How Can You Finance Two Homes at a Time?

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Today we have some advice for you about how to finance another home while selling your own. To help me explain this, I have Todd Gydesen with Guild Mortgage.

So, how do you finance a home while selling your own? You need to get creative with a down payment because usually the funds from the sale of your home would be used for this. You can borrow against a 401K or perhaps you could liquidate some other assets.

Your debt-to-income ratio will be affected because you need to qualify to pay off both of your monthly mortgages. This can get tricky and it will put people out of their comfort zone, but that doesn’t mean that it’s impossible.

Recasting the loan is something else we need to explain. This is where you buy a home without selling your first home, and then you sell it and have all this equity that you did not use to purchase the second home. We can take that money and apply it to the principal of your second home, and this will also lower your monthly payments! You need to check if your lender will allow this, but it’s totally feasible.

If you have more questions about this, please don’t hesitate to contact me!

How We Went Above and Beyond for Todd

“Outstanding results. Very service oriented and very savvy in the market, in other words he was able to move our home quickly, get us taken care of, get us the new house found very quickly. It was just a seamless transaction. Everything went smoothly and it always felt like he was doing above and beyond every time.”

Trying to Buy and Sell in Portland?

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Want to buy a home? Search all homes for sale.

Real estate transactions can turn dicey quickly when you’re trying to buy and sell a home simultaneously. However, you do have some options and this is something that we do for clients fairly often.

Your first strategy is making a contingent offer on a home that you want and then selling your home. The only thing wrong with this is that sellers will probably not take a contingent offer. Our market is simply too hot for this strategy right now, but it could work on homes that have gone stale.

Your second option is to get your home market-ready and then hopefully get it sold in a week or two. At this point you can go in and make an offer on a home you like, and you don’t have to put in a contingency. You do run the risk of having to find temporary housing, but it will be a better option right now with our current market climate. 

A lot of people don’t understand that they can go out and make an offer on a home and then begin to sell their own home. This takes some planning, but it’s entirely possible. You can take the time to find the property you want, and it will not be contingent. This may take more time to get your finances in order, but this is probably your best option if you can afford it.

If you need help buying or selling in Portland, please don’t hesitate to contact me!

How to Get Your Portland Home Ready for the Market

Want to sell your home? Get a FREE home value report.  

Want to buy a home? Search all homes for sale.

Today, we want to share some strategies to help you get your home looking its best when you go to sell this spring.

One of the easiest things you can do is take a look at all the major systems in your home to see how long ago they were installed. The National Association of Home Builders has a measurement that tells homeowners how long these systems should be good for in your house. Here's a list of a few of the biggest items and how long they typically last:

- Wood shingle and shake roofs: 20-30 years.
- Central heating and air: 15 years.
- Water heaters: 12-15 years.
- Gutters: 30 years (checked periodically!). 

After taking a look at these items, take a walkthrough of your home as if you were a buyer. Look for discoloration in your hardwoods and bumps in your floor. Walk around, look at the floors, walls, and ceilings, and try to identify water damage. Often, you can see these things with the naked eye, which will allow you to get them fixed before a buyer spots them.

Lastly, if you want to be 100% sure your home is ready for the market, bring in a professional home inspector before listing. They offer a pre-listing home inspection, which costs about half as much as a regular inspection. They'll look over all the major systems and give you a great report!

If you would like more insights into how to get your home ready for the spring market, please don't hesitate to reach out to us. We would love to help you get your home ready to sell quickly and for top dollar! We look forward to talking soon!