Hi All! Quick question for the minds of this board.
How does one go about buying a house without first selling the one you live in? I'm currently in a 2100 sf house in Houston. Bought it for around 180k 7 years ago, current value approx 300k. Still owe about 140k on the house. Would be looking to buy around 300-350k.
The house and the layout are very nice, but the yard is quite small. I'm not actively looking to move, but every once in a while I see a house that I think would make me move. One just popped up down the street from me, and I like it a lot.
The realtor keeps saying I need to sell first, move to a rental, and then find my dream house. I have no interest in doing this, and I know there must be ways of buying and selling at the same time. I'd even be willing to sell for a bit less than market value to make it move more quickly, but don't really want to go through moving twice.
I could most likely float the payments on two houses for a few months if necessary, but wouldn't have the cash for the downpayment on the new house without getting the equity from the first house. What the best way to go about this? I've heard of HELOC and Bridge loans but not really sure about the process.
Thanks for any advice!
How does one go about buying a house without first selling the one you live in? I'm currently in a 2100 sf house in Houston. Bought it for around 180k 7 years ago, current value approx 300k. Still owe about 140k on the house. Would be looking to buy around 300-350k.
The house and the layout are very nice, but the yard is quite small. I'm not actively looking to move, but every once in a while I see a house that I think would make me move. One just popped up down the street from me, and I like it a lot.
The realtor keeps saying I need to sell first, move to a rental, and then find my dream house. I have no interest in doing this, and I know there must be ways of buying and selling at the same time. I'd even be willing to sell for a bit less than market value to make it move more quickly, but don't really want to go through moving twice.
I could most likely float the payments on two houses for a few months if necessary, but wouldn't have the cash for the downpayment on the new house without getting the equity from the first house. What the best way to go about this? I've heard of HELOC and Bridge loans but not really sure about the process.
Thanks for any advice!