Realty One Group Inspiration
Richard Vaughn

Your Home: Buy Before you Sell? Why Not!




It is most common when a homeowner decides they need to purchase a new home that they sell their current home first and then go out and find their new home. But why?

The answer is because that is the way it has always been done in the past. And most homeowners need the equity from their current home to purchase their future home. So, in turn, they must sell their current home first, right?   Wrong.

At our team meeting this week, we were identifying the reasons why some homeowners are not taking advantage of the current seller’s market even though a move is inevitable for them. Doesn’t it make sense to sell now instead of waiting? The consensus was that the number one reason for not selling today is the fear that a seller’s home would sell really fast.  Seems like a great problem for a seller, right? But the real fear is not having a home to purchase when they do sell. The fear of being homeless, moving in with in-laws, or getting an apartment is paralyzing for some.  So, what is the solution?

In some cases, the solution may be what is called a loan recast. A loan recast is when a homeowner is approved for a loan without the sale of their current home. The homeowner then moves forward with purchasing a new home, again non-contingent upon their current home sale. A best practice would be that once a contract is in place on the future home, the homeowner would then put their current home on the market and get it sold as well. A loan recast allows the homeowner to close on their future home and then recast the loan once their current home closes and apply the equity earned from the sale to the new home loan. No, this is not a refinance or a bridge loan. Bridge loans and refinances both require a new appraisal to be completed and can involve double closing costs.

The reality of choosing to go this route is that you must be able to get pre-approved for a purchase without the sale of your current home. For some, this is a scary thought. Two mortgages! I don’t want to pay two mortgages! Well, you shouldn’t have to.  Let’s remember the original fear that we identified.  It was that a homeowner’s current home would sell too fast. So why the fear of two mortgages? In a seller’s market, homes that are priced fairly and conditioned well will sell quickly. That is that. Cooper Long with Amerifirst Home Lending recently said it this way, “The current supply (low) and demand (high) can provide some insulation against the risk of having to make two mortgage payments.”

Here are a few additional benefits to a loan recast:

*All original loan terms stay with the recast. A recast allows a homeowner to capitalize on today’s low interest rates and then maintain those same terms after they have recast the loan. Unlike a refinance, a recast eliminates the fear of refinancing at a higher interest rate further down the road.

*The rate is the rate. The interest rate on a loan to be recast is the same as any other purchase loan in today’s market.

*Time is on your side.  When a homeowner sells their current home, the closing date is oftentimes negotiated with the buyer. If the buyer is in a lease which is ending very soon, they may ask for a 30-day closing. If the seller accepts, this would not allow much time for the seller to find a new home, get it under contract, inspect it, appraise it, and so on. Conversely, if you purchase your future home first and then sell your current home, you can adapt to almost any closing date scenario. Even a cash purchase that closes in two weeks. Imagine the stress that this takes away from the sale. Time is also on your side when you make your purchase. In a competitive situation, you can allow the seller to determine their preferred closing date without any fear of lining it up with the sale of your current home. Again, the recast allows you the flexibility to adapt and compete.

*In this fast-paced market, where contingency offers are losing out, we are able to allow homeowners to get their next home (upsizing or downsizing or relocating) using this exact loan product. All the while they are following our program to prepare their current house for the market. Once under contract on their future home, we put the current home on the market that next weekend.

Best case, the home goes live on Friday and is under contract that week. We know that the current home will sell quickly, however, today’s homeowners are afraid that they may not be able to find a home that they love. By purchasing first, they stay in the driver’s seat on both the sale and purchase. And, by the way, we can line up the closing dates so they will not have one month of double mortgage payments.

If you would like more information about a loan recast program, please email or call me directly.


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Richard Vaughn - Agent with Colonialtown Realty
 

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Realtor Equal Housing Opportunity Multiple Listing Service
 

What my clients are saying  

"My family had a "dandy," non-combative and respectful experience with Mr. Vaughn during the selling process. He was tactful, (sensitive to our situation) and chiefly he was not obnoxiously "pushy" or annoying. He made several suggestions/recommendations, some we welcomed and acted upon; many were not. Mr. Vaughn respected our decisions without vexation. Job well done Mr. Vaughn! Hire again?..................no doubt ---YES Recommend?............. no doubt ---YES HE WAS "KOOL"" jjnlaw1966 8851 Hillsdale Dr, Orlando, FL 32818

 

~ Lawrence

"We were so very lucky to have this gentleman represent us in buying our home. He knew exactly what to do and how to respond in every situation we encountered. He never- not knew- what to do!!! A 5-Star rating is too low for him-he deserved 10 Stars!" kellys2223 101 Cashew Ct, Longwood, FL 32750

 

~ Kelly's

"Richard's experience allowed him to point out items that required my attention in order to get top dollar for the property. That coupled with his knowledge on the neighborhood and his marketing/showing experience enabled the property to sell in it's first weekend on the market for well above market value. I would highly recommend Richard Vaughn if you want top dollar quickly for your property."

