Peace of Mind When Shopping for a New Home

The Guaranteed Backup Contract by Home Sale Assured now makes it possible for homeowners to buy their next home before they close on the sale of their current home.  While there are other programs out there, none provide the benefits coupled with the ease of use and low cost the GBC provides. The program is universally accepted, and can be used with any lender in the US.  If your lender doesn’t take GBC by HSA, we’ll happily refer you to one who will. The program works with all conventional loans and most jumbo loans as well.  Below are some examples of the circumstances in which the GBC by HSA works best:

The Planning Stage

Realtors and lenders can use the GBC strategically to assist their client in transitioning from one home to another.  Using the GBC permits the Realtor to make the most competitive offer by removing the contingencies around home financing and the sale of the departing residence. Lenders can use the GBC to disregard the debt obligation on the departing residence, providing them the flexibility to approve the homeowner based upon the new purchase alone.  Homeowners can better plan their transition, knowing they no longer need to depart their home before they buy their new home-actually giving them up to 90 days to fully transition from one home to another after they buy their new home.

When Under Contract to Buy a New Home

If a homeowner has already gone under contract with contingencies to buy their new home, and are facing pressure to remove those contingencies or lose their contract and/or earnest money, the GBC by HSA can be used to satisfy those contingency requirements. They can then move forward on the purchase of the new home with the assurance that they will have up to 90 days after they purchase to sell their departing home either to HSA or the highest offer they can obtain. 

Upon a Delay on the Closing of the Departing Sale

Delays happen- but they shouldn’t interrupt the closing on the purchase of their new home.  Homeowners can use the GBC by HSA to get and give the assurance their home sale will close within 90 days of the purchase of their new home. The GBC sits in backup position and can be cancelled when the delayed closing occurs – up to 90 days after the purchase of the new home. 

Gain Peace of Mind & Empowerment to Begin Shopping for a New Home

Many homeowners are reluctant to put their home up for sale before they buy a new home since they cannot be sure they will find their dream home after they sell.  Their lenders and Realtors are telling them they aren’t ready to shop because they haven’t sold their departing home just yet and without that, they aren’t going to be competitive with their offers in this market. The GBC by HSA provides peace of mind to the homeowner, Realtor, and lender since the homeowner knows they have a guaranteed sale of their home up to 90 days after they buy their dream home, and they know exactly what that sales price will be. The homeowner can then make the right decisions for their family taking the necessary time to market and list their home for sale to maximize the sales price after they find and buy their dream home. The lender can now get that non-conditional approval and the realtor can make the most competitive offer possible.