Buying and selling at the same time

Put the two budgets on one page

An estimated sale price is not the same as the cash you can use for the next purchase. Start with a range for the sale, then ask for an estimate of the mortgage payoff and selling expenses. Separately, ask your lender about the down payment, closing costs, reserves, and qualification requirements for the next home.

The Consumer Financial Protection Bureau’s Loan Estimate guide explains how estimated cash to close includes the down payment and closing costs, adjusted for deposits, credits, and other items. Use the lender’s figures when planning your move rather than treating the down payment as the entire cash requirement.

What selling first can change

Selling first can give you more clarity about available proceeds before you commit to the next purchase. It can also create a housing gap. Price out temporary accommodation, storage, and a second move before deciding that this sequence is the most comfortable option.

Discuss possession timing early. A closing date and the day someone moves out are not always identical; any arrangement must be agreed in writing and reviewed with the appropriate parties. Do not make moving-truck reservations on the assumption that a timing request will be accepted.

What buying first requires you to check

Buying first may make the physical move easier, but you need to understand whether you can qualify and carry both homes. Ask the lender to explain the options that actually apply to you, including costs and risks. Do not rely on a financing strategy simply because it worked for another household.

A home-sale contingency is another topic to discuss with Matthew. Whether a seller will accept it depends on the offer and circumstances. Build a backup plan for a slower sale, an inspection issue, or a delayed closing on either property.

Build a calendar with decision points

Work backward from any firm obligation, such as a job start or an existing lease. Identify which dates are fixed and which are preferences. Keep preparation, photography, tours, financing, inspections, and moving arrangements visible in one plan.

• Confirm with the lender whether the purchase depends on the sale closing.
• Prepare a realistic range for net proceeds and funds needed for the purchase.
• Discuss contract and possession options before making assumptions about overlap.
• Choose a temporary-housing and storage backup before it becomes urgent.
• Keep Matthew informed when any deadline or financing detail changes.