Are you thinking of selling your existing home and purchasing another??
Which comes first — the purchase or the sale?
Step One
Have a reputable Real Estate Agent give you an opinion of value as to the expected market price for the sale of your home. Therefore you know a reasonable starting point to base your numbers on.
Step Two
If you choose to buy first, make sure the offer to purchase is conditional on selling your current home. That way if you sell your home, both deals proceed; if you do not sell your existing home, the deal is off and you will not be stuck with two homes.
Step Three
Selling first will give you considerable peace of mind. Knowing how much money you will have available allows you know the exact $$ for the next purchase.
Step Four
The offer is accepted on the next house. We need the Agreement of Purchase and Sale and the MLS Listing to obtain the new mortgage on the new home.
This is submitted to the Lender and an approval is obtained.
Step Five
We arrange a meeting time to go over all the figures on the sale and the purchase, the mortgage commitment is signed and the mortgage documents are sent to your solicitor.
Congratulations!! You have SOLD a home and PURCHASED a new one!!