How to Move if Your House Hasn’t Sold Yet in VA

 

So you’ve found your dream home—congratulations! But there’s just one thing standing in your way: your current house hasn’t sold yet. The pressure of juggling buying and selling at the same time can be overwhelming, but don’t worry. We’re here to show you the best strategies for moving forward even if your house hasn’t sold just yet.

Whether you’re facing a growing family, a job transfer, or just need to relocate quickly, we’ve got you covered with proven solutions to navigate this challenge in VA. Here’s how to make it happen without the stress.

How to Move if Your House Hasn’t Sold Yet in VA

First off, to qualify for a second mortgage through the FHA, you must meet certain qualifications.

Securing a second mortgage might be an option if you haven’t sold your current home. Government-backed entities like FHA, Fannie Mae, and Freddie Mac have specific rules for buyers who need to purchase a new home before selling the old one. While you’ll need to meet certain qualifications, including having a solid reason for needing to move immediately—whether it’s for work, family, or other reasons—it’s definitely a pathway to consider.

But keep in mind, to qualify, you can’t owe more than 75% of the value of your current home. Do your research ahead of time to understand all the requirements and make sure this option works for your situation.

Consider Family Assistance: A Simple Loan Can Bridge the Gap

If you have family members who are willing and able to help, borrowing from them could be a great solution. Set clear terms for repayment once your house sells, and make sure everything is documented to avoid any potential misunderstandings down the road.

While it can be tricky to mix family and finances, clear communication and an agreed-upon repayment plan can make it work. If you’re worried about potential strain on family relationships, though, there are other options worth exploring.

Utilize a Bridge Loan: Combine Your Mortgages for Easier Payments

A bridge loan (or wrap loan) is a powerful option for those needing to manage two mortgages at once. These short-term loans—typically lasting from 6 months to one year—combine both your existing mortgage and your new home payment into a single interest-only payment, which can provide immediate relief while you’re selling your current home.

This type of financing is typically available to those with excellent credit and who plan to finance no more than 80% of the combined value of both properties. While it may not be the ideal solution for everyone, it can be a real lifesaver if you need to bridge the gap.

Borrow From Your 401k: An Option for Those Who Need Quick Cash

If you’ve exhausted other options, borrowing from your 401k might be a consideration. While this comes with potential tax penalties and must be repaid after selling your home, it’s an option worth exploring if you’re in a pinch.

Before moving forward, be sure to understand the tax implications and repayment terms, and make sure this makes financial sense for you in the long run.

Rent Back to the Seller: A Win-Win Solution. 

Sometimes, the solution is simpler than you think. If you’re carrying two mortgages, offer the seller of your new home the option to rent it back for a few months after closing. This gives the seller time to find their next home while providing you with the breathing room you need to manage both mortgages.

Not only does this alleviate financial pressure, but it can also help you move into your new home without the immediate need to juggle two sets of payments.

Add in a contingency in your offer allowing you to close on the new home, only after your home has sold.

If you’re concerned about carrying two mortgages, add a contingency to your offer on the new home that allows you to close only after your current house sells. Present your offer with confidence—if your home is priced well and in demand, it should sell quickly.

Let the seller know your situation and assure them that your home is likely to sell fast. Give them a timeline for closing so that everyone feels confident moving forward without unnecessary delays.

Need Help Buying or Selling? We’ve Got Your Back!

If you’re ready to take the next step and need expert advice on buying or selling, we’re here to help! Whether you’re moving because of work, family, or personal reasons, navigating both selling and buying at once doesn’t have to be difficult.

Reach out today to discuss your real estate needs. Fill out our quick form or give our office a call. Let’s make sure you can move forward with confidence, without the stress.

Don’t wait—your new home is waiting for you! Let us help you take the next step and make this transition as smooth as possible. 

Second Mortgage | Bridge Loan | Family Assistance | Real Estate Contingency