Many people find themselves wanting more space at home or needing to change their address for whatever reason. In this situation, homeowners are trying to sell their current home while they look to buy a move-up home. Timing is everything, and it’s important to know what your options are before making any final decisions.

The first, and most important thing to do, is to get your current home in tip-top shape for the market. It is difficult to get qualified for two mortgages – even more so in a slow market.  By carrying two mortgages, you are able to buy a second property before you have your first home sold. The more common situation is to sell your current home (or at least have it under contract with a buyer) and then purchase your new home.

Whether you qualify for two mortgages or not, your current home needs to be ready to sell.  You should meet with a REALTOR® and get a current market value on your home.  It is also a good idea to have the condition of the home checked by a professional and make any needed improvements or renovations.

The transition of selling one home and buying another can be overwhelming, and it is important to contact a lender immediately when you are ready to move forward.  If you don’t have a lender, contact your REALTOR® for suggestions and recommendations.