How to Buy a New Home Before Selling Your Current House
Can I Buy A House Before Selling My Current Home?
The answer is yes. You may be able to keep the home that you have now, then buy your new home, and then sell your current home after you close on your new home.
There are actually some programs out there from some different companies. There are also some lenders that have programs that work great for people who want to or need to buy a new home, but they want to do that before they sell their current home.
Dealing with Competitive Offers
In this market, one of the things that we're seeing people trying to do is to make their offers more competitive so they don't have a sale of home contingency, which means that you make an offer on a home, but you're only going to follow through and close on that home if you can sell your current home first.
Most people need to unlock the equity out of their current home to be able to put towards the money that they need to bring to closing on their new home. Also, it becomes a debt-to-income ratio issue where you can't carry two mortgages at one time.
Let’s talk about timing and options so you can make the best decision for you and get your home sold and buy your new home in the way that works for you!
Are you considering buying a home before selling your current Nashville home? Give me a call at (615) 930-0313, schedule a call with me, or send me a message! I love helping people and using my financial and legal background to guide you in finding your dream home!