One of the many benefits of purchasing a new home from TimberCraft, a quality home builder in Oklahoma City, is the fact that you don’t...
For buyers who want to trade in their old home for a brand new home.
Very simply, the Builder Trade In Program is designed to help you buy a new home, while reducing or eliminating the risk of selling your old home.
Benefits of our Trade in Program versus a traditional Sale:
Under the current buy/sell model, there are two usual options:
1. You buy the new home and sell your existing home–two separate transactions, with neither depending on the other.
2. You may add a contingency to the sales contract. This contingency specifies that the sale of the new home wont be completed until the existing home is sold or rented.
There are risks with either option:
Under the first option, you can be entirely on the hook if your existing home won’t sell or rent, leaving you with the possibility of two mortgages until your first home sells.
Under the second option, if the sale or rent of your existing home isn’t completed by closing, your deal on your new dream home falls through, and you lose any cash advances to the builder for upgrades. For this reason, many new homebuyers with an existing home do not want to take the risk of a contingency and simply suffer the risk of two mortgages for a period of time.
Our Trade In Option: Guaranteed Sale Program
If you have equity in your home, our investors will make you a cash offer for it, and we can close quickly. The offer will be based on what you both can agree on is a win-win purchase and sale. All offers are in writing and are backed by either proof of funds or mortgage approval. This prevents you from the fear of having 2 mortgages at once, or risking your new home, in the event your existinghome does not sell prior to your new home being completed or closing.
We can also function as your “buyer of last resort”. Simply put, we’ll give you a “trade-in guarantee”, or a price at which we will buy your home. You still have the option of putting your home on the market before closing your Timbercraft home, and if it sells at a higher asking price, great!! But if not, we stand ready to be your buyer of last resort, allowing you the peace of mind of a guaranteed closing on your Timbercraft home while knowing that your existing home will be purchased. In this scenario, you get the best of both worlds–you are able to list the home at a higher asking price, with the assurance that you have an “offer” in your pocket if it doesn’t sell.
Benefits of our program:
Contact Timbercraft Homes today if you are interested in having us buy your home!