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

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

Are you ready to move into your dream home but struggling to sell your current house in Fort Lauderdale? Don’t worry, we’ve got you covered. In this article, we’ll discuss various strategies to help you move even if your house hasn’t sold yet. With our guidance, you can navigate the complexities of buying and selling a home simultaneously.

The Challenge of Securing a Second Mortgage in FL

Second Mortgage on your new house

Securing a second mortgage while still owning your current home can be tricky. The FHA, Fannie Mae, and Freddie Mac all have strict rules about obtaining additional mortgages. To secure the financing you need, consider the following options:

1. Meet FHA Requirements for a Second Mortgage

To qualify for a second mortgage through the FHA, you must meet specific qualifications:

  • You must have a valid reason for needing to move immediately instead of waiting for your current house to sell. Acceptable reasons include needing more space for your family, separation from your spouse, or job relocation.
  • Your current mortgage balance should not exceed 75% of the value of your first home.

Do your research before assuming you qualify for an additional loan through the FHA.

2. Borrow from Family with a Written Agreement

Another option is to borrow money from family members, provided you have a clear, written agreement detailing the terms and repayment plan. Be sure to repay them in full upon the sale of your first house. Avoid this option if you think it could damage your relationship with your family.

3. Consider a Bridge Loan For Your Property In FL

A bridge loan, sometimes called a “wrap” loan, can help cover two house payments by combining both mortgage payments into one interest-only payment. These loans are typically short-term, lasting from 6 months to a year. To qualify, you’ll need excellent credit and finance less than 80% of the value of both homes.

4. Borrow from Your 401k


As a last resort, you can talk to your boss or plan administrator about borrowing from your 401k. Ensure you understand the tax penalties and repay yourself after selling the original home. This option might not be suitable for everyone but is worth exploring.

Pro Tip: If you’re relocating and need to sell your house in Fort Lauderdale quickly, our home-selling solution can help. We buy houses fast for cash, in as-is condition. No need for costly repairs or lengthy negotiations.

Strategies to Alleviate the Financial Burden

To lessen the financial strain of carrying two mortgages, consider these tactics:

1. Offer Rent-Back Option to the Seller

Propose to the seller of the second home that they rent it back from you for a few months. This arrangement can benefit both parties, as the seller can stay in their home while searching for a new one, and you can alleviate the cost of two mortgages.

2. Include a Contingency in Your Offer

Add a contingency clause in your offer, stating that you’ll only close on the new home after your current house has sold. If your home is new on the market and priced well, it should sell quickly. Present this information to the owners of the second home, along with your offer, to reassure them that the closing won’t be delayed and that you commit to closing within a specified time frame.

Did You Know?

Move if Your House Hasn’t Sold Yet-Small

If you’re thinking, “I need to sell my house fast in Fort Lauderdale” we can help. We buy houses fast for cash, regardless of the property’s condition, close on your timeline with NO commission or fees,and promise you a hassle free experience!. Get in touch with us to learn more about our efficient, hassle-free home-selling solutions.


Q: What is a bridge loan?

A: A bridge loan is a short-term loan that helps cover the cost of two house payments by combining both mortgage payments into one interest-only payment. These loans typically last from 6 months to a year and require excellent credit and financing less than 80% of the value of both homes.

Q: How can I sell my house quickly in Fort Lauderdale?

A: If you need to sell your house fast in Fort Lauderdale, consider using our home-selling solution. We buy houses for cash, in as-is condition, allowing you to sell your home without the need for costly repairs or lengthy negotiations.

Q: What is a contingency clause in a home offer?

A: A contingency clause is a provision in a home offer that states specific conditions that must be met before the sale can proceed. In this case, the contingency would be the sale of your current home before closing on the new one.

Q: Can I use a rent-back option to help with the financial burden?

A: Yes, offering a rent-back option to the seller of the second home can help with the financial burden of carrying two mortgages. This arrangement allows the seller to rent the property from you for a few months, providing them with more time to find a new home while simultaneously helping you cover the costs of the second mortgage.

Q: Are there any tax penalties for borrowing from my 401k?

A: Yes, there can be tax penalties when borrowing from your 401k, so it’s essential to understand the rules and regulations associated with this option. Consult with your plan administrator or a tax professional to determine the potential tax consequences before borrowing from your 401k.

Final thoughts:

Moving to a new home while still trying to sell your current house in Fort Lauderdale can be a challenging experience. But with the right approach and knowledge of the various financing options, you can make a smooth transition into your dream home even if your current house hasn’t sold yet.

Liberty House Buying Group has earned a stellar reputation as a trustworthy and reliable homebuyer in Fort Lauderdale, FL. If you’ve been thinking, “How can I sell my house fast in Florida without any hassle?” look no further! Just fill out our online form, and you’ll receive a cash offer right away, making your home-selling experience smooth and stress-free.

We buy houses fast for cash in any condition and any situation.

So reach out to us now by filling out the short form below, or give our office a call at  (786) 686-2060 to get your Free No Obligation Cash offer now.

Eli Pasternak

Eli Pasternak is an experienced Home Cash Buyer and a licensed Real estate Agent. As the owner of Liberty House Buying Group, Eli’s goal is to provide home sellers with better options for their real estate problems than a traditional home sale. He’s been featured in multiple publications, including Realtor.com, Yahoo Finance, MSN, AOL, NBC, FOX, Apartment Therapy, People.com, and more. With Eli's professional guidance, rest assured that your real estate needs will be expertly addressed.

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