We Buy Houses In Pennsylvania. As local homebuyers in Pennsylvania, we provide residents with the ideal way to sell their property fast by offering cash for houses in PA. So you’ve found your dream home. There’s just one problem: You haven’t been able to sell your property yet. So what do you do? In this article, we hope to help you figure out how to move if your house hasn’t sold yet in Pennsylvania.
Moving can be tough when you are trying to buy and sell a home all at once. The FHA, Fanny Mae, and Freddie Mac all have rules about getting a second mortgage while you still own your home. If you want to secure an additional mortgage, you will have to clear a few hurdles.
How To Move If Your House Hasn’t Sold Yet In Pennsylvania
First Off, To Qualify For A Second Mortgage Through The FHA, You Must Meet Certain PA Qualifications.
You need to have a good reason why you need to relocate right away, and not after your current house has sold. For example, moving because your family needs a larger space, you are separating from your spouse or for work purposes. Also, you cannot owe more than 75% of the value of the first home. There are additional restrictions as well, do your homework before assuming you will qualify for an additional loan through the FHA.
Asking PA Family Can Be Another Route, So Long As You Put Everything In Writing.
It is important to establish clear terms and adhere to them when borrowing money from family, with an agreement to repay them in full upon the sale of your first house. Maintaining transparent and agreed-upon terms is crucial in any financial transaction, especially when involving family members. If there is a concern that a family relationship could be strained or damaged due to monetary matters, it may be worth exploring alternative financing options to secure the funding you require. It is essential to prioritize both financial responsibility and the preservation of familial relationships when considering borrowing from family members.
A Bridge Loan Or Sometimes Called, A “Wrap” Loan Can Help Bridge The Gap While You Attempt To Cover Two PA House Payments.
With these types of loans, both mortgage payments are consolidated into a single interest-only payment. Typically, these loans have a short-term duration, lasting from six months to one year.
Lenders have different requirements, but you must typically have great credit and be financing less than 80% of the value of both homes.
While It May Not Be Your First Choice, You Can Talk To Your Boss Or Plan Administrator About Borrowing From Your 401K.
It is crucial to comprehend the tax penalties associated with such arrangements and to plan accordingly to repay yourself after the sale of the initial home. While this option may not be feasible for everyone, it is certainly worth investigating and considering as a potential solution. Understanding the potential tax implications and assessing your individual circumstances will help determine if this approach aligns with your financial goals. Consulting with a financial advisor or tax professional can provide valuable guidance in this regard.
Try To Offer The Seller Of The Second Home In Pennsylvania, The Option To Rent It Back From You For A Few Months.
For individuals in certain circumstances, the prospect of remaining in their current home while searching for a new one can be highly appealing. It serves as an effective strategy for reducing the financial burden associated with carrying two mortgages simultaneously. By exploring this option, homeowners can potentially alleviate the costs and challenges typically involved in managing multiple mortgage payments. It offers the flexibility to transition smoothly from one home to another without the immediate pressure of selling the existing property.
Add In A Contingency In Your Offer Allowing You To Close On The New Home, Only After Your PA Home Has Sold.
When presenting your offer to the owners of the second home, emphasize the fact that your current home is newly listed and competitively priced, indicating a high likelihood of a quick sale. Assure them that the closing process will proceed smoothly without any unnecessary delays. To demonstrate your commitment, specify a specific timeframe within which you agree to close the deal. By providing this information and offering reassurance, you can instill confidence in the sellers of the second home and increase the chances of your offer being accepted.
Sell My House In Pennsylvania
If you’re prepared to wait and can hire professionals to help, you can manage the sale of your property from a distance. In certain circumstances that risk can pay off. If you need to sell your house in Pittsburgh now, then check us out! Dustin Buys Houses will handle all of the details so you can move on with your life. We’re Pennsylvania home buyers. We’re honest and straightforward. We’ll quote you a fair price, and we can close fast with cash.