The title company or attorney coordinate the wire transfers. The funds from your sale are used to pay off your old mortgage, and the remaining profit is applied toward your new purchase.
A professional will check the systems of the home you are buying. Be prepared to negotiate repairs or credits. steps to buying and selling a home
Before listing your current home or touring new ones, you need a clear financial picture. The title company or attorney coordinate the wire transfers
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. Be prepared to negotiate repairs or credits
In a "seller's market," these offers can be less attractive. To strengthen your position, ensure your current home is already under contract before making an offer on a new one. Phase 4: Due Diligence and Inspections Once you are "under contract" on both ends: