In our current market, one of the most frequently asked questions I receive is: “How do I buy and sell a home at the same time?” If you’ve been wondering about this yourself, today I’ll quickly lay out your options.
Traditionally, sellers would be open to accepting offers contingent on buyers selling their homes first. However, in this hot market, many sellers aren’t willing to accept that type of offer. Luckily, the Franklin Team has a few options to overcome that obstacle:
- Bridge loan. A bridge loan is a short-term loan used to bridge the gap in the time it takes to buy and sell a home. The Franklin Team has partnered with a lot of great lenders in our area who would be happy to go into more detail on bridge loans.
- Home equity line of credit (HELOC). This is another great, unique financial product that can help you get into your next home by using the equity built up in your current home.
- Partners of the Franklin Team. We’ve partnered with a few companies that work hand in hand with us throughout your entire transaction. These companies can assist you with your down payment before your new home is ready to close.
Everyone’s situation is different, so please reach out to the Franklin Team today so we can discuss how to assist you. Call or email us with any questions you have. We hope to hear from you soon!