The 4 Best Ways to Buy Before You Sell
Here are the four best ways you can buy before you sell your home.
A lot of clients have asked us recently how they can buy a new home before they have to sell their old one. Buying and selling simultaneously can be tricky, so today we want to give you four options to buy before you sell:
1. Loan programs that let you put less money down. Using this method, you only have to put 3% down on your new home. This way, you don’t have to sell your home to afford the down payment.
2. Loan programs that let you leverage your intent to sell. This method allows you to sign a document saying you intend to list your home in the next 90 days. You can then qualify for a loan to buy your next home.
“Buying and selling at the same time can be tricky, but you have lots of options.”
3. Cross-collateralization. This allows you to leverage the equity on your current home to qualify for your next home.
4. Bridge loans. These loans bridge you from one home to the next. You qualify for this loan by using your current home as collateral. While this method is expensive, it is still something to consider.
One thing to remember: We’re real estate agents, not lenders, so if you want expert lending advice, we encourage you to talk to a lender. If you reach out to us, we would be more than happy to refer you to some of the best lenders in our area. We look forward to hearing from you!