Here’s how partnering with Homeward can help you buy before you sell.
Right now, the biggest challenge my clients face is buying in a competitive market when they need to sell first. Essentially, how do you remain competitive without the equity from your home sale? The secret is to become a cash buyer, and today I’ll explain a program that lets you do just that.
We partner with a company called Homeward Mortgage who will let you make a cash offer before you sell. Their buy-before-you-sell program consists of two transactions. First, they purchase your new home on your behalf with cash. Then, you buy the home back from them once you sell your old home. Let’s go over the steps on this process in more detail:
Step 1: Get approved. Homeward will approve you for a certain amount, just like any lender would. This will determine your price range.
Step 2: Make the offer. For this step, I will work with Homeward to nail down the details of the contract, then I’ll bring it to you for approval. This is because your offer to buy will mirror the one Homeward makes.
Step 3: Win the home. We’ll make a competitive offer, and the seller will accept!
Step 4: Move into the home. You will move into the new home like a tenant while we work together to sell your old property. You have six months to sell your old home, and you only pay rent on the days you stay in the house. So if you sell in 30 days, you’ll only pay 30 days’ worth of rent.
Step 5: Sell your existing home. We have plenty of experience selling homes in this market, and we’re confident we’ll get you a great deal quickly.
Step 6: Buy back your new home. You don’t have to use Homeward Mortgage for this, but their rates are competitive, and they’ll waive their convenience fee if you work with them. They have a 1.9% convenience fee, but this is low considering the risk they’re taking.
If you are interested in this program, please reach out to me via phone or email. I’d love to help you get the best deal possible on your new home.