Over 60% of homebuyers in the United States are repeat buyers. This 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 second hurdle (HERE IS A LINK to the first hurdle) is cash flow. Without the existing home sold the underwriter will require that the applicant be approved with both mortgage payments. I cover that topic in the video below:
If you are seeking to get pre-approved to buy another home and would like to avoid a home sale contingency please reach out to us today!