Sell Your Home Video Series: Episode 3 ~ Sell & Buy Simultaneously ~ Part 2
Stacia Whatley here with StaciaSellsHomes + Associates for our weekly “Sell Your Home” video series. Today on Episode 3: Selling & Buying a Home Simultaneously - Part 2
This is by far the number one question I get asked… How do I sell my house and buy at the same time in the current housing market? So here are the different ways to navigate that.
So in a perfect world we'd be able to go and buy our next house before we have to sell our current home. Most of us do not fall into this category, but if you do, there are a few things you'll need to know. First off, if you are going to be financing your next home, you'll need to contact a lender to verify that you qualify to carry two mortgages at once. If you are using cash, from other means then the sale of your home, then you'll need to provide written proof. Whether it be a bank statement or a retirement statement, where ever the funds are coming from you will need to show written proof that those funds do exist. So again, easiest option, right? In a perfect world, unicorns and rainbows.
If you have to sell your current home before you can purchase your next one, don't worry, we have options for that too. The most common, still used every single day, is "hey, I'm going to take my chances.” I'm going to list my home for sale, and while it's listed, I'm going to shop for my next home. In hopes, that they will simultaneously close in the end. Which again, yeah, it works everyday!
The only thing right now, in this post-pandemic era we're living in, we are still seeing a few delays. So... Have a backup plan: Friends, Family, Hotel, AirBnB, RV on someones lot somewhere. Go camping, I don't care, just have a backup plan just in case the timelines do not line up exactly how you think they will.
Now there's the other option of "hey listen, my lender tells me I qualify for two mortgages for the time being, the only problem is, I just don't have the cash for my down payment."
"Well, hey listen, there's this thing called a HELOC. It's a Home Equity Line of Credit. You borrow against your current home, to get the cash for your down payment on your new home. BRILLIANT...RIGHT?!" Of course there's pro's and con's to everything and we would discuss those in more details, depending on your scenario. But it's an option.
If you would like to discuss your personal home selling options and which scenario works best for you, contact me to get that scheduled. You can PM, drop a comment below, or visit my website at kitsap zone.com Thank you for joining us today for Episode 3: Selling and Buying a home simultaneously - Part 2.
Join us next week for episode 4. Your questions have been coming in and I will be going thru the most common one’s and answering them. You won’t want to miss it!
