What if You’re selling – to buy another Home?
This is a common situation and the answer is usually not simple.
If you buy before you sell you will have two houses to worry about. Also, many lenders are now hesitant in agreeing to do this, because there have been a number of cases where people buy before selling and then let the old one go into foreclosure.
If you sell first and then buy you will need to rent for a while and you will go through two moves – or you may put possessions in temporary storage. The so-called “Pods” are good for that – but leaving things in a pod exposed to the elements may not be a good idea in the heat of summer.
That’s why I am here – to help you figure it out. Likely you will need the services of many different service providers. You may need to consult not only with movers, etc., but also with your investment advisor, lender, tax accountant and possibly your attorney.
There were times when you could contract to purchase a new home with the purchase being contingent upon the sale of the old house. That’s not likely to be an option today.
If you find that you need to buy the next house before you’ve received the proceeds from the present one, lending institutions can sometimes make you a short-term ” bridge” loan to tide you over between the two transactions. Make sure you fully understand the exposure and emotional investment before proceeding with this type of loan. This is not as easy as it used to be in the past and likely is not an option in today’s market.
There are no “pat” answers. If your thoughts are going in this direction, please call me and we can talk it over. No obligations! 678-982-3900