How can you buy a new home while still trying to sell your old one?
The first thing you need to do is meet with a real estate professional to see what your home is worth, discuss the market conditions in your area, and see how fast homes are selling in your area.
If you don’t have an existing mortgage, the easiest thing you can do is get ahome equity line of credit. However, you can not list your home for sale while you’re applying for a home equity line of credit. Wait until that loan is funded, and then list your home. Once you have that home equity loan, you’re shopping like a cash buyer and are in a real good position.
If you have an existing mortgage on your home but not enough equity in it, checking into getting a second mortgage on your current home is an option. Of course, you need enough income to qualify for a second mortgage loan, but if you do, you can line up your new home and list your current home.
If your home is currently listed, you can put in an offer that is contingent on your current home selling. A lot of sellers will accept that because they will see that your home is on the market and is probably getting showings, meaning your sale is moving forward. You need to give that seller a pretty strong offer, but we can get that deal accepted.
Every deal is different, so you need to speak with a real estate professional to see if they can make something work for you. If you have any questions about this topic or any other real estate questions, please feel free to give me a call or send me an email. I look forward to hearing from you.