“I want to buy a foreclosure, but I need to sell my home first. Will the bank consider a trade?”
***ANSWER:
Sorry, banks will not consider trades.
Anticipating what I’m guessing is your next question, banks will not consider an offer contingent on selling your home either.
Your best option would normally be a bridge loan, used if your home is already sold or on the market. But I don’t know of anyone making bridge loans right now.
That leaves a home equity line, assuming you have enough equity in your home for the down payment on your next home and qualify for both loans.
Equity lines are available at 75-80% of your home’s value, but you need to secure the line before you list your current home. There are a few banks and credit unions offering them.
If you’re interested, call or email me and I’ll put you in touch with a great lender.
