We are planning on buying a new home but we need to sell and use the equity of our old or existing home. Our future builder mentioned something about a Home Buyout Program. It is basically a third party that tries to sell your home at top dollar while your new home is being built. If your old home doesn’t sell by the time the new home is finished, they buy your home at 95% of the value.
Does anybody know about this program and are there any pitfalls to be aware of?
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