{"id":9539,"date":"2018-09-21T08:59:12","date_gmt":"2018-09-21T14:59:12","guid":{"rendered":"https:\/\/www.richmondamerican.com\/blog\/?p=9539"},"modified":"2024-01-04T15:29:14","modified_gmt":"2024-01-04T22:29:14","slug":"when-youve-bought-a-home-but-havent-sold-your-old-home","status":"publish","type":"post","link":"https:\/\/www.richmondamerican.com\/blog\/when-youve-bought-a-home-but-havent-sold-your-old-home\/","title":{"rendered":"Help! I Bought a New Home But Still Haven\u2019t Sold My Old Home"},"content":{"rendered":"

Congratulations! You\u2019re under contract for a new home. There\u2019s just one problem: your current home hasn\u2019t sold\u2014and closing day is coming up fast. What to do? Here are a few options to consider when you\u2019ve purchased a home but still haven\u2019t sold your old home.<\/p>\n

Take out a bridge loan (or swing loan)<\/strong><\/h3>\n

Ask your mortgage lender about whether your old home has enough equity to qualify for a bridge loan, short-term financing intended to help you bridge the gap from one house to the next. Interest rates for these loans are often higher than average market rates, but assuming that you won\u2019t need it for long, and that proceeds from your current home will pay back the full amount, a bridge loan could be a worthwhile move that helps facilitate a smooth financial transition. Just bear in mind that not all lenders offer this type of loan, and that you’ll have to meet certain criteria in order to qualify.<\/p>\n

Rent your old home<\/strong><\/h3>\n

If you can rent out your home for more than your monthly mortgage payment, it could be a nifty way to turn a profit. Even if the rent won\u2019t cover the full cost of your old home\u2019s monthly expenses, it\u2019ll at least defray some dual-home expenses until you\u2019re in a position to sell.<\/p>\n

Lower your selling price<\/strong><\/h3>\n

If you\u2019re having trouble selling your old home, your real estate agent may suggest lowering the price. That can be hard to do if you strongly believe you\u2019d be selling yourself short, but consider that paying two mortgage payments for an indefinite period of time could equal a greater amount of money than whatever extra profit you\u2019ll get from holding out for a higher selling price.<\/p>\n

Contingency offer<\/strong><\/h3>\n

If you have your eye on a resale home but haven\u2019t yet put in an offer, you could see if the sellers will agree to a contingency offer\u2014in which the seller gives you exclusive rights on their home for a specified period of time without obligating you to purchase the property right away. This setup gives you leeway to sell your old home before moving forward with a contract on the new home, so that you\u2019re not juggling multiple addresses. In a seller\u2019s market, where you\u2019re competing with a number of other motivated buyers, sellers may be less inclined to agree to such terms.<\/p>\n

\n

We hope these ideas help you in your new home transition. For more tips on selling your home, check out our Checklist for Putting Your Home on the Market<\/a>.<\/em><\/p>\n

\u00a0<\/strong><\/p>\n

\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Congratulations! You\u2019re under contract for a new home. There\u2019s just one problem: your current home hasn\u2019t sold\u2014and closing day is coming up fast. What to do? Here are a few options to consider when you\u2019ve purchased a home but still haven\u2019t sold your old home. Take out a bridge loan (or swing loan) Ask your […]<\/p>\n","protected":false},"author":1,"featured_media":9544,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"ub_ctt_via":"","cybocfi_hide_featured_image":"","footnotes":""},"categories":[2,9],"tags":[382],"featured_image_src":"https:\/\/www.richmondamerican.com\/blog\/wp-content\/uploads\/2017\/09\/iStock_000008384987Medium.jpg","author_info":{"display_name":"rahblogadmin","author_link":"https:\/\/www.richmondamerican.com\/blog\/author\/rahblogadmin\/"},"yoast_head":"\r\nHelp! 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