The housing market is doing well right now. Remote-working city residents are buying homes in suburban areas. Some sellers are flip-flopping. They listed their homes in the spring, then back-tracked once COVID-19 took hold. Now that the world isn’t so locked down, they’re relisting and marketing, hopefully before the winter chill sets in.
Then there are people like you. You want to sell your home and buy another one before the inventory bottoms out and the mortgage rates soar. If you don’t find a buyer before you close on your new home, you’ll have to struggle with a double mortgage until you do.
How do you slip into a double mortgage?
The housing market is great for sellers right now. But it’s not great enough that everything will work out exactly the way you want. You never plan for a double mortgage when you sell your home, somehow, they just happen.
Double Mortgage Scenario
- You see a home you love. You put in an offer and the seller says, “Yes!” You want to buy it immediately, but you never got around to cleaning up, fixing up, and listing your current home before the pandemic hit. Optimistically, you buy your new home. You hope to sell the old one quickly. After all, it is a seller’s market.
- Your realtor finds your next home fast. She even works out a deal to sell your home for your The buyer accepts your offer and you accept your buyer’s offer. You’re scheduled to close on your old home before you close on your new home. Miracle, right! Except the buyer can’t get mortgage approval. If you can’t sell your home first, you prefer to go ahead and close on your new home or another buyer will surely steal it away. If the bank lets you close on your new home, you’ll have two mortgages.
- Your boss promotes and transfers you. The job is great, but you have to relocate two states away by the end of the month. It shouldn’t take long to sell your home, except it needs a few updates. Your realtor promised to help you get it on the market and sell it ASAP. In the meantime, you have to buy a new home in your new city because you must live somewhere.
Banks don’t like double mortgages
Sometimes a bank won’t approve a mortgage on your new home until you sell your home and pay off your existing mortgage. That might work out if your home is ready to list immediately. If it still needs pre-listing preparation, you won’t be able to sell your home right away. You’ll miss out on buying the new home you love.
We have a simple answer
At Next Level Home Buyers, we have a simple solution for your double mortgage quandary. When you sell your home to us, you can go ahead and close on your new dream home or relocate to another city. You can do whatever you need to do, and you won’t have two mortgages complicating your financial life. Our process is Fair & Fast.
- We evaluate your home
- We make you an offer
- You accept
- We close in a few as 7 days
Contact Next Level Home Buyers
If you want to sell your home, but you’re concerned about managing two mortgages, give us a call 860-368-0343 or complete our contact form. We’ll tell you more about our Fair & Fast home buying process.
WE BUY HOUSES IN ANY SITUATION:
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Trouble Selling
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Behind on Payments
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Owe Taxes
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No Equity
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Disability
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Bad Tenants
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Pre-foreclosure
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Listing Expired
- Death of a loved one
- Liquidating assets
- Inherited property
- Job loss
- Bad mortgage
- Bankruptcy
- Medical Bills
- Extensive repairs
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Retiring
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Judgments
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Structural issues
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Relocation
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Bad neighborhood
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Downsizing
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Divorce
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Liens
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Code Violations
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Fire Damage
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Condemned Property
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Ugly House
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Environmental Issues
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Title Issues
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Hoarders
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And More
Need To Sell Your Home Fast? Expensive Holding Costs?
Learn More About Our Fair & Fast Cash Buyout
At Next Level Home Buyers, we buy homes regardless of the condition. If you can’t wait months to sell your home and you don’t want pay a huge real estate commission, complete the information form below or call us at 860-368-0343.