Home-owner Geetha Sivanandam and her household had been dwelling in a two-bedroom condominium in downtown Denver when the COVID-19 pandemic took maintain. Regardless of spending extra time at dwelling than ever, the Sivanandams had been comfy of their handy location.
For some time, at the very least.
“My daughter had simply turned 11, and I believe she was beginning to outgrow the house,” says Sivanandam.
Other than the household’s shut quarters rising more and more nearer, their home-owner’s affiliation charges had been steadily rising with the price of particular assessments.
“It was an outdated constructing and we seen loads of different residents promoting, so we began to assume perhaps we must always go additionally,” she explains. “Rates of interest had been low, so we thought, ‘Effectively, let’s begin wanting.’”
However like so many householders in her place, Sivanandam was nervous in regards to the prospect of promoting one dwelling whereas shopping for one other. How would they provide you with a down cost with their funds nonetheless tied up of their current dwelling? The place would the household go if their condominium bought earlier than that they had an opportunity to shut on their subsequent property? And by no means thoughts the hassles of making an attempt to take care of a tidy dwelling whereas concurrently packing, accommodating the walkthroughs of potential patrons, and dwelling day by day life.
Reluctant to decide to a call by hook or by crook, Sivanandam began on the lookout for a attainable resolution. A buddy who had not too long ago bought a home instructed her about an organization that makes it attainable for any certified purchaser to develop into a money purchaser, and Sivanandam, curious, signed up. However as a substitute of receiving fast help, she discovered herself on a ready listing.
“I believed, nicely, they’ll’t be the one firm on the market doing this, so I began Googling,” Sivanandam says. “That’s how I discovered HomeLight.”
HomeLight Commerce-In: no ready required
As quickly as Sivanandam examine HomeLight Commerce-In, she took the concept to her actual property agent. With Commerce-In, HomeLight makes a assured supply to purchase the present dwelling. This enables sellers to develop into patrons first, frees up fairness within the dwelling, and removes the gross sales contingency.
“It labored out nice as a result of HomeLight Commerce-In had simply gotten into the Colorado market,” recollects Sivanandam. “I bought authorized for this system rapidly and we discovered a home nearly instantly, like inside a few weeks.”
The Sivanandams checked out 5 or 6 homes, and after they discovered the one they needed, their agent inspired them to make a proposal on the asking value — a dangerous transfer in Denver’s ultra-competitive market, the place many affords are made above listing value.
“Due to HomeLight Commerce-In, our supply was so robust — we had been placing over $300,000 down and didn’t have a gross sales contingency — the vendor took it.”
This meant that the household efficiently upsized to a four-bedroom dwelling with a basement, a storage, and a spacious yard.
“All of the belongings you didn’t understand you miss while you’re dwelling in a metropolis!,” laughs Sivanandam.
Promoting made simple
Since HomeLight Commerce-In lets sellers stay of their current houses till they’ve closed on the brand new one, transferring out is as stress-free as attainable. All of the cleansing, repairing, or updating of a house comes after emptiness — making the method extra comfy for sellers and rising the chance of a better gross sales value. And if the house sells for greater than the agreed-upon value? That cash goes proper again to the vendor.
Although the Sivanandams’ condominium took longer to promote than they’d hoped — about 60 days on account of their unit competing with others within the constructing that had been lavishly renovated — they nonetheless pocketed some additional money on the finish of the method.
“HomeLight simply made it really easy,” says Sivanandam. “We didn’t have to fret about contingencies and every little thing was out of our fingers, which was good. Since we put a ton of cash down on the brand new home, we had an entire bunch of fairness going into it; and we bought $15,000 or $20,000 again after the condominium bought. It was nice.”
Sivanandam says she doesn’t assume her household’s new dwelling would have been attainable with out the assistance of HomeLight Commerce-In.
“We most likely nonetheless may have discovered and acquired a spot, however issues could be so totally different,” Sivanandam displays. “We’d have a better mortgage as a result of we couldn’t have put some huge cash down, we would have needed to pay for mortgage insurance coverage, perhaps pay on each homes and HOA bills till the outdated one bought…
“Life is straightforward now as a result of I used to be in a position to get every little thing completed with HomeLight.”
Header Picture Supply: (JDI Investments)