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Buy before you sell guide

When you use our Buy before you sell service to purchase a home, there are actually two transactions. First we buy the home with cash for you, then you buy it back from us (the Customer Purchase). Here’s more detail about what happens at each step of the process.

1. Get approved

We approve you for a specific amount so you can start shopping and be ready to make an offer as soon as the house you want comes on the market.
WHAT HAPPENS AT THIS STEP
  • You will fill out our application.
  • You will work with a Loan Officer Assistant to provide any necessary documentation. Please check your email (and spam folder) frequently and promptly return phone calls. We often have follow-up questions during this step and the faster you respond, the faster we can reach an approval decision.
  • Meet your Customer Experience (CX) Manager, who becomes your point of contact once you’re approved.
Your agent will
  • Search for a home that meets your criteria if you haven’t already found one.
Behind the scenes
  • The Valuations team reviews the house you want to sell to ensure it meets our criteria.

2. Make a Cash Offer

We work in making a cash offer on your next home.
WHAT HAPPENS AT THIS STEP
  • You will work with your agent to submit an offer request.
  • You will need to sign the Service Agreement Addendum.
  • Research your financing options and choose a lender. 
Your agent will
  • Submit an offer request through their Agent Dashboard.
  • Work with your CX Manager to write a Cash Offer.
  • Submit the Cash Offer to the seller’s agent.
Behind the scenes

The Valuations team reviews the home you want to make an offer on to determine if it's eligible for our program.

3. Win the home

The seller accepts your offer. We work with your agent to finalize the purchase.
WHAT HAPPENS AT THIS STEP
  • You will pay your earnest money deposit (EMD) and option fee, if applicable.
  • Work with your lender to finalize the details of your loan.
  • Sign the Customer Purchase contract and addendums, securing your purchase and possession of the property and agreeing to buy your new home from within six months.
  • Work with the Transaction Support team and your agent to sign the residential lease so you can rent your new home from us while you wait for your mortgage to be finalized.
Your agent will
  • Work with your CX Manager to draw up the Customer Purchase contract and addendums you’ll sign.
  • Return the home inspection report to your CX Manager for review. Agree on any next steps.
  • Capture any price and/or credit negotiations in amendments to both the Purchase and Customer Purchase contracts.
Behind the scenes
  • The title team completes a title examination, issues a title commitment, and discloses all exception documents to purchase the home.
  • We order a preliminary appraisal of the home and receive the report within five days. Your CX Manager will reach out to review it with you.
  • The Mortgage Processor initiates your loan.

4. Move into your new home

Live in your new home while you rent it from us for up to six months. The rent will be prorated the rent so you only pay for the days you use.
WHAT HAPPENS AT THIS STEP
  • You will move in!
  • Put your old home on the market within two weeks of purchase of your new home with your agent.
Your agent will

  • Give you your keys on closing day.
  • Keep you up to date with the status of showings for your existing home.
Behind the scenes
  • Your prorated rent starts accruing on the new home.

5. Sell your existing home

If you haven’t already, put your old house on the market and sell it for top dollar.
WHAT HAPPENS AT THIS STEP
  • You will work with your listing agent to review and negotiate any incoming offers.
  • Let your CX Manager and lender know when your home goes under contract.
Your agent will
  • Send a copy of the sale contract for your old house to the CX manager.
  • Verify that your lender is using the most up-to-date and complete version of your purchase contract.
  • Provide a target date for you to buy back your new home.
Behind the scenes
  • Your title company prepares and closes the sale of your old house.
  • Your title company works with your lender to prepare to close on your new home.

6. Buy back your new home

Secure a mortgage and close on your new home by buying it back from us.
WHAT HAPPENS AT THIS STEP
  • Your lender will order a final appraisal of the home. 
  • Work with a Mortgage Processor to collect all necessary documents and work towards getting the clear to close.
  • Discuss your closing disclosure (CD) with your Loan Advisor.
Your agent will
  • Verify the lender is using the most up-to-date and complete version of your purchase contract.
Behind the scenes
  • We'll provide you with a final rent invoice and any applicable discount credits.