How to Juggle the Sell and Purchase of a Home
It can be difficult knowing when to put your home up for sale in this market. Many homes, that are priced right, aggressively marketed, in good condition and in the right area, are selling pretty quickly. Also with the inventory low, it could take a little more time finding the home you’d like to purchase. Or maybe you want to buy new construction, and you have to wait for the home to be built. In an ideal situation, you would want to do a door to door move. However, that is not always possible. Also some people don’t want to deal with the process of leaving for showings, keeping the house show ready, etc. In those situations, you may want to sell the home vacant.
There are some options you have, if you are unable to do the door to door move.
One option is to get a bridge loan. Not all lenders are willing to give one, but we have a network of lenders we work with who you can speak to about the possibility of obtaining one. In this situation, you are given a loan while having a home to sell with the knowledge your current home will sell & you will not carry the 2 mortgages for long. It is best to determine if you qualify for a bridge loan prior to listing and buying. You want all the information up front.
You can also move into temporary housing and put your belongings in storage. There are extended stay hotels, apartment complexes that do short term leases or maybe you have friends or family members who can host you in the interim. This may not be the ideal situation, but it helps alleviate the stress of trying to buy something quickly if you home sells.
These are all viable options to think about when you’re wanting to sell your current home and buy a new one. We are here to give you advice to help you make the decision that is best for you and your family. Give us a call to discuss which option is best for you, 404-793-BEAR (2327).