Over 60% of homebuyers in the United States are repeat buyers which means they often have a home to sell concurrently with buying a home. In today’s competitive housing market it can be a challenge to get an offer accepted when it includes a home sale contingency.
Therefore, it’s always worth trying to see if and how a homebuyer can be pre-approved for their home loan without the requirement of a home sale contingency.
There are two common hurdles that an applicant faces when trying to get pre-approved in this manner.
The first hurdle is how the buyer will generate a down payment without the proceeds from the sale of their home. I cover that topic in the video below:
The second hurdle is cash-flow and I will discuss that in next week’s video.
If you are seeking to get pre-approved to buy another home and would like to a void a home sale contingency please reach out to us today!