If your dream home has just come on the market, then you will know what an amazing feeling this can be. You may feel as though the stars are aligning and that everything is going to work out perfectly. With that said, if you are still waiting on a suitable offer for your home, then you may be stuck wondering if there is anything you can do to speed up the process so your plan doesn’t fall through. Luckily, there are steps you can take.
Getting a Mortgage
If the property you have now happens to be worth more than the cost of the one you’re looking at, then you may be able to get a mortgage for the new one. There are even 4% mortgages available now, as explained by Money Saving Expert. By taking out a mortgage, you can sell your property in your own time, without worrying about losing your dream home.
If you can’t get a mortgage, you can take out a bridging loan. You can secure this against your home, and then repay it on sale. Bridging loans tend to be dearer, however, so be sure to factor that into account. Lastly, you can look into selling your current house for cash. Nowadays, you can value your house with Sold and adjacent services online which can offer you an instant valuation. Here, you can get a free cash offer while avoiding all of the stress that is often associated with putting your home on the market. As you can eliminate the chain, you can also rest assured knowing that you’ll be in a good position to put in a cash offer on your new home.
Putting in an Offer
You can also choose to put in a contingent offer. This is where you make an offer, but hinge it on the requirement that you have to sell your property first. You will usually have to work within a specified timeframe here to stop the process from being dragged out too long. Sellers may or may not accept a contingency offer.
A lot of this comes down to the market conditions and the preferences they have. If you have enough equity in your current home, then your other options, if you are certain you want to put an offer in, include securing a home equity line of credit. You can use this to put a down payment on your home, and when the home sells, you essentially use the money from this to pay off your line of credit.
This usually only happens if you have a good credit score, but you can check yours using any number of different services as detailed by the site The Week. If you simply can’t sell your home before moving out, then other options include renting it out. This allows you to gain money in the meantime, which you can put towards potential fees. With that said, if you intend to put the rental income towards your new property, then this can be tricky, as there are a lot of legalities you have to consider here.
Whether putting in an offer, getting a mortgage, selling up or otherwise, the message is the same: consider your options now, and it’ll help you a lot later.
