Reply to How to buy AND sell a house simultaneously

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[quote=Anonymous]This scenario will be coming up in the next few years and can someone walk me through how this happens?

Currently own a house in a highly sought after district, will sell in a day or two irregardless of any economic situation. Am looking to move up. However, will only move when the right house appears. When that happens, I would have to sell current house to buy the next house. How does this work? I'm asking because to put an offer on the next house I would need to have a mortgage lined up for that property. But I already have an existing mortgage. Is this the scenario:

1. Talk to mortgage company and prequalified for a second mortgage that is hypothetically 10% down.
2. Right house comes up. 
3. Put offer on house, accepted, and go into escrow 
4. Sell current house 
5. Close on new house, briefly carrying two mortgages, even if just on paper.
6. Close on old house, pay off existing mortgage, transfer equity balance to new mortgage.
7. Back to just one mortgage payment

Any steps I'm missing? 
[/quote]

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