If you deal with selling your old house and buying a new one, you may come across with lots of obstacles. Its simultaneous procedure may concern anyone but the estate agents. There are different segments of people with their financial opportunities. Thus, take a look at three options that will meet the requirements of every person.
So, the first option is suitable for people who have a fixed and steady income. The scheme is Buy a new one – Move into it – Sell the old one.
If a person has enough money to afford it, he should go for it. He can search for a new house along with selling the old one. But, it also hides some disadvantages. They are a down payment for a new house, mortgage loans, utility payments, and insurance.
Buy a new house with the help of an old one. Contingent Offer.
An individual can buy a new house by financing it with the succeeding sell of the old one. This variant works only on the market with no competition which is hard to find now. Also, the salesmen are not eager to take part in such deals because of their risks.
Selling with Extra Time. Seller Rent Back.
The idea is that a person sells a house only if a new buyer gives him 30 days extra after the transaction. Those 30 days he can still live there and look for a new property. The option is tantalizing, but as it often happens to buy a house in a short time is a tremendous challenge.
So, is there any possibility to buy a house first, move into it and only after to sell the old one? Besides, having no money for a new one.
Yes, take a HILOC or Home Equity Loan. This type of loan lets you borrow against the value of your home. It operates similarly to a credit card but only for a short period of time.
Sometimes, it is so-called the second mortgage. Despite the cons, a person can first buy what he wants, and only then pay both loans after selling the old property.
If you want to pick the option for your case and learn more about the loan, contact us personally or via phone.