If you personal a house however wish to purchase one other one, this video is for you! We will go over 5 totally different options for getting and promoting a house on the identical time. Everyone is aware of the actual property market could be very sizzling proper now however nobody is addressing the way to purchase one other home whereas proudly owning a home. It could be difficult shopping for one other home whereas at present proudly owning a home and quite a lot of our suggestions might be based mostly on how properly you qualify for 2 mortgages on the identical time.

Our first resolution is to promote your present dwelling first, transfer right into a rental for some time, after which go home looking while you’re renting. The professional to this state of affairs is that you’ll have money in hand able to go and you may be versatile whereas home looking. The con to this state of affairs is that you need to transfer twice and you do not know the place you’ll find yourself as a result of your subsequent dwelling hasn’t been recognized but.

Our second resolution is to promote your present dwelling first, get the customer of your own home to offer you a rent-back, after which go home looking throughout the lease again interval. The profit to this state of affairs is that you do not transfer twice. The draw back to that is that now we have a really slim window of alternative since most lease backs are solely 60 days lengthy.

The third resolution is to safe a bridge mortgage. A bridge mortgage will present you the means to buy your subsequent dwelling earlier than promoting your present one. You have to have quite a lot of fairness in your present dwelling and have the ability to qualify for 2 mortgages without delay. The draw back to this state of affairs is that usually the lender that offers you a bridge mortgage would require you to make the most of them for the mortgage in your subsequent dwelling.

Our forth resolution is to look into new development choices. We love serving to purchasers purchase model new properties and you’ve got 3 totally different situations on the way to proceed with new development. If you qualify on your present mortgage, your new mortgage, and you’ve got the money obtainable on your down fee with out promoting then you may write a contract to construct a brand new dwelling, have your own home constructed, transfer into your new dwelling, after which promote your present one after. If you qualify for each mortgages however you want the money from the sale of your own home earlier than you may shut in your new development dwelling then you definately would write a contract to construct your new dwelling, about 60 days earlier than your new house is accomplished you’d promote your present dwelling and ask the customer for a lease again, then you definately would shut in your new development dwelling and transfer into it throughout the rent-back . The final possibility is you may promote first, write a contract to construct your subsequent dwelling, after which go lease one thing whereas your own home is being constructed.

The fifth resolution is to get a house fairness line of credit score in your present dwelling to make use of because the downpayment on your subsequent dwelling. You will want to have the ability to qualify for each your present mortgage, the house fairness line of credit score, and the brand new mortgage which could not work for everybody. Make certain that you’ve got sufficient fairness in your house for this plan to work. We advocate at the very least having a 20% downpayment to achieve success on this market.

If you’re desirous about any of those situations make sure to attain out to us! We want extra content material for our upcoming episodes of Selling RVA. If you allow us to doc the sale of your own home from begin to end for our present, we’ll scale back our fee by 1%. Reach out right here – Taylor@JeffersonGroveRVA.com or 804-357-8490

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Jefferson Grove Real Estate
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11535 Nuckols Rd Suite E
Glen Allen, Va 23059

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