Do you need to sell your old home before buying?
Guaranteed Move Program
How It Works
The Guaranteed Move program empowers you with the ability to BUY your new home before you SELL your existing home! You have the unique opportunity for your offer to win on a multiple offer situation when you find your new dream home because it will be a cash offer. There is no need to worry about lining up the closings or finding a new place to live temporarily while you wait to close on your new home. You are able to move into your new home before putting your existing home on the market. Powered by Homeward and Metro Brokers Financial, Guaranteed Move creates a seamless transaction process for you.
A 9-Step Process
1. Complete Guaranteed Move document package with us.
- Buyer Broker Agreement
- Agreement to Enter into Listing agreement
- MBF Guaranteed Move process form
2. Client gets approved with MBF loan officer
3. We will Register you with our Homeward Program
- Client Application: Homeward will send you application and work through full approval
4. MBF and Homeward determine Max Offer Price and Existing Home Value
- Max Offer Price: Metro Brokers Financial will run pre-approval for a mortgage and their max offer price.
- Existing Home Value: Homeward assesses the value of the Client’s Existing Home. Homeward will establish a Floor Price, the minimum price Homeward will sell their existing home for if the home does NOT sell traditionally.
- Once approved we will have full authority to write an all cash offer!
5. Seller finds their New Home and makes an All Cash Offer
- All Cash Offer: We will draft and submit an All Cash Offer for Homeward to purchase New Home on behalf of Client.
- Purchase Agreement: We will draft Purchase Agreement for Client to buy New Home from Homeward.
6. Offer on New Home is accepted and Homeward Purchases Home
- Lease Agreement: Client enters lease to purchase agreement with Homeward for up to 6 months and may move in once Homeward closes.
7. List Your Existing Home
- Traditional Selling Process: When we list our Client’s Existing Home, there are no differences between the selling process with Guaranteed Move than a traditional listing. We utilize all the tools to secure the highest price!
- Guaranteed Sale: If the home doesn’t close in 6 months, Homeward will purchase the home at the Floor Price agreed on during the initial program phase.
8. You close on sale of Existing Home
9. You close on your new mortgage and buy your New Home from Homeward!
Pricing
The cost of using Guaranteed Move is a 2-3% Convenience Fee, which is applied to the sales price on the purchase contract of the New Home. The Convenience Fee may be paid via seller closing costs, equity from the sale of their existing home, or from funds in the client’s bank account.
For example, if the client’s new home is purchased by Homeward for $100,000, the sales price on the purchase contract would be $101,900.