2006-08-18 08:21:33 · 5 answers · asked by tiny 1 in Business & Finance ➔ Renting & Real Estate
You can either make an offer that is contingent upon the sale of your current home or have a lender give you a "bridge loan" that basically is an advance of the equity you have in your current home so you will have it for the down payment on your new home. Obviously, that could commit you to having payments on 2 houses until your current house sells. If you are comfortable with that and you qualify based on the lender's guidelines, this allows you to get the house you want. You may want to write in a closing date that is 90 days or more away to allow more time for marketing of your home.
2006-08-18 09:00:02 · answer #1 · answered by larry r 3 · 0⤊ 0⤋
The appeal of shopping for new homes will not make up for the financial pain if you commit to another home.
1)Read up on selling your home - I recommend books by Robert Irwin. Make your home appealing and marketable.
2)Coordinate the financing for the next house, pre-approval will help you know your market
3)Carefully research buyer's agents, special options from your "selling" realty company and realtors in the area you would like to buy
Do not get involved with payments on two homes; promises you might not be able to keep; and risking your financial stability just for a house.
Good luck and be careful what you wish for...
2006-08-18 09:47:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You put a disclaimer on the house you are going to buy that says "Contigent upon sale of my current home."
2006-08-18 08:27:02 · answer #3 · answered by AzOasis8 6 · 0⤊ 0⤋
You need to hire a realtor to sell your place! Realtors serve a very good purpose!
2006-08-18 09:07:39 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you have a realtor, they will work with you all the way and tell you what to do !!!
2006-08-18 08:33:21 · answer #5 · answered by MIGHTY MINNIE 6 · 0⤊ 0⤋