This is an excellent question because I know many families do not want to move more than once and put in temporary housing . I get it , and I have been there myself !
The simplest , most straightforward way to do this , if all parties agree, is to make your offer contingent on selling your current home . Work with the sellers to agree on dates and BOOM, there you go ! Many offers have gone away from this strategy simply due to the crazy market we have seen over the past few years . I do think that THIS market is a great time to put this strategy to play.
If you are looking to move only one time , there are other strategies out there to make that happen.
Let’s talk financing options .
Bridge Loans :
A bridge loan is a short term-term loan that can bridge the gap between buying a new home and selling the current one . This can help you , especially if the market is hot and you don’t want to make a sale contingent offer on a new property.
HELOC:
A HELOC allows homeowners to access the equity in their current home for down payment on the new one .once you sell your home , you pay off your current mortgage and the HELOC.
First and 2nd Lien Option:
There are some situations you can use a second lien to minimize down payment. Like a HELOC , once you sell your home , you pay off your current mortgage and maybe the second lien on your new house and bridge the gap.
Qualify for 2 mortgages :
This is going to be the least appealing option and very difficult to qualify for , but if you can do it , by all means !
I’m here to help!