How Can I Buy A New House Before Selling My House

How Can I Buy A New House Before Selling My Old One| Rapid Home Deals 352-480-0955
Rapid Home Deals your local cash for houses home buyer. Buy your new home first and Rapid Home Deals can close on your existing house after or the same day.
Good morning. This is Carl Mullin from Rapid Home Deals. Today we’re answering questions from sellers just like you. Today the question is, how can I buy a new house before I sell my old house? Well, that’s a daggone good question in this day in time as hot as this market is. But there are ways to do that.

The first way is you can sell your house for cash to Rapid Home Deals, and then rent the property back until such time as you find a new house. The second way is to convert your existing mortgage into an interest-only loan, which will reduce your payments you have on that house and give you enough room to put some money down on the next house. The third way is do a cash out refi on your existing house, where you can pull all the cash out, get cash for your equity that you have in the house, and then use that as a down payment on your next house.

Another way is, and this is not being used very much today in this hot market, but is to have a contingency on the purchase of your next house. There’s so many houses out there being bought cash right now that, when an offer comes through with a contingency to sell their old house, that’s pretty much going to the bottom of the pile. Maybe when this market cools off, that’ll go back into style, but right now it’s not very popular.

Next one is for a 401k loan. If you’ve got enough money in your 401k, you can borrow against that until you get your new house, get your old house sold, then you can pay your 401k back. You can get a gift. If you got some people that you know that are friends of yours or relatives of yours that have enough money they can help you with a down payment on the next house, then a gift would certainly be in order in that case.

Then the last one, oh yes, you can put less than 20% down. Now, if you’re going FHA or VA on your new home or even USDA, then you can put less than 20% down. But if you’re going conventional, the answer to that is probably not. Then the last way is, and this is one most people don’t think about, is go to a financial friend of your and get a loan for the down payment on your next house and then use that loan to get into your next house, and when you sell your old house, then you can pay your financial friend back.

All right, so that’s the answer for this week. Remember, if you know somebody that’s looking to sell their house, have them call Rapid Home Deals at (352) 480-0955, or go to our website. Rapid Home Deals. We are your local cash home buyer.
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