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What happens when you find a house and your are selling your house? How does selling and buying at s

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November 21 2012 - Lake Houston
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Answers (2)

You can always make an offer that is contingent on the sale of your home but many sellers are hesitant to accept an offer with that type of contingency.  And if they do agree then you may lose some of your bargaining power since the seller would be taking a risk.

You may want to speak with your lender about a "Bridge Loan". Basically, a short term loan taken out by a borrower against their current property to finance the purchase of a new property.

I would suggest speaking with both your lender and a local Realtor about which option may be best for you.  Best of luck on selling your home quickly and buying your new home!

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November 21 2012
It sounds like you are asking how you sell your current house and buy the house you have found. This can be difficult. Your options are to see if the seller of the new house will accept an offer from you that is contingent upon your selling your house in order to buy the new house. Many sellers will not accept a contingent offer, they would rather not wait and hope you can sell your current home. If the seller won't accept a contingent offer, then another option could be for you to get a bridge loan. This is another loan buying the new house while you still own the current house. In other words you will then own two homes while trying to sell one. The lender will have to decide if you can get a bridge loan or not. If those both fail, then you will have to get a non-contingent offer on your house before writing a non-contingent offer on the new house.

I hope you are dealing with a Realtor on this, they should be able to explain it all and how it works. Good luck.

Tim
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November 21 2012
 
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