Selling and Buying Proceeds (loan, loan, bank, lender)

[KayAnn246]

I'll be selling in MI then buying in SC. How long between the 2 closing transactions will I need to wait if I'm using the proceeds from the sale for a down payment on the new house? Most likely I'll be using the same bank if they continue to have the best rates. If not, I'll go with another bank. Both are VA.

[ringler24]

We are doing an out of state sale and purchase and are being told 2 business days.

[Pfhtex]

Originally Posted by KayAnn246

I'll be selling in MI then buying in SC. How long between the 2 closing transactions will I need to wait if I'm using the proceeds from the sale for a down payment on the new house? Most likely I'll be using the same bank if they continue to have the best rates. If not, I'll go with another bank. Both are VA.

The Title company handling your sale should be able to wire funds to the title company/Attorney's office handling your purchase. This could potentially happen on the same day, if MI wires funds early enough in the day.

[blanis]

You can potentially have both closings on the same day if that's what you need. MI title company just wires the funds to the SC title company. Your lender will need to take care of having your VA Entitlement restored (mostly just an admin function on their part). However, you will need to obtain the settlement statement from the MI closing to show proof that your prior VA loan is to be paid off via that closing.