As told by Brieanne Doucet, Mortgage Broker at Innovative Mortgage Solutions.
Near the end of June, I received a referral from a professional contact of mine who’s clients were about to walk away from a $25,000 deposit they had placed on a home build. These clients were unable to sell their current home in time, and could not seem to get approved for the financing to hold two mortgages. On top of this, they had less than one week to figure out a solution.
I took a look at the mortgage details and decided to try a different approach to the situation. After contacting the Lender, it seemed that my solution was definitely feasible and we just had to make sure the Lender had all of the documentation required to close the file on time. My Assistant and I worked late into the evening to ensure that everything would be approved and the clients would not lose their deposit and their new home.
In less than a week, we got their deal approved and the clients did not have to worry about rushing to sell their home in order to finance the new one.
If you have questions about the timeline of selling your home before moving into your new one, we would love to help. Contact us today!