Selling and Buying

[tscrutch]

We just signed a contract to sell our existing home.  This happened a lot faster than we expected and we haven't really started the process of buying a new home yet.  We close on the sale of our home on the August 29th if everything goes smoothly.  My question is if we find a house we like and get under contract no later than next week do you think we would be able to close on that house around the same time?  Both my wife and I have pretty clean credit files so we shouldn't have any hang ups there.

[Anonymous]

Not sure about where ur at but in California u can close on a house with all paperwork done and keys in hand in 2 weeks

[tscrutch]

We are in Missouri and some of the houses we have looked at online are vacant so I would think we could close on them relatively quickly.

[DallasLoanGuy]

i have seen many clients close on their old home sale one day and close on the purchase the next day. even same day.

unless your dti can support BOTH loans at once.... you MUST close on the sale BEFORE you close on the purchase. 

your offers will be 'contingent' on the sale of the current home if you dont qualify for both.  this makes some sellers wary.

talk to your realtor about the timing of such a transaction. they should have experience with this