When people in Wisconsin want to sell a home and find a new one to buy, timing and financial pressures represent great challenges. People who sell their homes before they secure new residences face a time crunch. Alternatively, people trying to buy homes while still saddled with mortgages on their other homes operate at a disadvantage in the real estate market. To overcome these tricky situations, experts have some strategies that might help.
For people who have buyers for their homes, they could arrange a deal with a closing date that gives them time to find and settle on their new homes. They might also negotiate a purchase agreement that gives them a rent back contingency. This means that the new owners will rent the home back to the sellers while they complete the purchase of another house.
When people want to buy homes before selling their houses, they might ask the seller to grant a home sale contingency. This makes the deal dependent on their first home selling before they commit to the purchase. Sellers, however, could be leery of this situation and reluctant to agree to such a contingency. A bridge loan offers an alternative that allows people to pay off a mortgage and free up income to finance a new home purchase. Bridge loans come with downsides like high interest rates and the risk of not selling a home in time to pay the bridge loan.
Many variables influence real estate deals, and problems like boundary disputes or missing disclosures could delay or derail a real estate transaction. A person who has questions about legal rights and approaches to resolving disputes may wish to consult an attorney. Legal representation might alert a person to excessive liabilities or enable litigation that defends the person's financial interests.