Buying a House Before Selling: Is It Possible?
You’ve found your dream home, but you need the equity from your current one to afford it. Here’s how to navigate the buy-sell dilemma:
Homeowners and Equity
Homeowners have significant equity, averaging $274,000, but many struggle to access it quickly. In fact, 49% of repeat buyers need that equity to buy their next home.
The Risk of Selling First
Selling first means you may need temporary housing, adding stress and costs. Plus, in a hot market, your dream home could be gone before you can make an offer.
Is Buying First Possible?
Yes, but it’s challenging. Contingent offers (relying on your home’s sale) are often less attractive to sellers. Other options like bridge loans or savings can be risky and strain finances.
Benefits of Buying First
Avoid temporary housing and double moves.
Act fast on your dream home.
Sell your house without living in it, making showings easier.
Challenges of Buying First
Financing: Accessing equity or securing a loan can be difficult.
Double mortgage costs until your old house sells.
Your offer may be less competitive in a fast-moving market.
Creative Solutions
V Nation Corp Buy Before You Sell Program:
Unlock your home’s equity, make a strong offer, and sell your old home without stress.
Bridge Loans: Short-term loans based on your home equity, but with higher interest rates.
Contingent Offers: Safer but weaker in competitive markets.
Retirement Savings: Borrow against your 401(k) with flexible repayment terms, but it may impact your future savings.
Conclusion
Buying before selling has its risks, but programs like V Nation Corp Buy Before You Sell make it easier. Let us help you unlock equity and streamline the process.
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