Wholesale lender partners with HomeLight on product that promotes brokers as go-to resource for homebuyers and real estate agents
TUCSON, Ariz., April 24, 2023 — The Loan Store (TLS), a rapidly growing national wholesale mortgage company, today announced a new Buy Before You Sell product, equipping wholesale loan originators with a greater ability to support their borrowers and real estate partners in a competitive purchase market.
The product, which The Loan Store is making available to its mortgage broker and non-delegated correspondent partners via a partnership with HomeLight, improves a homebuyer’s ability to secure their desired home quickly and confidently – without the contingency of selling their existing home first.
“We’re pushing wholesale loan originators even more to the forefront with this Buy Before You Sell product, giving them a tool that makes it much easier for homebuyers to secure the home they want in this hypercompetitive purchase market,” said Brandon Stein, President of The Loan Store. “The TLS Buy Before You Sell product eliminates contingencies and enables borrowers to use the equity in their current home as a down payment on their new home, allowing them to move faster and hold on to more of their cash in the process.”
How TLS Buy Before You Sell Works:
Step 1: Interested homebuyer receives an assessment on their existing home. Upon approval, the borrower receives a guaranteed offer price from HomeLight.
Step 2: Homebuyer shops for a new home, utilizing either a traditional pre-approval or an all-cash offer approval. The homebuyer can submit competitive offers that are not contingent on the sale of their existing home – and can start the process before their existing home is even listed.
Step 3: Homebuyer goes under contract on the new home once an offer is accepted.
Step 4: Homebuyer closes on their new home, with the ability to tap into the equity of their existing home for the down payment.
Step 5: Homebuyer sells their existing home, listing the home within 10 days of closing on the new home, and receives full proceeds. If the old home does not go under contract within 90 days of the closing on the new home, HomeLight will purchase it at the guaranteed offer price.
3 Impactful Benefits of TLS Buy Before You Sell:
- No Home Sale Contingency: With the program agreement and a cash offer from HomeLight, the buyer can remove the pending sale contingency directly on contract and offset the departing residence liability. The buyer is also not responsible for factoring their current payment into their DTI on the purchase underwrite.
- Equity Advance: The borrower may tap into available equity on their departing residence before selling to contribute toward a down payment on their new purchase at no additional cost.
- Listing Prep and Mortgage Payment Coverage: The borrower may also use their equity to help sell their property at its maximum value and/or cover the mortgage payments on their current home until it sells!
The TLS Buy Before You Sell product will initially be available in seven states – Arizona, California, Colorado, Florida, Georgia, Oregon, Texas, and Washington – before expanding soon.
Wholesale loan originators interested in offering the TLS Buy Before You Sell product should register by clicking here.