20 Min.
Episode 23: Buy First, Then Sell State of Real(i)ty
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- So geht’s
This episode covers a relatively new set of products in the real estate industry that allow buyers to literally buy before they sell. In other words, buying their new home before they sell their old one. But that's backwards, yes, I know. It's the age-old problem of having to sell your current home first because you need that cash in order to buy your new home. For most people, the equity in their old home becomes the down payment on their new home. But having to sell first usually means putting a home sale contingency into your offer, which, as I've mentioned is extremely unattractive to Sellers and likely to get your offer not accepted. Every Seller is focused on selling their home as quickly as possible for the highest price. They don't want the added risk associated with you having to sell your home in order to buy theirs because they have absolutely no control over this. There are tons of innovative startups in the real estate industry solving problems such as this, and one subset is focused on helping you with this specific issue. Three examples are Homeward, Ribbon, and Knock. Homeward and Ribbon essentially turn your offer into an all-cash offer, making it very attractive to Sellers. Both also buy your new home for you, if needed, allowing you to then sell your old home before buying your home back from them. Knock takes a very different approach. Instead of buying your new home for you or making your offer an all-cash offer, they instead loan you the equity in your home for up to 6 months with no interest so you can achieve the same results. In essence, you get your equity out of your home before you sell it, buy your new home, and then sell your old home.
If you like this podcast, please tell your friends and provide a rating on whatever platform you're listening on, whether that's Anchor, Apple, Breaker, Google, iTunes, Pocket Casts, Radio Public, or Spotify.
If you like what you heard and want to see more, here are my social media links:
Linktree
https://linktr.ee/djstavropoulos.homes
---
Send in a voice message: https://podcasters.spotify.com/pod/show/stateofreality/message
Support this podcast: https://podcasters.spotify.com/pod/show/stateofreality/support
This episode covers a relatively new set of products in the real estate industry that allow buyers to literally buy before they sell. In other words, buying their new home before they sell their old one. But that's backwards, yes, I know. It's the age-old problem of having to sell your current home first because you need that cash in order to buy your new home. For most people, the equity in their old home becomes the down payment on their new home. But having to sell first usually means putting a home sale contingency into your offer, which, as I've mentioned is extremely unattractive to Sellers and likely to get your offer not accepted. Every Seller is focused on selling their home as quickly as possible for the highest price. They don't want the added risk associated with you having to sell your home in order to buy theirs because they have absolutely no control over this. There are tons of innovative startups in the real estate industry solving problems such as this, and one subset is focused on helping you with this specific issue. Three examples are Homeward, Ribbon, and Knock. Homeward and Ribbon essentially turn your offer into an all-cash offer, making it very attractive to Sellers. Both also buy your new home for you, if needed, allowing you to then sell your old home before buying your home back from them. Knock takes a very different approach. Instead of buying your new home for you or making your offer an all-cash offer, they instead loan you the equity in your home for up to 6 months with no interest so you can achieve the same results. In essence, you get your equity out of your home before you sell it, buy your new home, and then sell your old home.
If you like this podcast, please tell your friends and provide a rating on whatever platform you're listening on, whether that's Anchor, Apple, Breaker, Google, iTunes, Pocket Casts, Radio Public, or Spotify.
If you like what you heard and want to see more, here are my social media links:
Linktree
https://linktr.ee/djstavropoulos.homes
---
Send in a voice message: https://podcasters.spotify.com/pod/show/stateofreality/message
Support this podcast: https://podcasters.spotify.com/pod/show/stateofreality/support
20 Min.