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

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 Colorado.

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 Colorado

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

You need to have a good reason for needing to move right away, and not after your current house has sold. For example, moving because your family needs a larger space, you are separating from your spouse or for work purposes.

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.

There are many alternatives to traditional financing, so be sure to ask around, call us, or find a lender who can help in your local area from a trusted source.

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. 

Make sure you understand how the tax penalties will work, and pay yourself back after the sale of the original home. This may not be an option for everyone, but definitely, something to look into.

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, they might love the idea of being able to stay in their home while they shop for a new one. If you are attempting to carry two mortgages, this is a great way to alleviate the cost.

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.

Sell your home locally to a real estate investment company.

Sell your home to a local “we buy houses” real estate investor and liquidate it for fast cash in a matter of days instead of months like selling through a local realtor.

Consider selling your home privately for cash to a local real estate investor like us.  We pay cash for houses from people who are looking to vacate their home and leave state right away, so please contact us immediately via (719) 286-0053 call or text for a free quote.

HBR Colorado has helped sellers who need to move by buying their houses for cash and helping them liquidate their personal property such as cars, antiques, furniture, and more.  We are professional real estate investors and business people who strive to offer our clients a higher standard of service than the modern marketplace provides.  We are honest, upfront, and straight-forward in all of our dealings and we are very happy to help people who are looking for a fast, streamlined method for selling their Colorado home for quick cash.

Avoid dealing with realtors and paying commissions.

When you choose to sell your unwanted property to a local investment company there will not be any real estate agents involved in the transaction whatsoever, which means that you won’t have to pay any commissions on the final sale of the home.  Normally, you will be responsible for paying 3 – 6% of the final sale price to both the buyer’s and seller’s agents so that will automatically be deducted from the top.  Not to mention the monthly recurring holding costs that you will still be responsible for paying if you continue to keep the home and it doesn’t sell.  These expenses include taxes, mortgage payments, homeowner’s insurance, utilities, and other monthly charges.  Holding costs can really eat you alive, especially if your house doesn’t sell right away, which oftentimes it doesn’t in a slow market.

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! (719) 286-0053



Entrepreneur, online marketer, real estate investor, and owner of the Sell Your House To Tactical Investing Inc. franchise

Get a Cash Offer on your House in 24 Hours

Get a fair cash offer on your house within 24 hours by filling out the form. Privacy guaranteed.

Need To Sell Your House Fast?

We buy houses in ANY CONDITION! We pay CASH and you will not pay any commissions, agents, or fees. Put your address and email below and answer 5 easy questions on the next page to get a cash offer in 24 hours! Privacy Guaranteed!
  • This field is for validation purposes and should be left unchanged.

HBR Colorado Rated 4.7 / 5 based on 7 reviews. | Reviews