Should I Sell My House or Buy the Next One First?

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A lot of my clients want to know how to buy. Should you sell your current home first and then make an offer? Or should you buy and pay two mortgages until you sell your current home?

There's a few different things you should consider to find out what's best for your situation. If you want to buy your new home before you sell, you will have to pay two mortgages. Are you willing and able? Even if you are, lenders do have some requirements.

Lenders look at debt to income ratio, debt to equity ratio and cash flow. Some lenders also require 20% equity in both the homes combined. If you buy a home for $100,000 and your current home is $100,000, you will need $40,000 in equity.

You should also consider whether you are making a logical or emotional decision. Do you need this home or did you just fall in love with it during the walk-through?

If you have questions about whether to buy or sell first and which is best for your situation, please give me a call. We can set up a time to talk!

4 comments :

General PostSeptember 28, 2015 at 5:37 AM
I am happy to see your Post..... your post always provide benefit with us.... ThankYou

Buy House Cash Kansas City
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AnonymousMay 26, 2016 at 10:32 PM
I really enjoy reading and also appreciate your work.

sell my house & how to sell your house & house buyers
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Nicholas TaylorAugust 8, 2016 at 12:01 AM
This is a great overview, and definitely something that my wife and I should keep in mind while we’re looking for a new house. I definitely think it’s worth the risk to sell our house before we start making offers on another house, but the risk of not having a place to live scares her. Hopefully your video will help alleviate her fears!
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Alex monerOctober 3, 2017 at 2:02 PM
Are you willing and able? Even if you are, lenders do have some requirements. Johnny Chen

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Should I Sell My House or Buy the Next One First?

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