NOTE: This information is part of a forthcoming book, the Gotcha Guide™ to Buying and Investing in Real Estate.
by DeeinAustin™
In a competitive real estate market, people who linger over their home buying decisions often lose the home to another buyer. The best homes are often presented with multiple offers in areas where there are more buyers than homes.
- One way to increase your advantage is to present an offer that is free of contingencies, such as the common one of making your offer contingent upon the sale of your current residence. Even if your offer is terrific, a seller may not be able to wait for your home to sell.
- You gain leverage as a buyer by establishing a line of home equity credit that allows you to make an immediate offer on the home of your dreams, using the credit line for down payment and closing costs.
- Contact your mortgage lender for advice about how to set up a home equity line of credit, so you don’t have to wait for your home to sell before financing your new property.
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