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Home Selling Tips

Know your options

Question: What If I Need To Sell My Current House First Before I Can Buy?

We really need to buy a bigger place, but we need to sell our current home first. Can we write an offer that is contingent on selling our house? Are there any other options?

Answer: You may have more options than you realize!

This is a tricky question because the answer really depends on what the current market is like, and how much equity you have in your current home. If the market is slow and there are many homes available, you can definitely write an offer contingent on selling your house. If the market is hot but you have equity in your home, you can get a bridge loan or another type of loan that enables you to have both properties at once for a short period of time. If you don’t have very much equity, you are going to need to sell first – plan on renting for a while! Of course, the equity you have depends on your home’s current value, so let’s talk about that first.

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Home Selling Tips