Buying Before You Sell, Options for Retirees in Sequim, WA
Sequim, WA has become a top retirement destination — and for good reason. With more sunshine thanFor many retirees in Sequim, the dream home appears before their current one has sold. The big question: “How do I buy before I sell?”
Some call asking about a bridge loan, but that’s not always the most efficient option. The good news? There are other strategies that may be better options for you to complete your new home purchase.
Why retirees might want to buy before they sell?
To secure the perfect home before someone else snaps it up.
Wanting a smooth transition and not having to move twice.
Downsizing from a larger home to something more manageable.
Bridge Loans: What they are and why they may not always be the best
Short-term financing that uses your current home’s equity
Often higher fees and limited terms
Can work in some cases, but not always the most efficient option
Alternative Paths for Retirees
Sometimes a new conventional loan can be more cost-effective than a bridge loan.
Retirees can qualify based on retirement income streams such as pensions, Social Security and the like
In some cases, assets can help with qualification
Sequim Retiree StoryA couple retiring from the Seattle area wanted to downsize but hadn’t sold their current home yet. They called us looking for a bridge loan since they hadn’t sold their current home yet. Once we spoke with them and learned specific details about their financial situation, it was discovered there was a better path that fit their retirement income situation. With the right strategy, they secured their new home before selling the old one and were able to move into their new home at a more leisurely pace than if they were to have made a contingent offer and tried to move in the very short timeframe after selling their existing home. Once they moved out they were also able to freshen up their old home so it would hit the market looking great. Their home sold quickly and they are enjoying their new home and getting acquainted with their new neighbors in Sunny Sequim!
Thinking about buying before you sell in Sequim? Don’t assume a bridge loan is your only option. We’ll help you explore retirement-friendly strategies to make the move smoother. Contact Evolution Home Loans to review your options today.