If you’re moving within the same city, you can use the same agent to both sell your current house and buy your new one. But if you’re moving to a new area, then you’ll need to find a new real estate agent. An agent is especially important here because they know the area better.

Can I sell my house while in forbearance and buy another house?

Yes, homeowners in forbearance can sell their homes. The foreborn amount would become payable upon sale of your property.

Does forbearance affect getting a mortgage?

While forbearance doesn’t affect credit scores, it’s still considered a financial hardship, and initially, that meant a 12-month waiting period before a borrower could apply for a new mortgage.

How long after forbearance can you get a mortgage?

If you’ve been in forbearance, there are rules associated with refinancing. To get out of forbearance, you have to make three months of consecutive payments before you can close on a new loan.

When do you need interim financing for a home sale?

You can’t have your sale proceeds until you have given up possession and the land titles office has done its work. That’s why you need interim financing from your bank. If you are moving into your new home on July 1st and selling your existing home the same day you will still likely need interim financing. There are two reasons.

What happens if you buy a home and sell it at the same time?

If you are buying and selling near the same time you will most often need “interim” or “bridge” financing. This means that your banker will give you a short term loan to cover your down payment on the purchase price of your new home while you are waiting for the money to be releaseable on the sale of your existing home.

What to do between selling a home and buying a new one?

Every home buyer and seller would love a seamless transition from the old home to the new one. But trying to time the sale of your existing home with the purchase of a new one to avoid the dreaded double move or a period of homelessness is a tricky business — especially when selling first is a condition of being able to buy.

Can a sale of a house be contingent on buying a new one?

If you can’t swing such an arrangement, however, you can negotiate with your house’s buyer to have the sale contract include a provision making the closing contingent on your finding and closing on a new house.