When you are shopping for a home, it is helpful to be familiar with non-contingent offers. This type of offer is very competitive, and may make all the difference when it comes to securing your dream home.
What is a Non-Contingent Offer?
A non-contingent offer is a type of offer that does not feature any contingencies or conditions.
To help you understand what this means, here are examples of some common contingencies when making an offer on a home:
- Offering to buy a home contingent upon the results of a home inspection
- Offering to buy a home contingent upon your successful sale of your existing home
When a seller receives an offer with contingencies, they may hesitate to accept it. There are strings attached, and they may worry that the offer will fall through if contingencies cannot be met. As a result, they may accept a different offer that doesn’t feature these contingencies, preferring to go with what seems more like a “sure thing.”
Our Better Than a Bridge Loan Program
It is helpful to be able to make a non-contingent offer, but there are scenarios where homebuyers may find that challenging. Let’s return to the example scenario where you are trying to buy one home while selling an existing home.
An offer with a contingency is sometimes more comfortable. But it may be rejected by the seller, or cause delays in your home purchase plans that are unacceptable to you or to them.
McGowan Mortgages offers a specialized product to resolve situations like this one. We call it our “Better Than a Bridge Loan” program.
With the Better Than a Bridge Loan, you can tap into your equity in your current home through a HELOC within just one week, allowing you to quickly make a non-contingent offer on a new home.
We designed this solution to be simple and straightforward, with no mortgage insurance requirement. There are no long holding periods, and you can qualify for a competitive interest rate compared to a bridge loan. This is thanks to the Better Than a Bridge Loan being a conventional Fannie Mae/Freddie Mac loan.
Using the Better Than a Bridge Loan, you can make a competitive offer and move into your new home right away, even if you are still waiting for your previous home to sell. Once it does, you can pay off the HELOC using the sale proceeds.
Buy Your Dream Home with Quick and Competitive Financing
If you want to be able to compete with other buyers in a seller’s market, then being able to make a non-contingent offer quickly without delays can go a long ways toward helping you seal the deal.
McGowan Mortgages can help you buy a home in Missouri or 40 other states with our Better Than a Bridge Loan program, or any other type of financing that may be suitable for your needs. To get started, please give us a call at (816) 631-9687. Let’s get you into your dream home.
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