I currently own a SFH. I want to move. So I need to buy something new at the same time I sell this one.
How do I accomplish this? I don't have the money to buy a new one until this sells. And I can't sell this one until I buy somewhere new to live.
@Patrick Philip We Realtors do this every day.
We get your property on the market at the same time you're looking. As long as your home is in ready-to-sell condition (meaning that it doesn't need a rehab loan) and your buying requirements are reasonable, given the inventory on the market, we schedule closings to coincide. Sometimes we need an extension, but we can work those things out.
If either of the properties has anything odd about it that would cause it to sell more slowly, we might connect you with a lender for a bridge loan.
I sold my home last year. We closed on the home we were selling at 11:45 AM. We needed a couple of hours for the wire to clear, so we closed on our new home at 2 PM.
The risk is that if anything went wrong with the first closing, we'd have to postpone the second closing and spend a night in a hotel.
The REAL risk is that we closed on February 28. In Massachusetts - and the new driveway is 2,000 feet long, much of it with a 12% grade.
Luckily (thank you, God!), we dodged the blizzard bullet. No snow at all, but that was a real roll of the dice!
I would suggest a bridge loan. They aren't that different from a HML and can help you accomplish your goals.