 

~ Todd S

We are extremely pleased that we chose Richard Vaughn as our realtor to sell our home. He was very knowledgeable in advising us as we prepared our house to be placed on the market. He was a wealth of information whenever we needed anything from the very beginning to the closing. He went way beyond expectations in assisting us with what could have been an HOA nightmare. His responsiveness to every detail and issue was exceptional. We highly recommend Richard Vaughn and would definitely use him again ourselves.

 

~ Pattie Smith

Richard is a great realtor - very knowledgeable and willing to go that extra mile to help you out in any way possible. he has sold a house to me and also helped me sell one. If you are looking for a home to buy or have one to sell, he is your guy.

 

~ Angela Turrentine

Richard was extremely knowledgeable about the local market and landscape. He is truly a professional’s professional. He went above and beyond at ever turn and was spot on with the market advise he gave me and I thank him and totally appreciate everything he has done to make my selling experience a good one. His marketing was exceptional and honest. He is highly recommended.

 

~ John Casson

Richard Vaughn is an incredible Realtor. He made sure we were updated and informed every step of the process. He also went out of his way in recommending professionals to help in other areas we were not experts in. They all lived up to the expectations set by Richard as well. I have already recommended him to a friend who is in the market.

 

~ Joe Denave

Richard was a joy to work with selling my home. Always kind and a smile on his face. I would recommend him to anyone that is looking for a good realtor.

 

~ Donna Russell

He is very kind hearted person who helped me and my wife a lot anybody would be lucky to have him as a realtor. He helped us look for a house for months always doing the best he can and it’s much appreciated

 

~ Marlon Barberena

Richard sold our house when other agents couldn’t. He went above and beyond to market our home and found a qualified buyer. He used his expertise and keen eye to recommend areas that we needed to improve in order to sell the house faster, and it worked. He was always available and made it his personal mission to get our house sold. He kept us informed throughout the process through email, texts, and phone calls. If you ever need an agent, Richard is the one!

 

~ Matt Clinger

"We enjoyed working with Richard. He was thorough, professional and caring. He showed great understanding of our needs and his determined approach was second to none. We would work with him again in a heartbeat and would thoroughly recommend him to anyone." Harpinder Chauhan

 

~ The Chauhans

Richard is an excellent realtor. He went above and beyond his call of duty. He didn't give up when I wasn't satisfied with some of the homes we looked at. He would just send me more and I would also find some and he made sure I was able to go see them even though they weren't on his website. He helped us find the perfect house. There was a few kinks but he took care of them. He gave extra time even after the sale to make sure everything was finished. If I sent an email, text or called him I got an immediate respond. I WOULD TELL EVERYONE I KNOW THAT IS LOOKING FOR A REALTOR TO CALL RICHARD whether they are buying or selling - HE IS THE MAN.

 

~ Alice White

Richard Vaughn did a great job selling our home. We were trying to sell our home on our own, but Richard called us and set up an appointment to discuss our home and the real estate market of our area, Winter Park. He was very informative, and not pushy. Over time, we decided to give Richard a try. It was listed right around a hurricane, and we had relocated to another state. Richard moved patio furniture and made sure our home was presented well for possible buyers. He held open houses multiple times, and was able to sell our home pretty quickly in the time frame we had given him. We would recommend Richard for anyone looking to sell their home.

 

~ Elizabeth Ledford

Patient and friendly, he was on the top of any deal when I ask for a showing, also he can help you to find a good loan and insurance if needed but I prefer to do my own homework.

 

~ Mohamed Abd el rahman

After meeting with 6 other realtors we finally lucked out by finding Richard Vaughn! He listened to our requests and lead us to different things that were still in our taste as well as budget. Super patient and not pushy. He is informative and kept our expectations realistic. Easy to contact and gave honest feedback. We feel that if we didn't use his advice when making the offer we would not be homeowners today. We would easily recommend him to all of our friends and family!

