Buy Before You Sell in Dallas-Fort Worth

Buy Before You Sell

Found Your Next Home But Can’t Buy It Until Your Current Home Sells?

You’ve found the home you want.

There’s just one problem:

You still own your current home.

Maybe you have plenty of money for the down payment on the new house. But when the lender adds your current mortgage payment to the new mortgage payment, you no longer qualify for the new loan.

So you’re stuck.

You can’t buy the new home until you sell your current home.

And when you finally do find a buyer, you may have to rush out and find your next home—possibly settling for something you don’t really want.

What if you could buy your next home before selling your current one?

That’s where a Buy Before You Sell strategy can help.

Make an Offer Without a “Must Sell” Contingency

This is the biggest advantage of Buy Before You Sell.

When you make an offer that’s contingent on selling your current home, you’re asking the seller to take their home off the market while you try to sell yours.

If another buyer comes along with a clean offer, the seller may choose them instead.

With a Buy Before You Sell solution, you may be able to make an offer without the “must sell” contingency.

That can make your offer much more attractive to the seller—and potentially give you a significant advantage when competing for the home you want.

Instead of saying, “I’ll buy your house if mine sells,” you can potentially say, “I’m ready to buy your house.”

What If You Can’t Qualify With Two Mortgages?

This is where Buy Before You Sell can really solve a problem.

Many homeowners have enough income and assets to comfortably purchase their next home—but don’t qualify for the new mortgage while their existing mortgage payment is still counted.

A Buy Before You Sell solution may allow you to temporarily bridge the gap between selling your current home and purchasing your next home.

The result?

You can potentially buy your next home first, move once, and then sell your current home.

What About the Equity in Your Current Home?

Your existing home may have substantial equity that you’d like to use toward your next purchase.

If you already qualify for the new mortgage with both payments, however, you may not need a Buy Before You Sell program just to access that equity. A traditional HELOC or other equity solution may be a simpler and less expensive option.

But if the two-mortgage qualification issue is preventing you from buying, a Buy Before You Sell strategy may provide a solution that a typical HELOC can’t.

That’s why the first step is determining what problem we’re actually trying to solve.

You Don’t Pay the BBYS Fee Upfront

Another important advantage is the timing of the program fee.

The Buy Before You Sell fee is not paid upfront.

Instead, the fee is paid when your departing home is eventually sold, according to the terms of the specific program.

That means you don’t have to come up with another large expense when you’re trying to purchase your next home.

I’ll explain the costs and terms upfront so you know exactly how the program works.

Is Buy Before You Sell Right for You?

It may be worth considering if:

• You found the home you want but can’t qualify while carrying two mortgages
• You don’t want to make an offer with a must-sell contingency
• You have enough for the down payment but your income won’t support both mortgage payments
• You want to buy your next home before selling your current one
• You have substantial equity in your current home that may help with the transaction

And if you can qualify with two mortgages, I’ll help you determine whether a simpler solution—such as a HELOC—makes more sense.

The goal isn’t to sell you a program. It’s to find the solution that makes the most sense for your situation.

Let’s See If Buy Before You Sell Makes Sense

If you’re sitting on the sidelines because you need to sell your home before you can buy the next one, let’s talk before you make your next move.

I’ll personally look at your income, existing mortgage, available equity and the home you’re considering to determine whether Buy Before You Sell could work for you.

Call me directly at 302-222-2064

Or email me at larry@1stcapitolmtg.com

Let’s see if you can buy the home you want—without having to sell your current home first.