After the death of a loved one, remaining in the home where a family shared so many memories can feel downright impossible. Not only that, but caring for a property after one family member passes on often becomes a serious challenge. This is the situation the Mayhugh family faced after Janice Mayhugh’s husband passed away.
Are you wondering, “Should you sell your home to buy another, and how can you do that?” Find the answers and learn how we helped the Mayhugh family in their time of need below. We buy houses in Smyrna, TN, and we make the process as easy as can be.
The Mayhugh Family Was Ready To Move on From Their Home After the Loss of a Beloved Husband and Father
Janice Mayhugh and her daughter, Hannah, lived in their home after the death of Janice’s beloved husband. The mother and daughter found that caring for the home after this loss was a burden they didn’t want to face. On top of that, the home had multiple unfinished projects that the family lacked the money and time to complete.
Janice and Hannah knew they were ready to sell the home and move into new living spaces, but weren’t sure how to go about it. Additionally, Hannah was unsure that she’d be able to find a place to call her own due to financial hardships that had severely hurt her credit.
Property Overview
- Address: 1111 Chorleywood Ct, Smyrna, TN 37167
- Owner: The Mayhugh Family
- Reason for selling: Moving into separate residences after the death of a family member
Buying a New Home While Selling Another Brings Challenges
The Mayhugh family, like many others, wondered if they should buy a new home before selling their current property. Doing so is possible, but it comes with both perks and drawbacks that need careful consideration.
The biggest perk of buying a new house before selling the current one is that you’ll have a place to live ready to go before the sale. You won’t have to rush to find temporary housing, and you don’t need to pay for moving expenses more than once.
There’s a big drawback, though: You might be on the hook for two mortgage payments at once. Not many homeowners can afford two mortgages, especially if it takes a long time to sell their home.
Finances are the biggest challenge you’ll face when you sell your home to buy another. You might consider a home sale contingency offer. With one, you make an agreement to buy a home if you can sell and close on your current property by a chosen date. This allows you to use the profit from your current house as a down payment on a new one.
However, when the real estate market favors sellers, contingency offers don’t work very well. That’s because contingency offers are uncertain and may fall apart at any time, for any reason.
Another option to consider is a home equity line of credit (HELOC) or bridge loan. HELOCs and bridge loans enable you to tap the equity in your current home to buy a new one. You’ll usually need 15-20% equity in your current home and a credit score of 700+ to qualify.
How My Tennessee Home Solution Came to the Rescue for the Mayhugh Family
When the Mayhugh family wanted to sell their home and move on, Hannah Mayhugh reached out to My Tennessee Home Solution for help. After talking with the Mayhugh family, My Tennessee Home Solution made them a cash offer that was too good to refuse. We helped the family close on their home in under a month, all while sparing them from the stress of staging and decluttering the house.
We also helped Hannah, impacted by financial hardships that had damaged her credit, find a new home to call her own through our relocation assistance program. Hannah and Janice were relieved from the burden of caring for an unwanted home and able to move on to the next chapter of their lives.
Ready To Sell Your Home To Buy Another? Partner With My Tennessee Home Solution
When you work with My Tennessee Home Solution, you’ll find our home buying process to be fast, easy, and stress-free. Call (615) 933-5431 to get a cash offer for your home today.
