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Updated almost 6 years ago,
Loans for new primary residence before listing/selling current?
Hello. I live in a HCOL area (Seattle), where the market is still relatively hot and a seller's market. My wife and I have started to seriously consider selling our house to move to a nicer area and find a place with an Airbnb unit. But we wife and I are picky about where we want to live, and something that ticks enough of our boxes is very rare. Plus we realistically are still months away from being ready to list.
However today an amazing option went up on the MLS today that I would buy in a heartbeat. But I realistically need the equity from my primary residence to close the deal. Putting in a contingency offer would be a waste of time as this will definitely sell to someone without one. We have enough equity between 3 properties (one listed) to put 50% down in theory, but they review offers in a week and it will 100% sell.
Are there any creative loan options to tap into equity and future sales to make this happen?