If you can afford it, another option is to ask the sellers to consider carrying back a second mortgage. This allows you to use their equity until your home sells. He says Sell your house first, but have a clause in your contract that does not give possession of your house to your buyer for as long as it takes you to find your next house . This seller rent back would require you to pay a per diem cost to rent your home. However, it eliminates your risk by allowing you to continue to live in the property for an agreed upon time frame after it s sold.
Smart buyers avoid the most common mistakes made by normal buyers.
A professional mortgage officer knows in excess of 50 ways to finance your mortgage. Everyone's personal situation is a little different. As an example, your mortgage can be designed to reduce your payoff term and increase your equity with virtually the same monthly payment. Because you simply did not know. Additionally, you can solve any obstacle, no matter how small, without delaying the closing as many buyers do by processing their loan after placing a contract on a home.