What happens if you find the dream Staten Island property that you want to buy, before you have made the sale on your old property? Ideally you would have sold your current home before you buy your new property. However, sometimes the transition doesn’t work out that way. You don’t want to give up the sale if you have found a bargain on your dream house, so is it possible to buy the property before you have made the sale?
The answer is yes, it is possible. You will need to find a financing option that will allow you to secure your next home before you have sold your existing property.
Getting a Bridge Loan
One option is a bridge loan. This is designed to wrap your payments for your current home and your future home into one loan, which can last…