Recently, I had clients that were looking to leg up. They had been in their 2BR Noe Valley condo for over 13 years, and had a couple kids along the way. They really wanted to buy a bigger home, a house where they could really stretch out a bit. But, in order to make that happen, they needed the equity from their condo to make it a reality. In an ideal world, they would have been able to sell their condo, then use the proceeds for the down payment on the next place, but they really didn't want to disrupt all four of their lives that much. This was perfectly understandable. 

They were really concerned, and didn't know what to do. So, I sent them to my colleague and most trusted mortgage broker, Monica DiPerna at RPM Mortgage. The benefit of working with a mortgage broker is that they have access to multiple lending programs, and can get more creative in structuring the loans. Monica met with my clients, and informed them that she had an investor that would effectively ignore the mortgage on their departing residence, so long as they stated that they would list the property as soon as they closed on their new home. Once they were officially preapproved, they were able to draw a HELOC against their condo, affording them the funds they needed to make competitive bids for their dream home. 

It worked! They bought the perfect home for them, a 3BR/2BA house in Ingleside, with plenty of room and a yard for the kids to play in, and then promptly sold their Noe Valley condo. This provided the easiest and least disruptive way for them to make this move. They're thrilled, and will continue to enjoy their home for many years to come.

Another options is Compass Bridge Loans, which works much the same way, with the exclusive option to get up to six months of your loan payments fronted when you sell your home with me.

So if you want to make the leap to your next home but don’t want to sell your current place to extract the equity, give me a call, and we’ll get the process started.

Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity.