Here’s the trick to buying a new house while selling the old one

Selling your house and buying another home at the same time is the ultimate feat in multitasking, and it comes with a tricky timing challenge.

Get ready to sell A good listing agent can provide guidance on how to prepare your home for the market. Get ready to buy “Number one is to make sure your finances are in order. A lot of people say, ‘Oh, I know, I have great credit. I know I can get approved,’” Ross says. “But lending guidelines are changing every day.”

But until that sale closes, you’ll need to come up with money for a down payment and have financing set up to buy the next home.Some homeowners tap into savings accounts for the down payment on the next house. But not everyone has a hefty enough balance to make that work. Here are some other options.

Because the term is short, interest rates are a couple of percentage points higher on a bridge loan than for a regular mortgage. Just make sure you stick with your plan to repay the loan after the old house sells and resist the temptation to use the money for other things. Defaulting on a loan from a 401 account can trigger taxes and penalties.

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