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How can I buy a new property using the property I currently ?

How can I buy a new property using the property I currently live in and own? I need the money from the sale of this property to buy the next one.
Asked By Michael | Charlotte, NC | 183 views | Buying | 9 months ago
Answer(3)
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Semi-Pro
68 Answers
Julianne Clark / Your Lowcountry Realtor

Charter One Realty

(45)

It is not clear with your questions if you are looking to sell your current home or use the equity in the home to buy another. Either way is possible. If you want to sell your current home and buy another property with the proceeds -- make sure you communicate that with your real estate agent when you list the home. The sale of your property will be contingent on the purchase of the other. It is done all the time! If you are looking to use the equity from your current home -- keep that property and buy another -- that too is done frequently. Make an appointment with your bank to discuss the options they offer. Best wishes!!
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Rising Star
26 Answers
Joanne Patience

Iron Valley Real Estate North Florida

(5)

Hi Carlos; there are a few ways that you can accomplish this. The first is to speak with a lender/mortgage broker to determine if you can purchase without selling your home first. If that is not feasible, if you have enough equity, you may be able to use the equity to purchase your next home. A Lender/Mortgage Broker can help you determine if that is possible. If not, you would need to list your home and find a home to purchase. You would have to have the offer for your purchase be written up as contingent on selling your home. Meet with your local Realtor and local Mortgage Loan Officer and they can help you navigate through the different scenarios to determine what is in your best interest.

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Novice
4 Answers

(1)

Hello Carlos, an easy way to get this done is by performing a cash-out refinance, access the equity you have in your home and use those funds to either purchase or finance the new home you want to buy. There is also a lender i work with that provides you a bridge loan without having to refinance your current home and use those funds to purchase a new home.

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