I have a lot of clients in our area who face a specific situation–they want to upgrade into a bigger home or downsize into a smaller one, but they have to sell their current home first. Here are a couple suggestions I typically make to them to help them successfully complete this process.
First, if you’re building a new home, you and your Realtor can put a contingency in the contract that allows your home to sell either before or during the construction of your new home.
If you’re a veteran and you used a VA loan to purchase your first home, your loan goes up to $424,000, so you still have entitlement left after you bought that home. This gives you two options. The first is to use the remaining entitlement to put 20% down on your new home. The second is to refinance the home you originally bought into a conventional loan, which will free you up to use the full $424,000 of your VA entitlement.
If you have any more questions about how to buy and sell a home at the same time, or if you’re curious about what’s happening in our market, don’t hesitate to reach out to me. I’d be happy to help you.
