Because you are participating in Buy Before Your Sell, Because you are participating in Buy Before Your Sell, your lender will pre-approve you without counting your current home’s debt against you. This allows you to increase your budget upfront without having to sell your home first. Flyhomes Mortgage will give you a short-term loan to buy your new home. Once your old home sells, you will refinance your short-term loan into a long-term loan and apply the proceeds from the sale of your home toward your down payment.
What if my home doesn’t sell?
We list your current house after you’ve moved into your new home. The goal is to sell your house for top dollar as soon as possible. On the off chance your home doesn’t sell after 120 days, you’ll have the option to let us buy it from you or keep it on the market until it sells.
What are the fees associated with Buy Before You Sell?
There are no fees specific to using the Buy Before You Sell program. However, you should expect to pay the usual fees associated with buying and selling a home. For buyers, these include buyer closing costs, which include costs related to the loan used to purchase the property. For sellers, the fees include the broker commission, a transfer or excise tax (if applicable), and any seller closing costs.
Since you buy your new home before you have sold your old home, you will have ownership and associated costs on both homes for a period of time. Those costs will vary depending on the price and condition of the home, interest rates and other factors.
How do I qualify for Buy Before You Sell?
After you connect with your Flymoes Partner Agent, we’ll collect some additional information on your existing home (e.g. homeowner questionnaire, recent photos, inspection). Our team will determine your home’s eligibility and complete an estimate for your home value within two business days. In the meantime, you’ll need to fill out a loan application with our affiliate, Flyhomes Mortgage in order to use the Flyhomes Cash Offer short-term loan to purchase the new home.