Have a House to Sell and Thinking about Buying before Selling?
If you’re anything like many of my baby boomer clients, you may want to sell your home and are thinking about buying before selling. Is this you? Are you looking for a certain type of house, in a specific area and don’t want to sell before you find the right house? I get that. I feel the same way. You also know you may not qualify to make two house payments. So you need a loan to secure the new house before you sell the current home.
Buying before selling
There are lots of terms for this type of financing…bridge loan, blanket loan, etc. One thing I know for sure, getting your next loan in order before buying your next home is mandatory if you expect to win in this real estate market.
Before you start looking for your perfect home, you’d better do three things (after talking with me of course):
- Talk to one of my preferred lenders (or yours) and get your finances in order
- Get your preapproval letter so you’re ready to be a home buyer
- Be 90% ready to list your house for sale because you’ll be sorry if you’re not
Download my FREE APP and get information about any house that’s not under contract when you drive by. Houses come on the market every hour of every day. If you’re not ready by doing the above 3 things, you’re going to miss out on an opportunity every time. I recently saw a house that I would have bought. Unfortunately, I wasn’t ready and I got up against a cash buyer before I could get my preapproval letter.
You know the real estate market is hot right now. While you’re thinking about how nice it would be to be living in a different home, you’re going to miss your chance. This is the exact same thing my friends Tom and Kathy experienced last year. You’re competing with buyers who don’t have a house. You have one. You just want a different one. Today’s buyers are willing to step up to the plate and pay extra money for the house they want. Can you compete? Yes you can but you can’t procrastinate with it. Get serious and let’s find you a house. Let’s come up with a strategy and make it happen!
There are very definite upsides to obtaining financing for the new home and buying before selling. Any type of financing you can put together with your lender is going to avoid the alternative options:
- You can always sell your home first and move to temporary housing (2 moves, hefty deposits plus the pain and expense of moving twice) or
- Sell your home and move in with family or friends temporarily (not a bad option if you can do it but you’ll still be making two moves) or
- You can be a smart seller and learn how you can buy before you sell
Buying a house depends entirely on your own personal financial situation and I highly recommend you sit down with a mortgage lender and discuss your situation. Every loan is different and yours will be unique to you depending on your income, debt, assets and liabilities. But miraculous things can happen when getting a home loan. I know that one personally.
Click here for an instant report regarding your home’s real value versus the Zillow Zestimate or call me for a FREE 20 minute walk through.
Our next one hour Buy Before You Sell Workshop is Saturday, June 10th in Overland Park. To register for this event, please fill out the following form. You may bring a guest but you do need a reservation. We will contact you to confirm your reservation with the time and location.
Or would you prefer us to come to you for a House Call? Please call me at (913) 515-3250 or contact me here and we’ll come to you at your convenience!
Today’s New Listings – Homes for Sale in Overland Park
$162,000 : 7728 Foster Street, Overland Park2 beds, 1 bathListed with ReeceNichols South
$219,900 : 8337 Broadmoor Street, Overland Park3 beds, 2.1 bathsListed with Tom Jones Realtors LLC
$180,000 : 7012 Beverly Street, Overland Park3 beds, 2 bathsListed with Keller Williams Diamond Part
$244,500 : 8706 Benson Street, Overland Park3 beds, 3 bathsListed with Platinum Realty LLC
$419,900 : 15621 Pawnee Street, Overland Park3 beds, 3.1 bathsListed with ReeceNichols Town Center
$325,000 : 9709 W 103rd Terrace, Overland Park4 beds, 2.1 bathsListed with Baron Realty
$499,990 : 17308 Noland Street, Overland Park4 beds, 4 bathsListed with Weichert Realtors Graham Welch
$899,000 : 11901 W 148th Street, Overland Park5 beds, 4.1 bathsListed with RE/MAX Premier Realty
$179,000 : 7200 Outlook Street, Overland Park3 beds, 2 bathsListed with Realty Executives
$375,000 : 15435 Nall Avenue, Overland Park3 beds, 2 bathsListed with Realty Executives
See all Real estate in the city of Overland Park.
(all data current as of 10/22/2018)
Listing information deemed reliable but not guaranteed. Read full disclaimer.