Minority Professional Network (www.MPNsite.com)
  • HOME
  • EMPLOYERS
  • JOB SEEKERS
  • CALENDARS
  • BUSINESS DIRECTORY
  • NONPROFIT DIRECTORY
Google
  • Advertise
    • Standard Rate Card (pdf)
    • CLICK HERE to PURCHASE
    • View ALL General Ad Options
    • View ALL Employer Solutions
    • Job Posting Packages
    • Dedicated (Solo) e-Blasts
    • e-Newsletter Display Ads
    • Online Displays (single page)
    • Online Displays (multi-page)
    • Featured Calendar Listings
    • Featured Business Listings
    • Featured Nonprofit Listings
  • About MPN
    • About Us
    • General Overview
    • Employer Overview
    • Marketing Collateral Info
    • Site Reference Guide
    • MPN Jobs & Affiliates
  • Post FREE Content
    • Post FREE Calendar Listings
    • Post FREE Business Listings
    • Post FREE Nonprofit Listings
    • Post Articles/Press Releases
    • Post Student Resources
    • Post Link Exchanges
    • Post Resumes
  • Archives
    • View Photo Galleries
    • View Graphical Archives
    • View e-Newsletter Archives
    • View e-Blast Archives
  • Resources
    • Legal Resources
    • Student Resources
    • Health & Wellness
    • Entrepreneurial Resources
    • Wealth Accumulation
    • Career Events
    • Book Channel
  • Partners
    • Link Partners
    • Trade Partners
    • E-Commerce Partners
    • Travel Partners
  • Subscribe
  • Email Us
  • Contact Us
MPN Diversity Recruiters | Client Direct Hire Career Opportunities Alert | www.mpnDiversityJobs.com/company/2761/mpn-diversity-recruiters
 

MPN Launches Enhanced Job Board Site - www.mpnDiversityJobs.com | New Look | User Friendly | Mobile Friendly | Interactive

MPN NEWS, ARTICLE, PRESS / BOOK RELEASE LISTING

 
 
 
 
 

  VIEW NEWS, ARTICLE, PRESS / BOOK RELEASE LISTING DETAILS BELOW

Minority Professional Network (MPN) Job Board (www.MPNdiversityJobs.com) Quick Links and Site Reference Guide

Minority Professional Network (MPN) Global Web Portal (www.MPNsite.com) Quick Links and Site Reference Guide

Minority Professional Network (MPN) Advertising Rate Card (Jobs, Display Ads, Video Ads, Featured Listings, Solo Blasts, e-Newsletter Ads, Social Media)
 

 

Article / Content Title:

How to Buy a House Before Selling Your Current Home

Synopsis /  Author Bio


The Managing Director of Buying Perth Real Estate, Clive Elliott, discusses who is ideally suited to the services of a buying agent, how a buying agency operates, and the cost of engaging us to help you.

Author's Name

Clive Elliott

Phone

0862150200

Web Site

https://buyingperthrealestate.com

Email

CLICK HERE

Author / Content Text 

Buying a new house already seems like a big and challenging task. Buying a house before selling your current home is an even more difficult situation. You already have your hands full with your new home, yet you still need to deal with the pressure of selling your current home. Is it really a good idea to buy a house first? Or should you wait to buy until you sell your current home?

Here are a few tips on how to buy a house before you sell yours.

The Pros and Cons of Buying a House Before Selling Your Current Home

Pros of Buying a House First

When in a seller’s market - When you are buying in a highly competitive market where you need to bid on a few properties before you close a deal, it’s a good idea to secure a home first before selling your current home

Save money on renting - Unlike if you sell your house first, you don’t need to worry about renting or where you will stay because you already secured a new home.

Remodeling the new home - When you plan to remodel or renovate your new purchase before moving in, it might be a good idea to finish that project before selling your current home.

A big family - It’s difficult to transition between two homes when you have a big family to manage. Buying a new home can make this easier as you will have more time to prepare to stage your current home for selling without worrying about where your family will stay.

Cons of Buying a House First

Managing two mortgages - When you buy a new home before selling your current home, you might be committed to paying two mortgages at once.

