By Jonathan Bodeen · 29 March 2021
Even in a normal market, buying a home while having to sell yours first can be tricky. In this market, it’s more than a strain.
Selling your property is the easy part. If your house is in good shape, priced well, and effectively marketed, we can often get a great bidding war going and get you a great return.
The problem comes when you then have to buy. Most buyers have to do a contingency, meaning the seller of their next home has to agree that the deal is contingent on your first property closing first. In a climate full of bidding wars and where cash is king, convincing a seller to accept your deal will be tough, if not impossible.
To add to that, there are such slim pickings for properties right now, that would be buyers aren’t convinced that the right house will be available within that short of window of time they will have to choose once on offer on their own property received an accepted offer.
This is a problem! And when we see possible solutions to those problems, we like to share them with our clients. I just became certified with a company that may be able to solve this problem for some buyers. Here’s what they can do.
Allow you to purchase your next home BEFORE you sell your current one.
They give you a 2nd interest free loan for the down payment
They pay for the mortgage on your old home until it sells (6 months max)
Lend you up to $25,000 to fix up your old home for max sales price
You Pay them back on everything they lent you when the old house sells.
If this is something that would solve a problem for you or someone you know, give me a call, I can tell you more about it.