| How to solve the dilemma of being stuck with | | | | could still lose your home anyway. |
| two houses at once? This is the mystery when | | | | In these types of situations where a bridging loan |
| selling your existing home because you have to | | | | is requested and approved, the original home (#1) |
| move and re-buy. Real estate agents are often | | | | is still on the market, waiting for a buyer. |
| asked this question: shall I buy first or sell first? | | | | Meanwhile you move into the new home (#2) and |
| Nobody wants to answer that question, as there | | | | start paying two mortgages. |
| is no correct answer. Or maybe there is, but | | | | Suppose that the market is slow and there are |
| no-one wants to hear it. | | | | no buyers for house #1? After three months you |
| So here it is. | | | | are still paying two mortgages and then the |
| It is better for a seller to sell the property before | | | | market plunges. You have to drop the price of |
| buying a new home and then go into rented | | | | house #1 considerably, meantime house #2 has |
| accommodation while looking. Ugh! There - it's out | | | | also dropped from the price you just paid for it, |
| there now. | | | | and on top of all this you are paying two huge |
| Of course, this is only one viewpoint, so let's look | | | | mortgages. |
| at the pros and cons. | | | | Three months have passed and no sign of a |
| With anything in life, you must look at the worst | | | | buyer; would those three months have been |
| scenario before you make a decision. You cannot | | | | better or worse for you if you had been living in |
| risk losing your house simply because you cannot | | | | rental accommodation? Once you have answered |
| bear to have your life disjointed for a month or | | | | that question, you know the answer that will suit |
| two. If you think it has been difficult at times to | | | | your lifestyle. |
| make the payments on your home, how will it be | | | | It's not all bad; there are some advantages to |
| to make two payments on two houses every | | | | selling first and buying later. Obviously, by vacating |
| month? | | | | your home at a date that specifically suits |
| If you are in a position where you know you can | | | | someone else, it is an added incentive to a buyer |
| afford to make two mortgage payments, maybe | | | | to choose your home. |
| you could ignore this advice. However, it can be | | | | Once your home is sold and you decide to buy, |
| very difficult to be cleared for two loans at once, | | | | you will be in a better position to offer a lower |
| even if you think you can afford it, so get | | | | price if you are not involved in a chain. How about |
| pre-approved for two loans before you act. If | | | | this one: after living in rented accommodation, you |
| you do move out, try and leave some furnishings | | | | will REALLY appreciate your new home? |
| in the home, to help it look 'lived in'. | | | | This article was written on behalf of Eddy Kicker, |
| There is a sneaky way around this - that is by | | | | a Relocation Specialist who focuses on Greenville |
| pretending that you are renting out your existing | | | | South Carolina real estate. If you are planning to |
| home. This shows you have a (falsely) higher | | | | buy or sell a home in the Greer SC real estate |
| income than you really have. Don't let an | | | | area, Eddy welcomes the opportunity to assist |
| unscrupulous broker talk you into this scenario. | | | | you. |
| Apart from the fact that it is a federal crime, you | | | | |