Limited capital - Your capital will be limited if you don’t have enough cash because you haven’t sold your current home. Meanwhile, your borrowing capacity might also be limited if you have an ongoing mortgage.

Pressure to sell - There might be more pressure to sell your home at a lower price because of the bills that you need to pay for both houses at the same time.

Tips for Buying a House Before Selling Your Current Home

Determine Your Buying Power.

The first step to buying a house first is to determine your buying power. When you buy a new house, you need to take in mind that there’s still no assurance when you’ll be able to sell your current house and for how much. Since you have not liquified this asset, your capital might be limited. Make sure that you seek financing to determine how much you can borrow, which could be reduced if you are still paying a mortgage while applying for a new home loan.

If you are in a favorable position to afford buying a new home with no problem, then buying a home before selling is definitely a good option.

Avail the Bridging Loan.

The Bridging Loan is a type of home loan that helps homeowners finance the purchase of new property while their current property is being sold. This loan is specifically designed to help the financial gap that homebuyers experience between two home loans. A bridging loan covers any cost from buying your new home until you’ve sold your current property, making it easier and more convenient for homeowners to transition.

Extend your Settlement Date.

Once you buy your new property, you can negotiate to extend your settlement date with the seller to give you more time to sell your current home. Bridging loans can only last for up to six months if you are purchasing, or twelve months if you are building a new house. Negotiating to extend your settlement date for at least 12 to 16 weeks can help delay the deadline of your bridging loan and give you more time to look for a buyer.



Consider all the factors to determine whether buying a house first before selling fits your needs. Make sure to seek pre-approval and to avail the bridging loan to help you have a smoother transition. This will definitely help you sell the house at a favorable price, help you manage your mortgages, and take the pressure off of you as a seller.

 

_____________________________________________________________________

 
DISCLAIMER: Our aim is to continuously provide our progressive audience with an open and interactive medium to view and share relevant, beneficial and interesting "career, economic, lifestyle and networking" listings, ads, content and resources.  While the above information may be accurate and viable, the role of Minority Professional Network, Inc. (MPN) is strictly as a communications medium, and we do not accept any responsibility for cancellation, changes, errors, omissions, inconveniences, or any other form of liability for any content displayed or disseminated via our web sites, or e-marketing or social media promotional services.  If there are any doubts, we encourage you to conduct additional research or contact the listed host or responsible entity.

CLICK HERE to inform us about any ads, listings or content which appear to be inappropriate, fraudulent or misleading, or inconsistent with our theme and focus.
 
  • GENERAL INFO

    About Us

    Contact Us

    Email Us

    General Overview

    Employer Overview

    Subscribe
  • ADVERTISING

    Purchase Now

    Ad Rate Card

    Clients & Advertisers

    Employer Solutions

    General Advertising

    Marketing Collateral
  • POST CONTENT

    Post Resume

    Post Events

    Post Articles

    Student Resources

    Register Business

    Register Nonprofit
  • VIEW LISTINGS

    JOB SEEKERS

    Career Fairs

    Calendar Events

    Non-Profit Directory

    Business Directory

    Text Link Partners
  • VIEW RESOURCES

    Student Resources

    Legal Resources

    Health & Wellness

    Entrepreneurial

    Wealth Accumulation

    Book Channel
  • VIEW ARCHIVES

    Photo Archives

    e-Blast Archives

    e-News Archives

    Display Archives

    e-Comm Partners

    Travel Partners
  • Copyright© 1998-2014 Minority Professional Network, Inc. (MPN)

    The Global Career, Economic, Lifestyle and Networking Connection™ for Progressive Professionals
    Multicultural Recruiting, Marketing, Advertising, Event Planning & Training Solutions (Online, e-Marketing, Offline)
    A Viable Source of Top Talent™ for Multicultural and Diversity Focused Employers

    Wholly owned brands, subsidiaries and web domains include:
    MPN | MPN Consulting Services | MPN Diversity Recruiters | MPN Event Services | MPN Training Services | MPNJobs.com
    Minority Professional Network | Diversity Professional Network | Multicultural Professional Network | MPNsite.com | MPNmail.com