"WHAT IF I SELL MY HOME AND CAN'T FIND ONE TO BUY?"

 Our current seller's economy puts many homeowners in an unusual

predicament. In an ideal world, you'll have sold your old home and

purchased a new one hand in hand - yet that's just not the case right now.

Whether it's just for a week or months, it is possible that you'll sell your

home before you buy a new one.

Does this mean you'll be stranded on the streets? Will you be homeless?

Fortunately, that shouldn't be the case, There are several ways to still have

a comfortable roof over your head, even if your home is in the process of

being sold.

THE LEASEBACK MANEUVER

Leasebacks (aka rent-backs) are a popular way to profit from a home sale

without having to move out immediately. In a leaseback, you sell your home

like you normally would and then lease back the property from the new

homeowner. This grace period typically lasts for up to 90 days, but you do

need to come to an agreement with the new homeowner ahead of time.

TRY TO BUY BEFORE SELLING

Here's a bit of advice. According to Zillow, home prices will now spike up

16% in the next few months. Many experts predicted that home prices

would decrease in this year • but as things are currently unfolding - that is

not the case, If you have the means to do so, consider working with a real

estate agent to buy a home first. Once that's done, you'll most likely still

have lime to sell your home al a great price.

FRIENDS OR FAMILY

This answer is pretty straightforward, but you could always rely on friends or

family in the meantime. The big advantage for this option is that it's relatvely

free. The cost of living is free, but you will still need to rent a storage unit to

house all your items for the meanwhile. Try your best not to stay with friends

and family for too long - especially if you have a larger family with children.

SHORT-TERM RENTAL

Renting an apartment or hotel for the meantime is always an option. You

won't have to rush the home buying process and you won't have to rely on

those around you. However, the price of a short-term rental could possibly

start eating away at your next mortgage payment. Just like when fiving with

friends and family, you'll also have to move twice.

Hopefully, some of these solutions help you feel confident in selling your

home even if you can't buy one yet.

If you have any specific questions regarding the home loan pre-approval process, let me know. To check out all your loan options, our services page. 

“Here’s what to do now… download your free homebuyer ebook, click here.” 

My name is Edgar DeJesus. I’m the mortgage advisor and branch manager of Treasure Coast Home Loans. Call or text, (772) 444-6362, with any questions that will let me separate opinion from opportunity. 

Thank you for taking the time to read my latest real estate and mortgage report.

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