In a hot seller's market, it's sometimes tricky for people wanting to move to figure out how to find and buy a home before the sell (otherwise they risk selling their home and having no place to move - YIKES!)
There are a lot of options though and taking the time to educate yourself will pay off when the tie comes to buy and sell your home.
Bridge loans can be used to avoid having to sell their current home in order to buy a new one. Once the bridge loan is funded, the homeowner will have the necessary funds to purchase a new home. Once the new property is insured, the existing property will be sold to pay off the bridging loan.
Once you've bought a new home, you'll want to sell it as soon as possible so you don't have to pay two mortgages for an extended period of time.
To get an offer accepted in today's hot real estate market, you'll need cash to buy it right away, or get a full mortgage approval to fund your home, with no strings attached by the lender that your home must be sold first.
As the housing market becomes more balanced, it will be less difficult for homeowners to list their homes in search of new ones to buy. In this article, we'll discuss the buy-before-sell process, which is how to complete the entire process of buying a new home before listing your current home as a current home.
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By: Christine and Company Title: How to Sell Your BEFORE You Buy Your Next Home | Seattle Real Estate Sourced From: www.youtube.com/watch?v=nN98cWprkUk
