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Buying a home in Denver’s tight market when you have a home to sell can be tricky. I’ve found that a few select methods are the best approach.
First, if you can qualify for two mortgages, get a loan to purchase your next property. While you’re under contract and before you close, then you can list your home.
Another possibility is something called a “bridge loan.” Prior to selling, local credit unions can help you extract the equity from your current home to use as the down payment on your next home. A big advantage of this method is that you can write offers that aren’t contingent upon you selling your current property.
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A few select methods are the best approach.
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Here in Denver’s tight market, offers that are contingent on you selling your property will make it hard to compete.
Then there’s the option of listing your home, getting it under contract, and have the buyer have their offer continent on you closing on a new property, or you can do what’s called a seller leaseback agreement. That’s when the buyer closes and you then rent your property back for the next month or two, giving you time to write contracts that aren’t contingent on you selling your current property.
There are a lot of details and nuances to each of the options. I’d be happy to go over them in-depth with you to find the option that fits best for you. Give me a call or send me an email and let’s start the conversation.
