I got this question a few times this week so I wanted to share this with you. Your potential seller can sell their house and buy another on the same day if financing is involved.
We would underwrite the entire file of the home being purchased as if the house has already been sold. We will have the file Clear to Close even with the house still not being sold. Closing package would be sent out and worked on. The fully executed Closing Disclosure for the sale would be all that was needed to fund the loan.
Sell their house in the morning, and close on their new one in the afternoon. It’s a beautiful thing!
Let me know if I can be of any help to you or your buyers.
P.S. Using the same title company for both transactions will make it easier on everyone.
Born and raised in Southwest Florida, I have been in the Mortgage business since 2001 I'm a grizzly, battle tested mortgage veteran. I am also the Host of Rates & Reels, which is the most popular fishing show in Southwest Florida, hosted by a guy named Tim. In my spare time I love spending time with my family, coaching baseball, and anything else my kids or wife want me to do. I would be happy to help you or someone you know with any of your Mortgage needs.
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