One of the challenges I have been running into lately is how to buy a house without being a contingent buyer meaning you want to move but need the cash from the sale of your current property to be competitive when making offers on your next home.
One of the best ways to navigate this challenge is to sell first and negotiate a 60-day rent back from the buyer. This will give you cash in hand so you can be a non-contingent buyer when making offers and enable you to compete in the market.
Are there other options? – Yes.
If you have enough cash on hand and can qualify for a new loan or a bridge loan you can be a non-contingent buyer. You may be able to do a HELOC on your current home and that can be your down payment for your future home as well as help to obtain a new loan.
Of course, speaking with a Mortgage Professional who can offer some insights is always helpful.
If you want to speak with me in more detail how I am helping clients with this challenge-please feel free to reach out!
