or buy first (which is more convenient but may require a "bridge loan" if your capital is tied up in the first house). Phase 2: Preparing the Sale Your lender will hire an appraiser to ensure
Once the deeds are recorded, you hand over your old keys and receive the new ones. Final Thoughts
Minor fixes—like patching drywall or freshening up neutral paint—offer the highest return on investment. A fresh pre-approval letter proves to sellers that
Before listing your current home or touring new ones, you need a clear financial picture.