Buy a New Home

Top Tips on How to Buy a New Home before You Sell the One You’re in

Many people who own homes in Dallas often find themselves needing to purchase another one of the homes in Dallas for many different reasons.  However, there can be problems buying another one of homes in Dallas, if you already own a home. But, if you work things just right, you can sell your current home, purchase of the other homes in Dallas and make the transition between the two very smoothly.

Many people looking to sell homes in Dallas will sell their current property first and then are rushed to find a new home, make the offer to purchase and then have to rush out of their current home. This can create frustration on everybody involved in the entire process of buying and selling homes in Dallas. Doing things this was is greatly complicated if you are in the position of needing to complete the sale of your current home in order to have the funding for a down payment on one of the other homes in Dallas. One way to avoid this is to assess the current market of homes in Dallas that are for sale in the price range of your current property and those homes in Dallas you are looking at as possible purchases. Find out if the neighborhood where either your current home or the ones you are looking at are “hot” or “cold” areas. This means, are these homes in Dallas located in a seller’s or buyer’s market. This one factor can contribute greatly as to how easily you can sell your home and how quickly and easily you can purchase your next home.

Once you have put your home on the market and it sells quickly, that means you now have the funding for purchasing one of the many other homes in Dallas that are for sale. But the question is-where will you live now that your home has sold. It is a fairly common practice to make an agreement with the new owners that you have a certain amount of time once the deal is closed on homes in Dallas to find somewhere else to live.  This is often done if you offer to pay part of the closing costs or some other type of financial fee that is relevant to the sale. If you are not able to work out a deal when selling homes in Dallas with your home’s buyer, then you will have to make other arrangements as quickly as possible to purchase one of the numerous homes in Dallas. Most people who buy and sell homes in Dallas are able to reach some type of agreement that will let the seller remain in the home, usually for about 30 days or so before they have to move out. If you are smart and have the funding to do so, once you have a fairly definite offer or two on your current home, you will begin the process of purchasing one of the other homes in Dallas as soon as possible.

If you buy your new home first before you sell your current home, you may be able to qualify for financial assistance in the form of a home loan or a home equity line of credit. Many financial institutions will work with people who are looking to buy homes in Dallas, but also currently own a home they are trying to sell.  If you go this way to move to a new home, make sure you are not going to be stuck with paying double mortgage and insurance payments.   Most of the time when home owners get a home equity line of credit on homes in Dallas, they are able to get a finance rate of about 1% above the current prime rate and also get a tax deduction on the interest of the loan.  Any money left over from the sale of your current home can go towards paying off the loan for one of the homes in Dallas that you are purchasing. With a little bit of research and some extensive planning, you can easily sell your current home and purchase one of the many homes in Dallas that will suit your needs and your budget without having to be stressed about paying two house payments or not having anywhere to live before finding a new home for you and your family.