September 2nd, 2014 12:00am
You really should have a solid contract on your home before you write a contract for the next one.The mortgage broker will give you options to obtain another home without selling . Short term financing is costly. If you can qualify for both mortgages please make sure you can afford it. Have other options available such as renting one of the homes to cover the monthly "nut" just in case. Placing a second loan to use that equity on the existing home is common. Most sellers are not interested in a contract contingent upon the sale of the buyers home. The convenience of finding and buying the next home without the pressure of selling is huge. You can shop and buy and move and sell . The frustration of shopping, locating and watching as another buyer "steals" your dream home blows! The Internet has made this even more difficult. If you can not purchase without your current home having a solid contract , do not spend hours going out and looking at homes. Look at neighborhoods, spend your time driving areas. Be realistic as to the time it will take to sell your home. Your listing agent said 90 days, your first open house had 15 groups through and you are convinced a contract or two will come out of it. You hurry up and find your next home with your buyer broker, so happy! Two weeks later, no contract on your current home and you need to cancel the contract on your new dream home. Your listing agent said 90 days, remember?