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Ask me to estimate the current market value of your house and subtract any outstanding mortgage or debts secured against it. The remaining amount is your equity. If your loan officer determines that your income is sufficient, you can simply secure a home equity line of credit to purchase a property before selling your home. Discuss what viable steps that can be taken to make the property sell faster and/or for more money, whether it is increasing curb appeal/improvements, making repairs and/or staging. Prepare the property for re-sale. Negotiate the best possible strategy to achieve the maximum price & terms to ensure a favorable outcome.
In the event your loan officer determines that your income cannot qualify carrying the three loans (original mortgage, new one and equity line of credit), you will be facing two possible outcomes: a coordinated settlement/occupancy date for your new home or going into temporary housing/storage. To minimize the chance of two moves, we look to develop a marketing strategy acheives that goal. Sometimes this involves our timing on the market due to seasonality or location, making property improvements/staging or choosing a less aggressive list price in the hopes of attracting multiple offers. All these possible steps improves our chance of negotiating a higher sale price & better terms (including occupancy dates).