 

~ Maurine Sylverain

Richard was a great asset to have in my first time home buying experience. From the very beginning he was extremely accommodating to my last minute requests for showings, even going so far as to take my friends to see new listings at my request when I was out of town. I never felt pressured to act quickly and felt like I had someone on my side every step of the way. Being new to the process I had quite a few questions. Richard was knowledgeable, but more importantly honest when he did not know an answer and was happy to get back to me with the correct answer. Thanks again Richard.

 

~ Tyler Pyle

Richard was amazing! Our first ever real estate experience wasn't as seamless as we had hoped for, but Richard was by our side, helping us through the entire process. Without Richard, we may have given up on the house of our dreams, but with all of his help and "can-do" attitude, we persevered and are comfortably moved in to our new home! I would absolutely recommend Richard to anyone!

 

~ Overstreet

We were first time home buyers in the Orlando area so we selected the Mainframe Real Estate Team based on reviews we saw online and we were so lucky to have chosen them. We worked with Richard Vaughn and he was wonderful! He had a great knowledge of the surrounding area and knew exactly what we were looking for. He was very responsive to our needs and was always available when we needed him to be. Anyone looking to purchase a home would be lucky to work with Richard.

 

~ Mr. Stower

I happened across Richard when I was looking for another Realtor and what an amazing find! He's a breath of fresh air, He listens to your wants and needs, he's patient and kind, honest and very down to earth. He's not one to pressure you and however many houses it takes to find the one that's right for you. He will be right by your side through every one of them. Richard is incredibly knowledgeable and if he doesn't know an answer, he finds it. Richard will guide you through the entire process to the very end. My Husband and I HIGHLY recommend Richard Vaughn! We couldn't be happier.

 

~ Nicki "Goose" Heasley

Richard was very professional and attentive to all our needs. He provided excellent customer service and clearly explained the process of buying a home. Mr. Vaughn provided excellent referrals that did not disappoint. Richard Vaughn is highly recommended. The Browns

 

~ The Browns

Extremely helpful through the whole stress home buying process. Always there when we had questions, always answers our calls. Very knowledgeable of the home buying process. Made the entire process as enjoyable as it could be. :3

 

~ Gensler - Childer

Richard was a great help in selling our home. He brought his designer wife over who made some suggestions regarding staging our home, colors, etc., and after that our home sold. Richard also has a great rapport with the other agents and helped make this closing possible. I would definitely recommend Richard.

 

~ The Burtons

The closing on 2032 Illinois Street was the culmination of working five months with Richard Vaughn as my listing agent. I was quite pleased with the outcome on a number of fronts, and he has my full recommendation as an agent. Richard was a tireless advocate, undeterred, an exceptional problem solver and maintained a positive outlook despite some substantial obstacles we faced through the closing. He wasn’t afraid to spend countless hours to get the job done, keeping all parties calm, and he never passed the buck. And I would be remiss to add that I received a very strong value for the property – one 18 months prior I didn’t think was possible. The home was well marketed on a number of media platforms, and had strong interest from the moment the sign went in the ground. We were under contract within 3 weeks from listing – a time period that included both Christmas and New Years. I cannot recommend him more highly.

 

~ Marshall Hood

My wife and I were looking for property in FL. Moving there has been our goal for retirement. Our request to Richard was to own a property on or very near a lake, since we both love jet-skiing, sailing etc. We've been very happy with Richard's help and expertise. We'll be Floridians - soon!

 

~ The Veleys

I feel that we got Top Dollar for our home. Richard positioned us to get 8 offers for our home after only 2 days on the market. It was an all-around great experience with an all-around great realtor!! Trustworthy and smart and if he can sell our home in two days obviously he is diligent!!!!

 

~ Jessica Beman

Dear Richard, Thank you so much for your assistance in helping us find and purchase the home for our daughter! We could not have been happier with the service that you provided for us. My wife, Susan, and I have bought and sold homes in the past but this was our first experience with buying what turned out to be investment property. After letting you know what we were looking for in a property, you were able to put together a list of houses that met our requirements. Incredibly, we found the perfect property in only 4 days and closed on it the following month! You were able to guide us though all of the details of purchasing investment properties – and there were a lot of details to attend to before closing! We would (and will) recommend you to family, friends, and anyone else that we hear might be looking to buy or sell a house. Thanks again! Sincerely, Darrell Johnson

 

~ The Johnsons

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