Buying and selling a home is always a stressful experience. When it comes to simultaneously selling your home and purchasing a new residence, it’s an intricate dance of timing and finances. Offering your property for sale as you close on a new residence can be done and done successfully. However, you really need to have all your ducks in a row and a real estate agent who is really on the ball. It’s more common in New York City than you think, after all this is the city that never sleeps, and there are high-end real estate deals being done in surprising ways.
Dream Home and Dream Loan
Looking at apartments for sale on the Upper West Side gives you a lot to choose from in terms of prewar and postwar buildings, but the most coveted apartments are prewar like 360 Central Park West. These apartments have larger rooms, lots of windows for natural light, high coffered ceilings, and hardwood floors. These are the apartments that people think of when they think of Manhattan real estate. Right now, properties on this side of town are priced to sell – with projected growth in the price of about 5% by this time next year – it’s a warm market that could be heating up. If you have always coveted a gorgeous prewar apartment in one of the most enjoyable neighborhoods, the time to strike is now.
Getting into one of these buildings may require a complex financial transaction known as a bridge loan. This type of loan is secured by the existing property and meant to cover the expense including the down payment that would have originally been provided by the sale of the first home. Apartments for sale on the Upper West Side may need this type of transaction if you wish to move and take possession of the property before your original home has sold. Speaking to your banker and mortgage broker will let you know if this is the type of transaction for you.
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