Buying your second home, and selling your first home?
Prefer answers from those experienced in real estate sales or mortgages. Thanks!
We just bought our first home recently, but I am just curious how people manage the transaction of selling one home and buying their next home.
Do you have to buy first getting a mortgage based on your current income and whatever cash you have available to put down?
Do people sell first, moving their stuff into temporary storage and live in a temporary place so that they can use the cash from the sale of their first home in applying for the mortgage for their second?
Or does the mortgage company take into consideration that you are selling a home, so they assume you will come up with x dollars for down payment?
I kind of assume it is a combination of things…but what is best, in your opinion?