Photo: Milana Real Estate Group
I found the house. I still own mine.
Compete as a cash buyer with no sale contingency, close on the new house, and sell yours on your own timeline.
Photo: Milana Real Estate Group
Compete as a cash buyer with no sale contingency, close on the new house, and sell yours on your own timeline.
Can I buy a new home before I sell the one I own?
Yes, you can buy first. A bridge loan uses the equity in the home you already own, so your offer carries no sale contingency.
You close on the new house, move once, then sell the old one and repay the loan from the proceeds. No rental in between, and no offer weakened by a condition the seller does not want.
You wrote a good offer. The seller took a lower one. The reason was not the price, it was the condition attached to it: your purchase depended on selling your current home first.
When a seller has three offers on the table, the contingent one is the one they set aside. Not because they dislike you, but because your timeline is not in your control and they know it.
There is a great deal of cash in this market, and an offer only competes with cash if it is structured to look like cash. Most of our borrowers are equity rich and liquidity poor: the money is real, it is simply inside the house they still own, and they have no wish to liquidate investments to free it up.
And sometimes there is no plan at all. The right house appears at a Sunday open house, months before you intended to move, and the only question that matters is how fast you can act.
After the third one it stops feeling like bad luck. You are a serious buyer. You are simply financed differently, and that is a fixable problem.
Usually sixty to ninety days between closing on the new home and selling the one you are leaving. Our aim is to get you out of the old house, into the new one, and out of our loan as quickly as possible. It is a short-term tool, not a long-term arrangement.
This is real estate based lending. The decision rests on the equity in the home you own today and the value of the one you are buying, not on how your last two tax returns read.
Typically 65 to 70 percent combined loan to value, measured across both properties, less whatever you still owe. That is the figure the qualifier works from, and it is the number we confirm once yours are real.
The Buying Power qualifier
Four simple questions and one straight answer. We do not ask for anything else until after you have seen it.
No. Most of our borrowers have not listed yet. We use the equity as it stands today, and you list when it suits you.
The loan is written with that in mind. Terms run six to twelve months and are interest only, so a slower sale changes your carrying cost rather than putting the loan at risk. Tell us early if the timeline moves.
Typically 65 to 70 percent measured across both properties, less what you still owe. The qualifier gives you a range in about ninety seconds.
Twelve to fourteen days is typical once we have what we need.
The loan is secured by the equity in both homes rather than by your income. Because it is a consumer loan on a home you live in we still confirm you can carry the payments, but the decision does not rest on how your last two tax returns read.
No. That is the point of buying first. Your purchase no longer depends on selling the home you own, so the offer goes in without that condition. Whether to include a financing contingency is a conversation for you and your agent.
It is private capital, which is what makes it fast, but it is written for owner-occupied homes and held to consumer lending rules. Most private lenders cannot do owner-occupied at all.
How to buy before you sell: a complete roadmap
Can I buy a new home before selling my current one?
Rightsizing in retirement: a financial planning guideProperty photography: The House
Four simple questions and one straight answer.
Golden Gate Lending Group Inc. · California DRE #01405277 · NMLS #241012 · Equal Housing Opportunity. Loans are made or arranged pursuant to a California Department of Real Estate license. This site is not a commitment to lend, and all loans are subject to underwriting and property approval.
