The Buy Before You Sell (BBYS) mortgage loan program allows you to unlock equity from your current home before it sells. This gives you the power to write non-contingent offers and eases the pressure of buying and selling at the same time.
How It Works:
- Get Approved
Talk to one of our Mortgage Loan Originators to get pre-approved for a mortgage loan. Before you sell, we can look at your current home to let you know how much equity you can use toward buying your future home - Buy Your Next Home
Find your new home, and when you are ready to close, your unlocked equity will be sent to escrow. No need to wait to sell your current property to access those funds. - Sell Your Current Home After Buying Your New One
After you move into your new home, you have 21 days to list your previous home, giving you time to clean, stage, and get the property ready for sale on the market
What It Costs:
The program costs 2.4% of your home’s value, with a minimum fee of $9,000. If your home is worth over $1 million, the pricing may vary.
Why Use BBYS?
- Tap into your current home’s equity early
- Buy without a home sale contingency or pressure to sell fast
- Move once instead of into temporary housing
- Sell your home with peace of mind and on your timeline
If your current home doesn’t sell within 120 days of buying your new one, there is a guaranteed sale option. Once the home is resold, any profits (after payoffs and selling costs) are returned to you. It depends on your home’s value, the market, and your finances.
What You Can Use the Equity Unlock For:
- Down payment on your next home
- Closing costs
- Moving expenses
- Repairs or home improvements
To learn more about the Buy Before You Sell Program, call and speak to one of our Mortgage Loan Originators at (760) 930-0569. We are here to talk through your goals and find out which mortgage loan programs could be ideal for your needs.
