Sellers that want to buy find it increasing frustrating to do so in our current real estate market if they must sell their home prior to buying a new home. I now have a lender that will provide a client in this position with a way around the contingency process. You may go out and purchase your new home and sell after. Yes I will say it again. You may go out and purchase your new home and sell after. We now have a TRUE product that will assist you in accomplishing your effort to buy first and sell second.
Highlights and Requirements
There are two major reasons that contingent contracts fall apart:
The buyer cannot qualify with both the mortgage for the purchase and their existing property.
Sellers don't want to accept a contract in a competitive market knowing the buyer has to sell a property.
We are the only real estate company in the area that offers a portfolio Bridge Loan that DOES NOT indebt the buyer for both mortgages. What this means simply is that you qualify for the purchase of whatever property you are selling them without the worry of indebting for their existing home that is currently being sold. The bottom line is you as a purchaser who owns a home qualifies to buy with virtually the same easier qualifications as a first time buyer. This means you have more purchasing power and can qualify for more of a home, even while their existing home is up for sale.
Program Benefits & Features:
• May not require a down payment • Payments on the Bridge Loan can be deferred (applied to principal) • No pre-payment penalties • You only have to move once • You won’t be feeling rushed to find your new dream home • More time and less stress for the selling of your current home • You only have to make payments on one home during the whole process • Stronger buying power due to the ability to write a non-contingent offer