How to Sell A Home and Buy At the Same Time
Many home owners in Orange County right now are faced with learning how to sell a home and buy at the same time. You have equity in your existing home and want to use that equity for the next home that you will buy but is this a good decision for you to make? And will this strategy work?
You’re Not Alone
If you’re serious about finding out how to sell a home and buy at the same time you will be glad to know that you’re not alone in your quest. There are many homeowners who want to use their current homes equity towards the down payment on the home that they want to purchase.
Hire a Qualified Realtor
The key to success with the selling and buying a home at the same time is to have a qualified Orange County Realtor working with you who knows what’s going on with the current Real Estate Market, how much your home is worth and can come up with a solid “game plan” for listing your home fast, and getting it sold while helping you to find your next Orange County dream home
Contact Your Lender
One solution that you should utilize when using considering selling your home while buying a new one at the same time is asking your lender for a “bridge loan”. This type of mortgage loan isn’t always available but if it is, your lender might allow you to borrow the money that you need for the down payment on your next home, based solely on the equity that you have in your current home.
Bridge loans, or gap loans, as they are sometimes called, are certainly not for everyone and should only be considered unless you are willing to pay at least two percentage points above the current mortgage interest rate.
For more information on how to sell a home and buy at the same time contact Fred Sed & Associates today by calling us at (949) 272-0125.