• Home
  • About Us
  • Contact Us
  • Privacy Policy
Thursday, June 8, 2023
No Result
View All Result
Henrico Warriors
No Result
View All Result
  • Home
  • Henrico
    • Henrico County Government
    • HenricoHS Student Activities
    • Living In Richmond Virginia
  • Henrico Schools
  • Henrico VA
  • Local Gyms
  • Moving To Richmond Virginia
  • NBC12 Richmond
  • WTVR CBS 6
  • Home
  • Henrico
    • Henrico County Government
    • HenricoHS Student Activities
    • Living In Richmond Virginia
  • Henrico Schools
  • Henrico VA
  • Local Gyms
  • Moving To Richmond Virginia
  • NBC12 Richmond
  • WTVR CBS 6
No Result
View All Result
Henrico Warriors
No Result
View All Result
Home Living In Richmond Virginia

Buying And Selling A Home At The Same Time | How To Buy Another House While Owning A House

admin by admin
April 19, 2022
in Living In Richmond Virginia
0 0
0



If you own a home but want to buy another one, this video is for you! We will go over 5 different solutions for buying and selling a home at the same time. Everyone knows the real estate market is very hot right now but no one is addressing how to buy another house while owning a house. It can be tricky buying another house while currently owning a house and a lot of our recommendations will be based on how well you qualify for two mortgages at the same time.

Our first solution is to sell your current home first, move into a rental for a while, and then go house hunting while you are renting. The pro to this scenario is that you will have cash in hand ready to go and you can be flexible while house hunting. The con to this scenario is that you have to move twice and you don’t know where you will end up because your next home hasn’t been identified yet.

Our second solution is to sell your current home first, get the buyer of your home to give you a rent-back, and then go house hunting during the rent back period. The benefit to this scenario is that you don’t move twice. The downside to this is that we have a very narrow window of opportunity since most rent backs are only 60 days long.

The third solution is to secure a bridge loan. A bridge loan will provide you the means to purchase your next home before selling your current one. You need to have a lot of equity in your current home and be able to qualify for two mortgages at once. The downside to this scenario is that typically the lender that gives you a bridge loan will require you to utilize them for the mortgage on your next home.

Our forth solution is to look into new construction options. We love helping clients buy brand new homes and you have 3 different scenarios on how to proceed with new construction. If you qualify for your current mortgage, your new mortgage, and you have the cash available for your down payment without selling then you can write a contract to build a new home, have your home built, move into your new home, and then sell your current one after. If you qualify for both mortgages but you need the cash from the sale of your home before you can close on your new construction home then you would write a contract to build your new home, about 60 days before your new home is completed you would sell your current home and ask the buyer for a rent back, then you would close on your new construction home and move into it during the rent-back . The last option is you can sell first, write a contract to build your next home, and then go rent something while your home is being built.

The fifth solution is to get a home equity line of credit on your current home to use as the downpayment for your next home. You will need to be able to qualify for both your current mortgage, the home equity line of credit, and the new mortgage which might not work for everyone. Make sure that you have enough equity in your home for this plan to work. We recommend at least having a 20% downpayment to be successful in this market.

If you are thinking about any of these scenarios be sure to reach out to us! We need more content for our upcoming episodes of Selling RVA. If you let us document the sale of your home from start to finish for our show, we will reduce our commission by 1%. Reach out here – Taylor@JeffersonGroveRVA.com or 804-357-8490

To receive our FREE Richmond Relocation Guide:
✅

? If you want to know exactly what it’s like to live, work, eat, and play in Richmond Virginia please subscribe to our channel here: ???????
✅

? We have helped so many families relocate to Richmond Virginia and we absolutely LOVE being a helping hand! If you are even thinking of moving or relocating to RVA we can make the move and transition so much easier for you!

Ready to start your search? We absolutely LOVE what we do and we are very thankful for each and everyone of you. Please do not hesitate to reach out to us, we are always happy to help!

Taylor & Sarah Jefferson
Jefferson Grove Real Estate
Expertise You Can Trust
11535 Nuckols Rd Suite E
Glen Allen, Va 23059

? Call/Text Direct at 804-357-8490
? Email: Taylor@JeffersonGroveRVA.com
?‍? Website: JeffersonGroveRVA.com

Follow us on FB: facebook.com/jeffersongroverva
Follow us on Instagram:: instagram.com/jeffersongroverva

All About Richmond, Virginia:
✅ Richmond Wikipedia:
✅ Visiting Richmond:
✅ Richmond Trip Advisor:
✅ Richmond Neighborhood Data:
✅ Richmond School Ratings:

source

ShareTweetSendShare
Previous Post

Family seeks more than $3M from Henrico School Board, claims violation of federal special ed law

Next Post

Henrico News Minute – April 19, 2022

Next Post
Henrico News Minute – Jan. 26, 2022

Henrico News Minute – April 19, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent News

Audrey Baise vs. Renee Duvall

Audrey Baise vs. Renee Duvall

June 6, 2023
Richmond High School Band Spring Concert 2022

Richmond High School Band Spring Concert 2022

June 6, 2023
HCPS On-Line: probability

HCPS On-Line: probability

June 6, 2023
New Homes In Richmond VA | New Construction Neighborhoods | Main Street Homes Richmond VA

New Homes In Richmond VA | New Construction Neighborhoods | Main Street Homes Richmond VA

June 6, 2023

HenricoWarriors is the latest Henrico NEWS & Videos website. You can watch the best Henrico news & videos.

Categories

  • Brazilian Jiu-Jitsu
  • Henrico
  • Henrico County Government
  • Henrico Schools
  • Henrico VA
  • HenricoHS Student Activities
  • Living In Richmond Virginia
  • Local Gyms
  • Moving To Richmond Virginia
  • NBC12 Richmond
  • WTVR CBS 6
No Result
View All Result

Recent News

Audrey Baise vs. Renee Duvall

Audrey Baise vs. Renee Duvall

June 6, 2023
Richmond High School Band Spring Concert 2022

Richmond High School Band Spring Concert 2022

June 6, 2023
  • Home
  • About Us
  • Contact Us
  • Privacy Policy

Henricowarriors ©2021 | All Rights Reserved. Design by RinkuWordPress

No Result
View All Result
  • Home
  • About Us
  • Contact Us
  • Henrico
  • Henrico County Government
  • Henrico Schools
  • Henrico VA
  • HenricoHS Student Activities
  • Living In Richmond Virginia
  • Moving To Richmond Virginia
  • NBC12 Richmond
  • WTVR CBS 6
  • Privacy Policy

Henricowarriors ©2021 | All Rights Reserved. Design by RinkuWordPress

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In