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Caught Between Buying & Selling?

Sometimes selling a home & buying a new one can be a difficult balancing act as a homebuyer tries to place an offer on a new home & sell their current home simultaneously.

These homebuyers & sellers get "caught in between". Below are a couple of suggestions on how to close that time gap between buying & selling a home.

Consider a bridging loan. A bridging loan means borrowing from the current home's equity until the proceeds from its sale are obtained. Some bridge loans require that only the interest be repaid; others mandate a single payment of interest & principal when the loan needs to be paid back. If protracted, bridge loans can be expensive, so it is best to use them for overlaps of a short period of time between closings.

Review home equity options. For those who need to borrow for a longer period than just a few months, it is best to use a home equity loan or a fixed-rate line of credit, particularly if sizable equity has been built up

Buy on contingency. Have a “subject to sale” clause included in the purchase contract for your new home. It provides the opportunity to withdraw from an offer if the current home does not sell by a certain date.

Talk to your real estate agent, they can advise you on the best approach to suit your situation.

Sharon Cranfield

+1 (441) 305-8074 - Cell

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