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One of the most difficult and stressful real estate situations to be in, is trying to buy and sell a house at the same time. For those in this situation, you have only had 3 options:
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1) Write weak offers that are contingent on you selling your home.
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2) Put your home on the market and hope you find the right home before your house sells.
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3) Sell your house and find temporary housing until you find your next home.
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These are all terrible options. That is why we created a 4th option. Introducing our Buy Before You Sell Program.
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Here is how it works:
Get Approved
The first step is to see if you qualify for the program. This is dependent on three things.
1) Does the house you are selling meet the guidelines for the program.
2) Does the house that you are buying meet the guidelines for the program
3) Do you qualify to purchase your next home (Mortgage Pre-Approval, or Proof of Funds)
Find Your Next Home
After you are approved for the program, you will work with one of agents to find your next home. We will be with you every step of the way. Once you find the right house, we move on to the 3rd step.
Write a Winning Offer
We will work with you and our investor to write up a winning offer. Our investor's offer will be a cash offer and can be a quick close if suitable for both the buyer and seller.
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Did you know: On average cash buyers pay 1.7% less for a home compared to buyers using a mortgage.
Accepted Offer
Once the offer is accepted by the seller, you will give the investor a 2% earnest money deposit as good faith that you intend to buy the house back from them. This will be used towards your down payment when you purchase the home. We will then proceed through the transaction as normal. This means you still inspect the property and negotiated any repairs deemed necessary.
Close & Move In
After we make it through all of the inspections, the investor will close on the house. You can move in as soon as the home closes.
List your Old House
After you are all moved into your new home, and out of your old home, it's time to put that home on the market. You will work directly with the same agent that helped you buy your new home. Your old home will need to be on the market within 2 weeks of the investor buying your new home.
Accept an Offer & Finalize your Loan
Once you accept an offer on your old house, we will start the process on finalizing the mortgage that you will use to purchase your new home back from the investor.
Buy your Home
Once you close on the sale of your old home, you will simultaneously close on the purchase of your new home back from the investor.
What is the cost?
With every great benefit comes a cost. The investor will sell the home back to you for 2.4% more than they paid for the home to offset their risk. But remember, cash buyers on average pay 1.7% less than financed buyers. So the true cost of this program is 0.7%. And in some instances, we can get a 0.5% credit from the investor, bringing the actual cost down to 0.2%.
Questions about the program?
Give us a call at 520-345-4947 at we will gladly go over the specifics. You can also email us at Patrick@DBackRealEstate.com