Can I Move Before I Sell My Houston House?

After months of looking you’ve finally found that one Texas home that you’ve always been dreaming about. The only issue you need to be worrying about right now is, “How do I sell my Houston house before relocating?” What’s the next step to take now that you’ve found yourself in this position? We’ll give you answers to all these questions, and at the end of this piece, you’ll hopefully know what to do and how to do it.

Selling in Texas is not as easy as various people tend to think. To be honest, buying is no different! You can imagine the struggle you’ll have to go through if you have to sell a Houston home and buy another one at the same time.

If you’ve done your due diligence, you’ve probably heard about Freddie Mac, Fanny Mae and the FHA. They’ll tell you about the rules involved in getting a second mortgage while still owning a house in Texas. Securing an additional mortgage will compel you to clear a couple of hurdles in this process.

For starters, if your ultimate goal is to qualify for a second loan through the FHA, you have to be confident you’ll meet certain qualifications.

Why are you in such a hurry to move before selling? You have to have a reason that will convince them. Those who have succeeded in the past have used divorce as a reason and work-related issues. You should also know that it’s pointless to try to convince the lender or anyone else to consent another mortgage if you owe more than 75 percent of the value of the first Texas home. With time you’ll learn that there are so many restrictions, so you have to research before assuming you’ll automatically secure an additional loan through the FHA.

Lean on your family but make sure everything is in writing

Dealing with a family member can put you in a dicey situation. You wouldn’t want to wrong them in any way because no matter what they will still be related to you. So if the entire thing goes south, you’ll have to deal with them for the rest of your life seeing as they will always be at Thanksgiving and every other family event. Therefore, set clear terms, adhere to them, and pay them in full once you close the deal on the first house. And if you feel like chances are you might mess everything up, look for a different route.


Try a bridge loan or what’s known as the “wrap loan” in other circles.

You’ll be able to use this to combine the two mortgages into a one-interest-only payment, and the loan traditionally lasts for six to twelve months. It’s imperative to note that you can only qualify for it if you have an impeccable credit score and in a position to finance less than eighty percent of the value of both properties.

Borrow from your 401k plan

Ensure you know all about the tax penalties and how to pay yourself back after the sale goes down. It might not be best suited for everyone, but it’s something worth looking into.

We will help you with your Texas real estate needs. If you’re looking to sell or buy, give our office a call today!

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