>>> This month’s question is… If I have a home to sell, how do I transition to a new home in this market? <<<
With the lack of inventory in the Denver area, sellers are waiting for more inventory in order to sell, which is creating a vicious circle of low inventory.
I offer a few ideas on how to make the transition successfully:
- Buy first with the opportunity to recast the loan after selling your “old” home
- Stay in your current home after it sells and rent back up to 60 days from the new buyer
- Do a double move
- Take advantage of the extra 10-20% you could make on your sale and do a double move…. with a twist!
Please watch the video to learn more.
Here are two other options I’ve heard of lately:
- Bridge loans: There are few reputable lenders offering these (1st Bank is one) and they are difficult to qualify for because you have to qualify for your current home, your new home and the bridge loan payments.
- Rich “Uncle”: If you have a wealthy friend or family member, they could buy the home for you with cash and you can buy it from them as soon as your home sells. Don’t scoff! This happened with a listing of mine.
Even if you’re not thinking of making a move, you may know someone who is.
Please share this with any friends or family who might benefit from this information.
I would be honored to help them.