Hello Zak and Megan, I have a question and concern as I list my home now waiting for new construction that is scheduled to finish in 6-7 months and I dont see anyone talking about selling "too early". Where do your clients usually live for months when the finish date for the new construction isn't confirmed yet? Any housing options for a family of 4 - 2 young boys that isn't an extended stay hotel and won't break the bank? Sure, relatives are an option but not for months. We'll also need to put our stuff into storage but will need movers for that, and movers again to get it out of storage. At least the big stuff. What do you typically see? Thanks for the great videos.
Great question. I have had clients do a couple of different things. Move in with family/in-laws, stuff in storage. Short term rental or Airbnb. Had some one recently decide to rent an RV and travel for a couple months, that was interesting. The unicorn Jewel is a leaseback of your own home until the closing of your new home but that is so challenging. There are so many factors that have to go right to make that happen but i wish it was more easy to make happen. Also have had people recently that have worked with the lender to do a bridge loan to cover the down payment withoout the sell. Challenge with that is you have to qualify from a DTI perspective and if. your home doesnt sell in a timely manor youre carrying two mortgages which would be no fun. Other option is a rental property with a shorter term. Landlord may charge more to do it but for the right home it might be a fit
Its hard to find honestly. Most of the time the loan is going to be sold at some point and multiple points. there is really no rhyme or reason as to when or why so they cant guarantee it will or wont. And that doesnt usually have an impact on the rate if they are servcing or not.
