These are two great options for homebuyers who need to sell first.
Many homebuyers face the dilemma of needing to sell their current home before they’re able to purchase their new property. What’s the solution? I have two of them:
1. If you need the equity out of your home to purchase your next one, we have teamed up with an institutional buyer who will purchase the house you choose with cash for you if you qualify. They’ll allow you to move in, get settled, and then we can sell your old house. Once you’ve sold your house, they will sell the house that they bought in cash to you. If this is an option you want to explore, reach out to us and let us know. This option makes you a much stronger buyer, which is key in this market where there are a lot of multiple-offer situations.
2. If you’re comfortable owning two homes at the same time, you can recast your mortgage into a new home. You will find the new home, buy it with a smaller down payment, then once your house sells, the lender will allow you to take your equity and put it on your new home to reset your payment. This allows you to have a monthly payment that you would’ve had by putting a larger down payment on the house.
If you’re in this same situation, we’d love to help you out. Give us a call or send us an email today if you have any questions at all about buying, selling, or the real estate market in general.