It’s no secret that the Denver real estate market is competitive, Boulder too. With historically low interest rates combined with low inventory, there is a flood of buyers and not enough homes to go around. What does come on the market often sells quickly and bidding wars often come with the territory. Adding to the frustration for buyers is the fact that cash offers are three times more likely to win bids over a mortgage-contingent offer.
You might also worry about selling before buying your next home and not knowing where you’re headed next. How about buying before you sell and getting stuck with two mortgages? Just these thoughts can create a lot of stress, preventing you from moving forward to find a bigger home for your growing family or a smaller home now that you’re an empty nester.
Here's the thing. You’re not alone. It’s something our PorchLight agents have seen with many of their clients. So, PorchLight has now partnered with Homeward, a real estate company offering financial programs that enable homebuyers to make cash offers, even before they sell their current home, or if they are buying without selling at all.
Once you get qualified, you can buy with cash, know where you’re going next, and avoid financial challenges. Let’s take a closer look.
Buy With Cash
For buyers who are not selling an existing home, Buy with cash provides a major advantage in the current low-inventory market. Once approved by Homeward, you can make an immediate offer on a home within your budget while removing every major contingency, then move upon closing and rent the home back from Homeward until your mortgage is finalized. And if you use Homeward's preferred lender—which has a rate match guarantee with other lenders—to finance the purchase of the home, you can become a cash buyer at no cost.
Buy Before You Sell
With Buy before you sell, rushed decisions and stress are eliminated because you'll know where you're headed once your current home is sold. After approval with Homeward, you can make a cash offer on a new home and move in after closing. You'll then rent your new home from Homeward, sell your existing home, and buy back the new home from Homeward. The convenience fee can often be rolled into the mortgage payment and rent is prorated by the day with no markup. Paying it is also deferred until closing.
Financial Sense and Peace of Mind
With Homeward, you can buy before you sell without the stress of having to time everything just right. The process was designed to be convenient and stress-free while keeping you in control.
You can close on your new home, get some painting or updates completed, then move in. You can also move in immediately and take time to prep your current home to go on the market. It’s completely up to you and the schedule that makes the most sense for your needs.
On the financial side, not only do you get a cash offer advantage but having that cash can give you leverage during the transaction. You may even be able to buy your new home for less and potentially offset Homeward’s convenience fee.
As for fees, there are no upfront costs, and there’s no markup on rent or repurchase of your new home. Plus, in the unlikely event that your current home doesn't sell in 6 months, Homeward will buy it for a pre-agreed upon Floor Price. That means you won’t get stuck with two mortgages if the market takes a turn. It’s unlikely but good to know that you’re covered no matter what.
Next Steps—Get in Touch
If you think Homeward might work for your home buying situation, get in touch with a PorchLight agent to learn more about how it works. Not only will they explain things and answer any questions you may have, but they will be with you throughout the entire process.
Your agent will set you up with a targeted search that meets your specific criteria and help you make a smart offer on the right home. And when it comes to selling your current home, they are backed by the entire PorchLight team to get it sold quickly and for top dollar. Cleaning, staging, photography, and all kinds of marketing—we can take care of everything for you.