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Buying and Selling at the Same Time PDF Print E-mail
Selling a Home - Closing in on a Closing

If you make an offer to purchase a new home before you get an offer on your own home, you may wind up paying two mortgages at the same time. If you need money from your old home in order to purchase your new home, you can take a home equity loan or a bridge loan.

You can make an offer to buy a new home contingent upon your selling your old home. Too many contingencies can endanger the whole process -- as a seller, you'd be reluctant to accept a contingency neither party can really control. For a short period of time, a home equity loan is probably the more reasonable option. Bridge loans can be expensive and hard to qualify for; essentially, they are like a second mortgage. You may be able to get a home equity loan at a better interest rate.

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