A.
In this hot market, it is tough to buy a home
without being able to demonstrate that your financing is in place. In today’s
market, buyers often remove all contingencies when they make offers, including
the contingencies around finances. The more certainty buyers give sellers, the
stronger the offer becomes. With the sale of your current home specified as a
contingency, sellers are less likely to consider your offer. You may start
writing offers once you have a contract for the sale of your home and all contingencies
have been removed, and you know escrow will close.
Or you may want to wait until after escrow is closed and the proceeds of you
sale have been deposited into your bank.
At this point,
however, you may have sold your old home but have not found a new home. In this
case, you may be able to rent back your old home from your buyer. Or you could
find a short-term rental. Or you may have to stay with family or friends while
you continue to search.
Another option is to
get a bridge loan, which allows you to tap the equity in your current home.
With this short-term financing, you can buy a new home before you sell your
house. You’re essentially financing two homes at once, temporarily. Once you
sell your current home and receive the proceeds, you pay off the temporary
bridge loan. However, few lenders offer bridge loans.
An alternative is to
tap into a home equity line of credit that you've opened previously. Either
way, you’ll need an excellent credit score and plenty of equity in your current
home. If you think one real estate transaction is stressful, this is double!
Make sure you get an experienced Realtor, keep calm, and carry on!
いつもお世話様です。イーストベイの不動産の事なら、津守弘子までよろしくお願い致します。510.409.3472またはhiroko@eastbaymodern.com
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