Fathom Realty has a service called FATHOM OFFERS. It’s a one stop home shopping or selling hub that features Modern Bridge Lenders, Cash Buyer options, and iBuyer options. Read more about how YOU can be a Cash Buyer regardless if you own a home or even HAVE all that cash!

Work With Your Favorite Realtor, Buy Your New Home First!

There are a number of companies who have been around for a few years that now act as a go-between for homeowners (or hopeful homeowners)  to enable buying their new home BEFORE, (or in conjunction with) selling their old home.

Commonly known as a Bridge Loan, these are now termed “Modified Bridge Loans”. Here’s why.

Modified Bridge Loans

Currently and in past, if you needed to buy a new home, but had one to sell, you had to list your old home, wait for a decent offer to accept, wait more to make sure the Buyer was solid and would close on your home, get the sale profit, THEN buy the new home. Kind of a hassle, and a bit nervewracking for some people.

Bridge loans came along, though not all lenders embraced them. These loans required you to be able to pay for BOTH mortgages simultaneously. And if your home sale fell through, you STILL owed TWO mortgages until you sold that house! SCARY!

The new “Modified bridge loan” that these copmanies offer are a bit like a mix between and iBuyer and a lender. Most of them offer two ways to approach a new home as a ‘cash buyer’.

First way is to find a Realtor to work with who understands the programs. First you’ll pick which company suits your situation. You’ll qualify with that company.  You and your agent will list your home for sale while finding the new home. Once found, the bridge company will make sure your offer price and the condition of the home is sufficient (nope, they’re not going to lend you a million dollars if your pocket says only $500,000), and work with your agent to present a cash offer.

How can they do this? They guarantee to purchase YOUR current home (at an agreed upon price upfront) if you can’t get it sold quickly. Seller of the home you want is assured that YOUR contract will go through regardless of what happens to your old house.

There are some ‘convenience fees’ for these programs; in Texas, up to 4%, but average about 1.9% of new purchase price. Some companies ARE lenders, some are just conduits and you use YOUR lender.

All companies require you to be working with the Realtor of your choice.

Buy With Cash Offer

If you DON’T have a home to sell, but want to present your offer as a Cash Offer, even though you WILL be financing it, these companies also have a program for that!

  • First way is to find a Realtor to work with who understands the programs. You’ll qualify with either an outside lender, or the in-house lending side of the company chosen which best suits your situation.
  • You and your agent will find the new home.
  • Once found, the chosen company will make sure your offer price and the condition of the home is sufficient (nope, they’re still not going to lend you a million dollars if your pocket says only $500,000)
  • Once the offer price and condition of home have been ok’d, they work with your agent to present a cash offer.

How can they do this? They guarantee to purchase YOUR current home (at an agreed upon price upfront) even if you, the Buyer, back out. Seller of the home you offered on is assured the sale will go through regardless of what the Buyer ends up doing. (if you back out, you DO lose your Earnest Money/Down Payment that they require upfront, equalling the fee you would have paid at closing)

There are some ‘convenience fees’ for these programs; in Texas, from 0% up to 4%, but average about 1.5% of new purchase price. Some companies ARE lenders, some are just conduits and you use YOUR lender.If you use a couple of the companies as the lender, they waive the fee, or lower it signifcantly.

All companies require you to be working with the Realtor of your choice.

iBuyer - Just Sell My House Fast!

If you just want to SELL! But don’t want to call around to all the iBuyers you can think of, Fathom Offers allows you via your agent to submit your property (with some details, maybe photos and such) to top level iBuyers in the area, and get Offers right away!

I would caution against this option, because the offer amounts you will be presented will be under market value/pricing. But if you are in a tenuous situation, say a family emergency, a pre-foreclosure or other immediate need to divest of your property, this may be a way to go to shed the burden.

All our partnered companies prefer you to be working with the Realtor of your choice.

Remodel BEFORE You Sell with no out of pocket money

Your home isn’t selling, or you know it really needs updates before you can get the price everyone else’s updated/flipped houses are getting in your neighborhood. We have a program or two for THAT, too!

The two main companies (SEE THIS POST FOR MORE INFO) will assess your home for the renovations needed, front the money, project manage, and you pay them at CLOSING. Of course, the dollar amount given for the renovation must make sense to all parties based on the Final Assessed Value of the home. You wouldn’t want to ask for $100,000 in remodling, only to either lose money at sale or barely profit at all.

All our partnered companies require you to be working with the Realtor of your choice.

If any of these options sound like something you’d want to hear more about, connect with me your way, and let’s see if your home, and your wallet, could benefit from these programs. I know I love a great home buyer/seller story, and am ready to help you with your happy ending!

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