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Every month, thousands of homeowners are faced with the stressful dilemma of whether to buy first or sell first. You see, if you buy before selling, you could run the risk of owning two homes. Or, just as bad, if you sell first, you could end up homeless. It’s what insiders in the industry call the Real Estate Catch 22, and it’s an extremely anxious position to find yourself in.
You’re in the market for a new home. You’re still living in your old home. Suddenly, you find the perfect house to buy. Good location, good price, but, wait. You still have your old home. You can’t afford to pay two mortgages for very long. And getting a down payment without selling your existing home? That’s not easy. Here are some ways you can juggle two homes and cut down on the time you have to be in this predicament.
There are a few avenues for getting a down payment for the new home before selling the old one. One way is to take out a loan from family or friends. Create a promissory note, give the person a competitive interest rate and secure the note with the deed of trust on your new house.
Sometimes it can be difficult or unfeasible to borrow money from a family member or friend. If it’s not possible, you might be able to ask your bank for a short-term loan on your existing home with the plan to pay it off when your house sells.
Consult With An Experienced Real Estate Agent.