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Buying and Selling Home Concurrently.

Our situation is this: If we do not sell our home right away, we have no money for a down payment to buy a new house. On the other end- if we can't sell our property which is on the market already, then we can't afford to cover the amount due in taxes, condo fees, etc. Are there any lenders who have special programs for such cases? by BethanyMoody769 from Brentwood, California. Jan 27th 2017 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

Unfortunately, no.. if you cannot qualify for both properties, then you must sell your current property first.. if you don't have the funds for your HOA or taxes, then so long as it doesn't go past 90+ days, you should be ok.. neither of those items show on your credit report.. if you go past 90 days, then it's possible the HOA will file a lien against you.. even still, this isn't a deal breaker for qualifying on a new home.. since the lien would be satisfied once the property is sold.. and unpaid property taxes usually don't become a problem until 6 months to a year.. The key is to sell your current property.. this will solve all your problems.. hopefully, you hired a very qualified, experienced, seasoned real estate agent who knows how to get it done.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jan 27th 2017
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Scott Fix (ScottFix)
#1328 ranked lender in California - 184 contributions

Bethany, Call me. We work with mortgage clients in Brentwood and have also a very experienced real estate agent in Brentwood name Kim. 916-470-0947. I would be happy to speak with you on the phone or in person. All the best, Scott.

Jan 27th 2017
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Dan Paladin (dpaladin)
#1 ranked lender in California - 430 contributions

I am working with a transaction very similar to this. I have a loan program that allows for you to have your property listed and qualify you for the new property and a feature allows to offset a majority of the existing primary's mortgage. Program works best is you have a large amount of equity in your current property. Feel free to contact me for complete details. 562.254.5616

Jan 27th 2017
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Larry Gray (lgray_312_247)
#562 ranked lender in California - 1,127 contributions

It sounds like you are in a unique situation wherein you need to purchase a particular home now but need the funds from the sale of your current home.I would hope that the market is getting a little more flexible now to enable you to purchase pending the sale of your current home but I realize many sellers will still not go for that. We are specialists here in Brentwood in down payment, and even closing cost assistance though that tends to be for first time buyers or those who have not owned for at least 3 years. Otherwise, you can explore qualifying on our loan wherein we can provide maximum lender credit towards cover closing costs and maybe there is a sibling, cousin or some relative who could gift the 3% down payment? I would be happy to address your scenario and can be reached via my profile.

Jan 27th 2017
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