No one really wants to have to write a contingent offer and the luxury home market in the San Ramon Valley has certainly not been immune to challenges like those faced in many other regions. One of those is the lack of financing available. The high-end buyer does not typically fit into a neat package. The jumbo mortgage market offerings via Fannie Mae and Freddie Mac are currently capped at 625,000 in most Bay Area markets and while there is a fair amount of true jumbo loans available underwriting is very strict. Most of these institutions do not think “outside of the box” these days. Well things have changed a bit for the better and I will be highlighting a few opportunities available for the higher end buyer over the next few weeks. If you are currently looking to “move up” but are concerned about needing to sell your current residence if you find the perfect house here is a tip.
Situation: You house is currently on the market and you have found the perfect home to make an offer on. You want to make the best deal possible and do not want to have to write a contingent offer.
Solution: There are mortgage products available where as long as the home is listed and you have an additional six months cash reserves to cover the payments then the debt on your current residence will not be counted against you when qualifying for the new loan. This would afford you the opportunity to write the cleanest offer possible.
There is a perfect home in Alamo for those who are looking to move up:
2503 Royal Oaks Drive in Round Hill Country Club
It is always my goal to think “Outside the Box” to assist buyers and sellers.
I do not originate mortgages but keep abreast of current market conditions and product offerings. If you are in need of a referral I can provide several top-notch loan professionals for your review.
If your home is currently listed with another broker this is not intended as a solicitation.
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