There are pluses and minuses to both decisions, regardless of which one you choose. Therefore, let’s examine all off the possible consequences to buying a new home or selling first:
It would appear that the advantages far outweigh the cons in this scenario. But what are the options that allow for buying before selling?
Firstly, you could make a contingency offer allowing you to back out of the offer if you fail to sell your home on time. This is a definite “no-go” in today’s market where homes are being snatched up in fewer than a week in most cases.
Secondly, Buyers who use the equity tied up in their present home allows them to make an attractive cash offer and have a competitive advantage during these fierce bidding wars.
A simple solution to buying before selling is our popular Bridge Loan program. Using the equity in your present home to obtain enough money to make your down payment, allows you to quickly seal the deal on your new home. Sun Pacific Mortgage has been offering this program for owner-occupied and investment properties for 34 years in California. If you need fast money to secure your dream home, give us a call at 707-523-2099. Lately, we have saved many homebuyers from losing their sought-after dream home by providing the funds for them to purchase before selling.
Best, Ari – The Gal in the White Hat
Private Money Loan Originator at Family owned and operated Sun Pacific Mortgage & Real Estate, serving all of California since 1988! 707-523-2099 www.Sunpacificmortgage.com
CA DRE License #01858152 and NMLS #2170867
Note: Get our financing despite bad credit, difficult to prove income, property a fixer, etc.! We finance Jumbo loans, Bridge and short-term loans, Owner Occupied purchases and refinances, investment purchases and commercial.
The content of this blog contains general advice only and does not consider individual financial circumstances, desired loan amounts or existing real estate or lending transactions. This information is intended for licensed Real Estate Agents and licensed Lenders/Mortgage Brokers and is posted on our company website and specific blog sites with the express purpose of reaching such licensed individuals.
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