looking for loan?

Question

I want to sell my house and buy another but cant afford 2 house payments while trying to sell my original house does anyone know of any lenders that that you find a new house and let you get your first house sold before you have to start payments on the new house?

Answer 1

There is a way to do this, but you are thinking about it incorrectly. This type of transaction that you need is called a "contingency contract."
What it means is that your offer for the new house is "contingent upon" the sale of your old house. That's the only way you "control" two houses without making two payments.
The problem is that no one can tell when your old house will sell. Some houses are "up for sale" more than a year in today's market. Nobody is going to let you own two houses for a year (or more) without making a payment on them both.
But you CAN make your offer to purchase the new house on the condition that you won't close on it until the old one sells.
If you buy the new house with this "contingency" (or "condition") that you don't take possession until your other house has sold, then you never get stuck with two payments. Some sellers will NOT accept this type of offer, however (usually because they are doing the same thing! They can't buy their new house until their old one is sold either.)
A contingency contract is VERY normal, and about 35% of the houses sold in America are sold under this type of deal. The below link talks about a contingency contract from THE SELLERS perspective (not from yours.) The point is that if you understand why they may be hesitant, you may be able to allay whatever fears they may have.

Answer 2

There are loans for this, but you do have to be able to make the payments.

I suggest you get yours under contract prior to geting the next house under contract.

Set the second closing date a couple days after the first, and do a 7 to 10 day seller lease back on your house. That will give you time to close on the second and move.

Answer 3

I recommend:

1) Talk to a real estate agent. I believe you can sign a purchase contract for the new house contingent upon selling your old house. Usually there's a time limit and if you don't sell the old house, you will lose the chance to buy the new house. However, this would solve your problem.


Just Be!