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Buying a new house before selling the old one

2,037 Views | 7 Replies | Last: 3 yr ago by JBLHAG03
aggiederelict
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The wife and I are looking at selling our house here in Austin and our real estate agent mentioned a company called Homeward yesterday that helps facilitate this process.

Has anyone used this company or another services similar to it? What was your experience like? The housing market here in Austin is a bit crazy so it seems like this service could be of help.

Any insights would be greatly appreciated. TIA.
SteveBott
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AG
You could see if you qualify buying before selling. Also get a bid from the company and see if they offer enough. They don't buy homes for charity.
aggiederelict
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Steve, do you have experience with any of these companies? Thoughts on the idea overall? I guess this company charges a 1.9% "convenience" fee plus they lease your home to you while you get yours sold.
SteveBott
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AG
No but they are popping up everywhere. Also what sales price are they basing the fee on?
Jay@AgsReward.com
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Sponsor
AG
We make bridge loans that at the end of the day ends up being MUCH cheaper then these as the fees are cheaper but also you can sell your house at fair market value instead of what they will pay for it. Because as it was said, they are hoping to make way more then 1.9% on the deal.
aggiederelict
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The 1.9% convenience fee applies to the house we would buy. I don't think we would have a hard time selling our house quickly in Austin with the market being what it is.

They would buy our house if it didn't sell in 6 months at 95% of the conservative value of our home. This is the number that concerns me.

aggiederelict
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How much cheaper?
Sazerac
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AG
those seem like a scam. most lenders can get creative if your numbers are close. Depending on income may be tight until you sell (and there is clearly some uncertainty right now).

We owned two homes and bought a third to move into together last summer. Then sold the first, and working on selling the second.

JBLHAG03
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AG
I did a bridge loan with Jay to cover my downpayment until existing house sold. No problems....since my existing house sold within 1 month of buying new one.
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