Buy Before You Sell Program allows borrowers to access equity from their current home, eliminating the need for a home sale contingency in contracts and mortgage approvals. This enables sellers to move into their new home before selling their current one.
Leveraging this technology evaluate factors such as the current home's value and mortgage balances to provide a guaranteed backup purchase contract. This eliminates contingencies and frees up home equity that can b utilized for a new down payment.
Program Agreement:
This program agreement provides the equity unlock amount and home sale guarantee. Once this agreement is accepted, the seller can shop with the peace of mind that they have access to their equity and no home sale contingency.
Home Sale Guarantee:
To help the seller close on their new home without a home sale contingency, and to give them the protection they need, a backup offer will be provided and upside guarantee agreement, enabling the seller to purchase their home if or when it's needed.
Upside Guarantee:
The seller will receive 100% of the net profits from the sale of their home to a third-party buyer, regardless of how long it takes to sell the home. Whenever third-party buyer sells the home, as long as the sale price exceeds the initial purchase price, the seller will receive the upside.
The Process:
Step 1: Unlock equity from the seller's home with ease
Step 2: Seller can buy their dream home with confidence
- With technology and market insights will be used to evaluate the current home.
- Once approved, the seller will be provided Equity Unlock amount and Home Sale Guarantee.
Step 3: Sell on their terms
- The seller is no longer bond by a contingent pre-approval; they can proceed straight to offer acceptance.
- Once he seller makes arrangements and gets ready for their move, the unlocked equity will be turned into an interest-free down payment loan.
- Down payment funds will be sent to escrow prior to closing.
Step 4: Guarantee the seller's upside
- They will have 21 days after closing to prep, stage, and list their current home
- Seller and agent decides the sales price.
- The Seller's mortgage, Equity Unlock funds, and program fee will be settled and paid out of escrow.
- If the home is still unsold 120 days after the seller's purchase, the third-party company will buy the home and pay off the old mortgage & Unlocked Equity.
- The seller will receive 100% of net profits from the sale of their home to a third-party buyer, minus any costs incurred by the company that provided the Unlock Equity.
Underwriting Guidelines and How This Works
To exclude the current mortgage liability and remove the home-sale contingency, we leverage a few key Fannie & Freddie guidelines. With this program agreement and executed backup offer, we remove these frustrating obstacles while still remaining fully compliant with these GSEs and lenders who underwrite using their guidelines.
Why Buy Before You Sell?
No More Timing Nightmares: Forget trying to perfectly line up your sale and purchase. We help you buy first, so you can move when you're ready.
Avoid Double Moves: Say goodbye to temporary housing or storing your belongings in between homes.
Make Stronger Offers: With your home already covered, you can make competitive, non-contingent offers and stand out in a crowded market.
Maximize Your Sale: Sell your old home after you move out, beautifully staged and at your own pace. No pressure, no rush.
Ready to Make Your Move?
We can help you unlock the door to your next chapter, without the chaos. Reach out to us today to learn more about Buy Before You Sell program.
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