Golden Gate Sotheby’s International Realty’s Next Level Concierge Program: Offering Buy-Before-Selling Bridge Loan Options
Unlike other metro areas that have vast expanses of subdivisions, Bay Area homes are unique. When the perfect home comes on the market it can be advantageous to buy before selling. This can be a compelling strategy for multiple reasons. Living amidst the property preparation process can be challenging and intrusive, with a parade of contractors, stagers and cleaners marching through your home. Once completed, the demands and inconvenience of keeping the home in showing condition, and interruptions from buyer viewings, continue until the sale has been concluded.
Generally, in the home sale process contingencies are lifted only weeks before a seller is expected to move out. This may not provide sufficient time to identify and close on the right replacement home, and frequently results in having to find a temporary rental space and move twice, as you search for the right house to buy.
All this may be avoided by purchasing in advance of selling. Golden Gate Sotheby’s International Realty has partnered with Opes Advisors launching a new Next Level Concierge Program that offers multiple Buy-Before-Selling Bridge Loan options.
This strategy can allow buyers to make an advantageous purchase, buying what they want, when it is available, at a more competitive price than a traditional offer contingent on the sale of their home. This allows sellers to move out before renovation and marketing. One of the advantages is that the departing home sale process is quicker with full access for contractors and buyers, and little or no inconvenience to the seller.
While there are costs involved with bridge loans, it can be offset by saving on moving twice, a rental term that may exceed the needed time, and a vacant and well-staged home which can lead to a higher sale price.
To qualify for a Bridge Loan program, the seller can combine the assets of both homes and under portfolios guidelines may use a rent survey on the departing residence to offset or reduce the income requirements. In some cases the loan is interest only for a short period, or the payments on the loan are completely deferred during this transition period.
This seems to make sense for sellers with equity in their home, or non-liquid assets. A Bridge Loan program can work for buyers who are moving up, moving down and for lateral moves. The loan program is custom tailored for the client’s unique income, equity and asset condition. The cost varies depending on the strength of those three factors.
“We strive to provide our clients more and better options to enhance the sale and purchasing process”, says Heidi Pay, Chief Operation Officer of Golden Gate Sotheby’s International Realty. “Our Next Level Concierge Program is a game changer and allows our clients to secure the home they desire, while simplifying the selling process, achieving a higher price for the sale of their home, and saving on the cost of two moves and a lease.” .
The Next Level Concierge Program should certainly be a consideration for anyone thinking of moving in the Bay Area.
Find out more at www.next-level-concierge.com.