Buying A New Home Before Selling An Existing Property: What Are Your Options?

Moving home can be an exciting time, and putting your home on the market can facilitate the purchase of a new property that better fits your wants and needs. But what happens if your current home isn’t selling but you want to or have put an offer down on your new home or the property you wish to make your new home? While a risky move, it can be worth the payoff and help you to secure your dream new home. Let’s take a look at your options with this article, “Buying A New Home Before Selling An Existing Property: What Are Your Options?” Enjoy!

Use Fast Buying Services

When your home isn’t selling, the relief of using services that facilitate you being able to sell my home fast can be immense. These transactions are typically quicker than traditional sales, providing a solution if you’re struggling to sell and need to make an offer on a new property. While the offer may be below the asking price, it can be a welcome step forward in your home-selling journey.

Contingent Offer

Making a contingent offer on your new property can be a beacon of hope. This means your purchase is dependent on selling your current property. While not all sellers may accept this, there’s no harm in asking. They might consider your offer, especially if they’re not in a rush to move or are still searching for their perfect new property.

Bridge Loans

Bridge loans are short-term loans typically requiring repayment over 12 months, which can bridge the gap between putting an offer in and selling up. You will be required to pay back the funds when you sell or at the end of the 12-month period if you use a bridge loan to complete the sale. But you’ll need to be confident that you can afford the repayments to avoid defaulting or potential interest costs.

Readjust Your Selling Criteria

Changing the price, staging your home, completing cosmetic repairs or fixes, redecorating, and boosting curb appeal can all empower you to make your home more attractive to buyers. Taking these steps to increase the chances of getting an offer you’re happy to accept can speed up the process, ensuring you don’t miss out on the new property you want.

Cash Out Refinance

Cash-out refinancing allows you to use your current house as collateral for a new loan. It essentially lets you convert your home equity into cash, which can help secure your new property prior to selling your existing one.

What it means is that you’re taking out a large mortgage loan, which you use to pay off your existing mortgage. Any remaining funds come to you as a lump sum, which you’re free to use for any purpose. It’s important to be aware that this is still a loan, and you still have repayments to be made. Interest rates can vary for cash-out financing, but it can be a viable option if you’re struggling.

While it’s not ideal to put off an offer without readily available funds, there are options to help you secure your new property if you are struggling or selling your current one.

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