March 18, 2020
Buying a new home can be exciting and overwhelming. Buying a new home while selling your current one presents unique challenges. These tips can help you navigate both with ease.
Work with your real estate agent to determine if you’re in a buyer’s or a seller’s market to help you come up with the best pricing strategy. If it’s a buyer’s market, you may find the perfect home for a great price, but you may not be able to find a buyer for your home as quickly as expected.
Many factors of the home selling and buying process are out of your control. Focus on areas you can control to minimize stress and be as prepared as possible. Take care of home repair projects and improve curb appeal to make your current home more attractive. You can also have your home appraised, have a home inspection completed and get prequalified for a new loan amount to help the process go smoothly.
With your current home already sold, you’ll likely have an easier time getting a mortgage for your new home. But if you can’t find a new home, you could be stuck with no place to live. You can request a rent-back agreement to allow you to remain in your current home for up to 90 days, allowing you more time to house hunt.
Although you’ve found your new home and likely have plenty of time to move, you could potentially be stuck paying two mortgages. If this happens, consider a short-term bridge loan that uses your current home’s equity to pay for your new home. The loan is repaid when you sell your current home. Another option is to include a contingency in your contract when purchasing your new home.
Buying a new home while trying to sell your current one can be tricky. Planning ahead and being prepared can get the job done with minimal stress. To learn more about financing options, drop by your local branch to speak with a mortgage officer or personal banker.