"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.
Call or text 561-223-9347 or email edgar@treasurecoasthomeloans.com to discuss your move-up plan and determine whether a bridge loan is the right fit for your situation.
Loan approval is not guaranteed and is subject to lender review of information. All loan approvals are conditional and all conditions must be met by the borrower(s). A loan is only approved when the lender has issued approval in writing and is subject to all lender conditions. Any specified rates and terms are contingent upon loan approval and are subject to change without notice due to unpredictable market conditions. Innovative Mortgage Services, Inc. is a Florida licensed lender. Company NMLS #250769. Originator NMLS # 230414. Florida Mortgage Lender License, License/Registration #: MLD178 Florida. Mortgage Lender Servicer License, License/Registration #: MLD2167 Equal. Equal Housing Lender
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