Today I am going to discuss the use of a home equity line of credit or a "HELOC" as a means of helping you buy a new home while having to sell your current home.

This is another option that allows buyers to utilize equity in their own home for the down payment on a new home. This is similar to a bridge loan in that you need to be able to qualify for the new mortgage without selling your existing home first, but this is an option that buyers will often use if they already have a HELOC in place. This is another option where some buyers will list their home while under contract and others will wait until they close on the new home. This is a matter of preference. Talking to your mortgage professional will help you decide if either of these is a viable option for you.

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Worried about finding a home if your current home sells too fast?

We have continued to see a busy seller's market here in the North Peace depending on the price point, especially among detached family homes and homes on acreages. Some clients have been hesitant to list out of worry their house will sell before they find the right home to purchase. So this month I am bringing you some options to overcome that fear. If your current home falls into a high-demand category, this gives you some negotiating power. As your realtor, I would recommend asking for an extended closing period, basically several months between when we know your house is sold and the time the new owner will take possession, allowing plenty of time for you to house hunt. This one may seem simple, but a great way to buy some breathing room. Please find out the other top strategies I use to help clients who need to buy and sell at the same time by getting my FREE guide at the link here:  https://bit.ly/3L0Y5pt

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I have been providing solutions to those clients who are ready to make a move but are afraid their house will sell too quickly in this active market and they will be without a place to live. There are several solutions to help us navigate this issue. Today I am going to discuss making an offer subject to the sale of your house. Buyers submit an offer on a new home that is conditional on the sale of their current home. Some sellers may be hesitant to accept a conditional offer, but for others who are also looking for a home while trying to sell it can be a relief. The risk is that if the seller receives another offer, they can give you a set amount of time to remove conditions so that they may move on to the new offer if you haven't sold your house yet. If you submit a contingent offer you need to be prepared to potentially lose that home if you must have a guaranteed sale on your current home before you are in a position to purchase another one. It's a bit of a roller coaster ride but as long as you are prepared for it emotionally then it may be an option for you!

Find out the other top strategies I use to help clients who need to buy and sell at the same time by getting my FREE guide at the link here:  https://bit.ly/3L0Y5pt

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_{Tips for buying when you need to sell: Opt to rent short term}

_{Another tip today for those concerned about selling and then buying another home at the same time. It can be a balancing act to get everything to line up perfectly. What happens if your home sells and you just cannot find anything perfect to buy. We have been experiencing low inventory in certain sub-sections of the market. This may make you feel pressure to go up in price making for a less comfortable monthly budget or you settle for less and find yourself wanting to move again a short time later. One option is to rent short-term. Yes, moving twice can be a hassle however there are some great storage solutions out there if you can rent a furnished place or stay with family. This will allow you the time to find the perfect home, and allows you to place an offer without a contingency clause of you selling your house.}

_{There is not a one approach fits all in this matter, but I want to help guide you and make sure you know all of your options.}

_{Find out the other top strategies I use to help clients who need to buy and sell at the same time by getting my FREE guide at the link here:  https://bit.ly/3L0Y5pt}

_{#elichi #OMchi #elichirealtor #fsj #fortstjohnrealestate #newhome #c21 #northpeace #soldbutwehavemore #sellmyhouse #womaninrealestate #letssell #realestatelife #luxuryrealestate #realestateadvice #realestateagency #realestateteam #realestateeducation}

_{U P D A T E S  * O N * S O C I A L}

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_{Twitter:  twitter.com/elizabethchi888}