When the Cowing family decided it was time to upsize to a larger home in Carlsbad, California, they were faced with a common real estate quandary: What’s the best way to buy a new house while selling another at the same time?
The Cowings already knew that it would be tough to come in strong as a buyer if they had to make an offer contingent on the sale of their existing home, so they were open to creative solutions. When their agents, Jordan Clarke and Lauren Boston of the Clarke Real Estate Group, suggested HomeLight Trade-In, the Cowings were all ears.
What is HomeLight Trade-In?
Working together with clients and agents, HomeLight Trade-In facilitates a smooth buy-and-sell process by purchasing the existing home for an agreed-upon price. This frees up equity to allow a seller-and-buyer to then make an offer on their next property without an existing home sale contingency, and then move with as little stress as possible.
Once the homeowner has closed on their new home and relocated, HomeLight works with the real estate agent to get their previous house ready before it hits the market. When the previous property sells, the client receives any funds over and beyond the price HomeLight paid them for it, less commission and service fees.
HomeLight Trade-In makes it possible to buy a new home — with a strong offer, completely free from sales contingencies — and receive full market value for the original house.
Two fast closings for the Cowings
Because HomeLight Trade-In purchased their previous residence and HomeLight Home Loans provided financing for the move-up house, the Cowings had no obstacles when it came to writing an offer on their hopeful new home.
“The Trade-In program enabled us to make a very attractive offer on the new house,” says Brent Cowing.
“There were no sales contingencies, and we were able to close in 30 days. As a seller, there’s nothing more that you want from a buyer with an offer on your home.”
After the Cowings were settled into their new house, Clarke and Boston got to work preparing the old home for listing on the market. They oversaw the repairs and upgrades that the Cowings had preapproved earlier in the process, then listed it at $1.069 million. The property sold in just three days for $31,000 over the asking price, and that profit went straight to the Cowings, minus program costs and fees.
“It was amazing. We got more than our asking price for our old home, which I was totally blown away by. I’d never thought that was going to happen,” notes Cowing.
“Once we finished the transaction, HomeLight gave us the difference between what they bought our old home for and what it sold for on the open market. Nobody else would’ve done that.”
Convenience without a catch
In today’s fast-paced world, streamlining efficiency is often the name of the game, but the real estate industry isn’t always at the forefront of innovation.
“I still can’t believe that buying a home is as difficult as the old way of doing it,” says Cowing. “Once you’ve been through the HomeLight Trade-In process, once you’ve worked with HomeLight and you’ve been able to complete a transaction with all of the great benefits, you realize how backwards the entire industry has become.”
The Cowings especially appreciated the high level of communication and transparency throughout the entire HomeLight Trade-In process. Since HomeLight collaborates with clients and agents alike, there’s no missing link, and no feeling left in the dark about what’s next.
In fact, HomeLight Trade-In even offers a sneak peek into the mind of the buyer.
“I think one of the benefits of the transaction in the beginning, with selling our old home to HomeLight, was that we went through an inspection and we understood exactly what any new purchaser on the open market would have gone through in terms of making an offer and requesting credits for things that needed to be fixed,” recalls Cowing.
“That gave us an opportunity to address some of those things upfront. So yet again, another step of the process that made everything go so much more smoothly.”
Thanks to HomeLight Trade-In, the Cowings are now enjoying their new home, and with the added peace of mind of knowing that their old home sold for its true market value and they didn’t leave any of their equity on the table.
HomeLight Trade-In was a win not just for the Cowings, but for their agents, as well.
“This is definitely the biggest change in real estate that I’ve seen in my career,” says Boston, who has worked with HomeLight to help multiple clients find their dream home while navigating the sale of another.
“HomeLight’s on to something,” says Cowing. “This is pretty incredible.”
Header Image Source: (Kyle Sprague / Shutterstock)