How Fast Can You Sell Your Home and Move Into Another?
(ThyBlackMan.com) Just about everyone agrees that selling your home is a lengthy process. So how is it possible that a London firm is claiming that they can get you cash in hand for your home in under a week? This would mean that the whole process of selling your home and moving into a new one could feasibly be done in around a week’s time. Such an eventuality seems either unlikely or miraculous. Here are some key strategies for selling and buying as quick as possible. How long do you think these processes would take?
What the Process Would Involve?
In order to effectively both buy and sell houses simultaneously, you’ll need to be completely prepared to instigate all sorts of contingencies if things don’t go according to plan. By far, the trickiest aspect of simultaneous buying and selling is timing the financial exchanges. One option available to you is known as ‘bridge financing‘. What this does is it enables you to own both the houses (the one you’re selling and the one you’re buying) for a short time period.
In order to do this, you’ll need some money (such as a short-term loan from the bank) in order to cover the period between purchasing your new home and selling the old one. Effectively, you’re getting a short-term home equity loan (also known as a Home Equity Line of Credit) on your current property, and using it as a downpayment on your new one. Then, as soon as you sell your first home, you repay the loan back to the bank. Unfortunately, qualifying for a bridge loan from the bank is not easy. In fact, unless you can show that you have enough money to pay for both mortgages, you may struggle to get approval for the loan.
So, Is The Whole Process Possible In 7 Days?
Nothing is impossible. But it does seem that selling your old home and buying a new one within the space of a week seems highly unlikely, unless of course all of the necessary financial functions of property management and timing factors fall neatly into place. But who knows, maybe it is possible? It seems the only way to know for sure is to contact The House Buyer Bureau, who made the original 7 Day claim on their website.
Staff Writer; Judy Pullen