Avoid A Homesale Contingency
Three options to help avoid a homesale contingency
Unbelievably, the market is already warming up! It's Spring in February!
- Bridge Loan on Your Current Home: With a bridge loan, you can tap into the equity of your current home to use as a down payment on your new home. Essentially, this loan bridges the gap between the sale of your current home and the purchase of your new one. By leveraging your equity, you can avoid the need for a home sale contingency, giving you more flexibility and a stronger position when making offers on new homes.
- Cash Offer on Your Current Home: Receiving a cash offer for your current home can expedite the selling process and eliminate the need for a home sale contingency. When you have a cash offer, there's no reliance on a buyer securing financing, reducing the risk of delays or complications. With the assurance of a cash offer, you can proceed with confidence, knowing that your home is effectively sold and freeing you up to pursue a new home without the burden of waiting for financing approval.
- Loan Commitment from the Buyer's Lender: If the buyer of your current home is obtaining financing, securing a loan commitment from their lender can provide similar benefits to receiving a cash offer. Once the lender delivers a loan commitment, it indicates that the buyer's financing is in place and the sale is likely to proceed smoothly. At this point, you can proceed as if your house is already sold, allowing you to qualify for a new home with a much higher purchase price. This removes the uncertainty associated with financing contingencies and strengthens your position as a buyer in the market.
By utilizing these strategies, you can avoid the pitfalls of a home sale contingency and position yourself more favorably when buying a new home. Whether through leveraging equity, receiving cash offers, or securing loan commitments, these methods provide greater flexibility and confidence in your home buying journey.
If you, or someone you know currently has a house to sell, but needs to access the equity as a down payment for a new purchase, or cannot afford two mortgages at the same time (who wants that?), we have come up with a number of solutions to help solve this problem! See below!
As always, if you have questions for me, don't hesitate to text me at 414-488-0438!
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Can't wait to help you finance your new home. I service Southeast Wisconsin and beyond!
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Contact Ethan Brooks
- Refined Mortgage Group
Ethan Brooks Mortgage Team
NMLS #1639987
Licensed In: WI - Legal Disclosures
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4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800.
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