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How to handle selling one house to buy another.
Buying and selling a home all at once can be stressful. If you sell first, you could end up with no place to live until you find your perfect home. If you buy first, you might get stuck having to pay two mortgages at once.
1. Make an Offer, Then List
Put in an offer on a new home with a sale and settlement contingency, then list your home for sale.
2. Get a New Loan
Purchase your new home using a HELOC or bridge loan.
3. Rent Your House
Rent out your current home in order to afford your new one.
1. List, Then Make an Offer
List your home for sale, then make an offer on a new home with a settlement contingency.
2. Request a Rent-Back
Sign a rental agreement with the new owners of your home to live there until you find a new one.
3. Find a Temporary Rental
Find a temporary rental to live in after you sell.
What is a bridge loan? A bridge loan, sometimes called gap financing, is a short term loan lent by a bank to cover the interval between buying a new house and selling your old one. Note that bridge loans can be difficult to find, as not many banks offer them.
Buying Your Next Raleigh Home First
You will have a place to live, which means you won’t make hasty decisions and end up buying a home you are settling for and may not really like.
You feel rushed to sell your home and are concerned you will lose some equity.
Making an offer with a contingency can make your offer less attractive to a seller.
Selling Your Raleigh Home First
You will have the cash to buy another home or a new construction home. Plus, you won’t feel rushed or stressed.
Every option has a downside; talk to a Realtor to figure out what the best strategy would be for your situation.
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