Buy now sell later
Buy Before You Sell Loan Program
You can now buy your next home and move in before selling your current home. No need to move twice, make contingent offers, or even show your current home while living in it!
How It Works
3 Easy Steps
1
Unlock Equity From Your Current Home
Our program allows you to borrow equity in your current home at 0% interest to use as a down payment on your next home purchase.
2
Buy Your Next Home With Confidence
Because you can make an offer on your next home without a home sale contigency, you can negotiate the best price and contract terms possible.
3
Move Into Your Next Home Then Sell Your Current Home
Move into your next home and then list your current home for sale. You will only have to move once, and you won’t have to live in your current home while it's listed for sale.
Program Benefits
Explore some of the many great benefits of our Buy Before You Sell loan program offers!
Unlock Equity
Access the equity you have in your current home to use as a down payment on your next home.
One Move & No Showings
Move into your new home even before selling your current home, and avoid having to show your current home to buyers while living in it.
Sell For Top Dollar
You will have plenty of time to sell your current home for top dollar instead of trying to sell it within a short contingency period.
More Negotiation Power
You will also have more negotiation power when making an offer on your next home because you won’t need to make your offer contingent on the sale of your current home.
Guaranteed Sale
You will have a guaranteed backup offer in place just in case your current home does not sell within 120 days.
Program FAQs
Answers to commonly asked questions about our Buy Before You Sell loan progam.
How much does the program cost?
It's free to get started and see how much home equity you can unlock from your current home. If you decide to use the program, there is a flat fee of 2.4% of the sales price of your current home ($9,000 minimum). The fee is due when your current home is sold. There is also an inspection fee of about $900 along with a closing services fee of $1,450.
However, if you use your own funds for the down payment on your next home and only need the program to be able to qualify for two homes at the same time, we will reduce the program fee to just 1.5% of the sales price of your current home ($7,000 minimum).
Do all homes qualify for the program?
Most homes qualify for the program assuming they are in relatively good condition, not extremely unique, and are located within a reasonable distance of a major metropolitan area. Homes must be between 750 to 5,550 sq ft and be located on 5 or less acres of land. Manufactured homes, homes in age restricted communities, and homes that are undergoing major renovations do not qualify. Single family residences, condos, and townhomes all qualify for the program.
What happens if my home doesn't sell within 120 days?
If your current home doesn't sell within 120 days of purchasing your next home, it will purchased by the Buy Before You Sell program and your existing mortgage will be paid off. Your home will continue to be marketed for sale by your listing agent, and when it sells, you will keep 100% of the net proceeds after deducting the program costs and any holding costs incurred during that time period.
How am I able to qualify for two homes?
Because you have a guaranteed backup offer in place to purchase your existing home if it doesn't sell within 120 days, the liability of your current home will not count against you when qualifying for your next mortgage.
How much equity can I unlock?
The amount of equity you can unlock is determined by evaluating your home's value and current market conditions. Typically, the program lends up to 70% of the loan-to-value of your current home.
For example, if the market value of your current home is $500,000 and the remaining mortgage balance for your home is $250,000, you could unlock $100,000 in equity to use as a down payment on your next home purchase. ($500,000 * 0.7 - $250,000)
Equity unlock is limited to $2M.
How long does the process take?
Once you submit your loan application and provide the necessary property photos, we can typically issue a pre-approval letter to you within 24 hours, allowing you to proceed swiftly with the purchase of your next home.
