Thursday, October 1, 2020 / by Stephanie Cornacchione
5 Ways To Transition Between Homes
“How can I transition from my current home to my next home without juggling two mortgages or ending up homeless?”
That’s been a common inquiry from my clients lately, so today I’d like to share five ways this can be done—three of which are traditional, while the other two aren’t as traditional.
One traditional method for transitioning between homes is to market your home for sale until you have an interested buyer. Once you do, make sure your contract stipulates that you’d like to stay in the home after escrow is closed. This allows you to carry equity from your sale to the bank and bolsters your purchasing power when you’re making an offer on a new home.
The second method is to market your current home while also searching for and purchasing a new property all within a matter of days— also known as a concurrent close. This, of course, would mean you’d have to synchronize the purchase of your new home and the sale of your current home. Given that it will need to line up with your seller’s schedule, this isn’t always a workable possibility.
“Through our Guaranteed Sale Program, we’ll aim to sell your home at a pre-arranged price and within a certain time frame, or we’ll buy it ourselves.”
Third, you can purchase and close escrow on your new home and sell your current home thereafter. This is another method that might be tough for some people to pull off because not only will you be temporarily saddled with two mortgages, but you won’t yet have the funds from your home sale.
Now for the less traditional methods. The first is our team’s Cash-Out program, which will allow you to extract your current home’s equity before closing on it so you’ll have the funds readily available to purchase your next residence. Give us a call if you’re interested in receiving more information about this program.
Finally, you can take advantage of our Guaranteed Sale program. In the event that you enlist our help in marketing your home, we’ll aim to sell it at a pre-arranged price and within a certain time frame, or we’ll buy it ourselves. This will ensure that your equity is freed up and your home doesn’t sit on the market for a long period of time.
If you have any questions or you’d like to have a conversation about which method, traditional or non-traditional, best suits your needs, please contact me directly by calling 858-240-9900 or you can send me an email at Jack@CampbellSD.com. I look forward to hearing from you!