Imagine a world where you purchase your next home, THEN get up to 6 months to sell your current one...That's right! On this planet, there is no selling then buying stress. You don't have to feverishly search for your next home AFTER accepting an offer on your current one. Sounds rough? Just ask anyone who has done it!
Skeptical? I would be too!
If you never heard of this before, it's called a portfolio loan. They come in many shapes & sizes, but this loan type allows a buyer to be payment free for up to 6 months on their next home. It's only available through the normal Fannie Mae conventional loan (sorry, no FHA/VA or USDA) and is structured so payments on your next home start AFTER your sell your old home. This gives our clients the ability to have their cake and eat it too! Carefully choose your new home and complete the purchase process... Then take your time moving out and selling your existing home. THIS is how you transition from one home to another! Nice & easy.
It all starts with a phone call or email to us. We put you in touch with the local lenders that offer this product and they will approve you based on basic credit & income criteria (think normal conventional loan criteria). Then on the real estate side, we establish the value of your existing home to prepare an equity balance sheet so you can choose how much future profit (when you eventually do sell) to apply towards the new purchase and how much to keep in your bank account. After a couple days, you will have a pre-approval letter (with approved credit, income, etc) to start shopping for your next home! Then after you close on your new home, you have up to six months to sell your existing house.
Why Would You EVER Want to Do This?
- Save Money. If you have to sell your home to get the money to buy another, this hurts your chances of getting an accepted offer. So most buyers in this situation have to offer $5,000 to $10,000 more than other competing offers in order to get the house. By buying before selling, this money stays in your pocket. (And our clients save even more money, since we pay the extra closing costs associated with this product!)
- Avoid Being Homeless. If you find a buyer for your home but can't find one to buy, this leaves you without a home! This is a horrible scenario involving weekly stay hotels, storage containers and living out of a suitcase. Maybe you can stay with your mother-in-law?
- Make More Money. Have you been shopping for a home lately? You can tell which houses are occupied and which are perfectly clean and staged (the unoccupied ones!). Nothing personal, but your home will sell for $5,000 to $15,000 more (on average) if you aren't living there.
- Give the Cleaning Lady (or Guy) a Break. The battle to keep your home presentable and nice enough for prospective buyers is a daily beat down. Work smarter, not harder. Keep your sanity.
- Avoid Making a Mistake. Your next home is where you will live for many years. Those years you can either be very awesome or filled with regrets over settling for the wrong home. Don't say it couldn't happen to you! Avoid the time crunch and stress from the traditional selling THEN buying process. Be free to choose the PERFECT HOME.
DID YOU KNOW.... that in some cases we can combo the portfolio loan with our Custom Perfect Home process? Amazing upgrades that you choose go into your next home! More Details...
Call us up for more information and to start planning your new home journey today! Feel free to reach out to me personally. Timothy Henley, Texas Broker & Realtor @ 972-805-6601.
For more info on how we do EVEN MORE for our clients, read more at timothyhenley.com.