Juggling both a home sale and a purchase can be difficult. You might need to sell before you buy, but what if you’re not able to find anything you like? What if you find your dream home before you’ve sold? I’m going to answer these questions and more for you today.
One option you have is called a sell, buy transaction. This is the most common because most homebuyers need to use the profits from their home sale to put a down payment on their next one. We’ll get your home on the market, target campaigns to the ideal audience, and get your home sold quickly. Once it’s sold, we’ll take you out to find the perfect new home. Then we’ll close these two transactions on the same day. The sale will happen, the equity will come out, and you’ll be able to use it to buy the new home.
If you find your dream home before you sell, we can help with that transition.
If you end up in a situation where you’ve sold your home but you haven’t found anything to buy yet, we can write in the purchase agreement, “Sale subject to seller finding home of choice in X number of days.”
If you’ve found your dream home, but your current home hasn’t sold yet, you need to make an offer now. Unless you have a large pile of cash sitting around somewhere, you’ll have to get a little creative. One option is a bridge loan, which allows you to borrow the equity out of the house you currently live in to purchase the new house. Another option is qualifying for both mortgages and paying them both for a short time until the home is sold. Finally, you can sell for cash to an investor who doesn’t care about the condition and can close quickly.
If you have any questions for me, feel free to reach out via phone or email. I look forward to hearing from you soon.