Home Sale Assured (fka Fortuna Finance) announced the official launch of its business earlier this year to help real estate agents and mortgage lenders provide homebuyers with confidence and peace of mind when selling their current home to buy a new one.
The Home Sale Assured’s Guaranteed Backup Contract program works with real estate agents to provide a guaranteed purchase offer on a client’s current property, which allows the client to make a non-contingent offer on their new home while deducting their mortgage debt from their DTI ratio when qualifying for a new loan.
Understanding homeowners also have a need to tap their equity as a source of liquidity for the down payment on their new home, Home Sale Assured recently partnered with The Mark Maimon Team at NJ Lenders Corp (Company NMLS #35286) to provide bridge financing to Home Sale Assured clients. Eric Meadow, the company’s founder and 23-year mortgage executive veteran, stated “I’m thrilled to form this partnership with The Mark Maimon team. They have an outstanding reputation in the industry for providing creative bridge financing solutions. This opportunity will make a huge impact on our clients.”
Since the homebuyer’s current home is ready to be sold and there are no contingencies, government-sponsored entities like Freddie Mae and Freddie Mac as well as many non-agency investors typically allow underwriters to ignore the buyer’s current mortgage debt when being approved for a new mortgage. The bridge financing can also be ignored as it will be paid off when the departing residence sells.
The Guaranteed Backup Contract ensures the client’s current home is sold within 90 days, during which time the real estate agent can stage and sell their client’s home at the highest possible price. If the home does not sell after 90 days, Home Sale Assured will buy and relist the home for sale with the current agent. When the home is sold, 90% of the proceeds go back to the original homeowner, as Home Sale Assured only keeps enough to cover the costs of the transaction.
In the first quarter of the new business, Home Sale Assured has already put contracts on $10 million in residential real estate, according to Meadow. Meadow indicated he expects production to more than double in Qs 2 and 3. The Mark Maimon Team bridge offering will be a big component of that growth.
“At the end of the day, homebuyers don’t dream about selling their current home—they dream about buying a new home with more space, better schools or an easier commute,” Meadow said. “We created Home Sale Assured to make sure real estate agents and lenders can provide peace of mind at the lowest cost in the industry to these homebuyers, so their dream comes true.”
About Home Sale Assured
Home Sale Assured is a provider of products and services designed to streamline the home sales process for real estate agents, lenders, and consumers. The company’s Guaranteed Backup Contract (GBC) program is available in all 50 states and helps home sellers qualify for a new home loan before they sell their current home. Home sellers have the option to sell their home to Home Sale Assured for up to 90 days after they buy their new home. In the meantime, agents receive more time to sell their client’s current home at the highest possible price. Home Sale Assured is based in Chicago, Illinois. For more information, visit www.homesaleassured.com.
About The Mark Maimon Team
The Mark Maimon Team (NMLS #3550) was founded by and is led by Mark Maimon, a 20+ year veteran of the mortgage industry. Supported by NJ Lenders Corp. (Company NMLS #35286), the Mark Maimon team funds conventional, non-conventional, and custom bridge loan products in 21 states across the country. Their team has established its reputation for providing outstanding service, customized solutions and a very hands-on approach to home lending. The Mark Maimon team can be reached at https://bridgeloans.njlenders.com or by calling (855) MM-BRIDGE.