Move-up buyer
A homeowner selling their current home to buy a bigger or pricier one. Timing both sales often means a home sale contingency, bridge loan, or rent-back.
Also called: trade-up buyer, repeat buyer
Related terms
A contract term that makes the purchase depend on the buyer selling their current home. Sellers often accept it only with a kick-out clause.
A short-term loan that uses the equity in your current home to buy the next one before the first sells. It costs more than a regular mortgage and is repaid when the old home sells.
An agreement letting the seller stay in the home for a set time after closing, usually paying rent or a daily fee. It helps sellers who need time to move.
The part of a property's value you own outright: its market value minus what you owe on loans against it. Equity grows as you pay down the loan and as the property gains value.
The money a seller actually receives at closing after paying off the mortgage, commissions, and closing costs. It is shown on the settlement statement.