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Selling a property, to buy another property with mortgage

alannoone · 2021-07-16 08:59:46

I am asking for advise regarding buying and selling at the same time. I am selling my home to purchase a new one in a different location. My current home has a mortgage and the new one will require a mortgage along with proceeds from the sale. How does this process generally work? I cant make a bid on a property as i am…

16-07-2021 8:59am

#1

alannoone

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Join Date: May 2020

Posts: 21

I am asking for advise regarding buying and selling at the same time.
I am selling my home to purchase a new one in a different location.
My current home has a mortgage and the new one will require a mortgage along with proceeds from the sale.
How does this process generally work? I cant make a bid on a property as i am not mortgage approved, and the bank will likely not approve me for a 2nd mortgage.
Do i need to sell up first and then approach the bank, or is there procedure for this scenario, which I assume is relatively common.

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Comments

#2 19-07-2021 11:56am

Samuel T. Cogley

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Posts: 10458

It's called a chain, happens all the time. Speak to your bank / broker.

1