01 Jan 2022

Guide for Selling Current Property and Buying a New One

It’s possible to sell your current home and purchase a new one simultaneously. The process requires organisation and adequate financing. Mortgage House provides a brief selling property guide.

Market the Home

As the homebuyer, it’s your job to market the home. You can work with professionals who will take care of it; you can also complete the task yourself. The home requires availability for showings.

Pick a Homebuyer

Sometimes the right offer is made within a week. Other times, it takes longer. Eventually, you need to accept an offer. This begins the closing period.

Complete the Closing Period

The closing period takes 30 to 45 days to complete. It allows the homebuyer to gather their financing, inspect the home, and finalise the paperwork. 

In some cases, it takes the home seller a year to find a buyer. In others, the process moves quickly. The homeowner still has obligations, especially financial ones.

Find a New Home

A homeowner who intends to sell their current house and purchase a new one finds themselves in a good position. Most have financial credibility and experience on their side. 

While your home is on the market, find your new one.

Make an Offer

When you find your new home, make an offer. You should know how you plan to pay for it. It makes sense to use the proceeds from the current home to pay for the new one. Lenders understand this too. However, the financials don’t always fall into place seamlessly. 

Some homeowners use a bridging loan to bridge financing from the current home to the new one.

Complete the Closing Period

Now you’re on the other side of the closing period. You can request a home inspection or you can move the process quickly. 

Mortgage House also provides tools such as the car loan calculator.

Selling a Property Guide Conclusion

In addition to our Mortgage House selling a property guide, we offer an array of loan products, tools, and resources. Our loan specialists can answer your questions. Contact our team today.

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