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

So you’ve found your dream home. There’s just one problem: You haven’t been able to sell your house yet. So what do you do? In this article, we hope to help you figure out how to move if your house hasn’t sold yet in Florida.

Moving can be tough when you are trying to buy and sell a home all at once. The FHA, Fanny Mae, and Freddie Mac all have rules about getting a second mortgage while you still own your home. If you want to secure an additional mortgage, you will have to clear a few hurdles.

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

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

Certainly! Here’s an expanded version:

Having a compelling reason to move immediately, rather than waiting for your current house to sell, is crucial. This urgency is often driven by significant life changes or practical needs. For instance, you might require more space for a growing family, necessitating a swift transition to a larger home. Alternatively, personal circumstances, such as a separation from a spouse, could prompt the need for immediate relocation. Additionally, professional opportunities or obligations, such as a new job or transfer, may require you to move swiftly to a new location. In these situations, acting promptly to secure a new living arrangement becomes paramount, emphasizing the importance of having a clear and pressing motive for an immediate move.

Also, you cannot owe more than 75% of the value of the first home. There are additional restrictions as well, do your homework before assuming you will qualify for an additional loan through the FHA.

Asking family can be another route, so long as you put everything in writing.

Agree to pay them back in full upon the sale of your first house. Whenever you borrow money from family, you want clear terms to be set and adhered to.

If you think a family relationship could be damaged because of money, you might want to look for a different way to secure the financing you need.

A bridge loan or as it’s sometimes called, a “wrap” loan can help “bridge the gap while you attempt to cover two house payments.

These types of loans will take both mortgage payments, and combine them into one interest-only payment. These are typically short-term loans, lasting 6 months to one year.

Lenders have different requirements, but you must typically have great credit and be financing less than 80% of the value of both houses.

While it may not be your first choice, you can talk to your boss or plan administrator about borrowing from your 401k. 

When selling your original home, it’s crucial to understand the potential tax penalties that may apply and plan accordingly. One strategy is to pay yourself back after the sale, which can help mitigate these penalties. While this option might not be feasible for everyone, it’s certainly worth investigating. By staying informed about tax implications and exploring all available options, you can make more informed decisions and potentially maximize your financial outcomes.

Try to offer the seller of the second home, the option to rent it back from you for a few months. 

Depending on their situation, homeowners might find the option of staying in their current home while they search for a new one appealing. This arrangement can be particularly advantageous if they are looking to avoid the stress of moving twice or if they want to take their time finding the perfect new property. Additionally, for those considering carrying two mortgages, this approach can help mitigate the financial burden, as it allows them to continue living in their current home without the immediate pressure of selling it. Overall, this flexibility can provide a smoother transition between homes and offer peace of mind during what can be a challenging time.

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

If your home is new to the market and priced well, it should sell right away. Present this to the owners of the second home, along with your offer. Ensure them that the closing won’t be delayed and that you agree to close in a certain amount of time

Whether you are looking to buy or sell, we can help you with all of your Real Estate needs! Fill out this short form, or give our office a call today! (239) 360-3176

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