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How to buy a home when you haven't sold yours yet.
March 10th, 2017 10:56 PM by Sam Kader
You've found the perfect new home for your family but your current house has not sold yet. Consider these steps to help bridge the transition:
a)
Make an offer contingent on sale of your house
.
A seller may be persuaded to accept your offer if you priced the house properly and you have solid marketing strategy. In hotter housing markets with multiple bids, it can be harder to get sellers to accept such an offer.
b)
Offer the seller a rent-back option
. Offer to buy the new house then rent it back to the seller after closing. A rent-back agreement is typically for just a month or two. But this arrangement can give sellers extra time to move or to find a new house of their own.
c)
Tap equity in your current home
. Do talk to me first to determine if your income will qualify you to buy a new house and a
HELOC
. This strategy would employ that you tap into the equity of current house for down payment on a new house. Then once you've sold the house - then you can pay the HELOC portion off in full and end up with the single mortgage you wanted in the first place.
Start looking now! You can download an app on your smart phone.
Text to 87778 with ROG8C6P in your text to obtain
FREE
customized home search application for your mobile phone.
Please
click here for detailed instructions
.
Posted in:
Underwriting Guidelines
and tagged:
Underwriting Guidelines
Posted by Sam Kader on March 10th, 2017 10:56 PM
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