While every builder varies, the process generally follows one of these structures:
Home builders often offer programs to buy your existing home—commonly called or Buyout programs —to remove the hurdle of selling before you can move into a new construction. These programs typically function as a "guaranteed sale," ensuring you aren't stuck with two mortgages. 1. How These Programs Work home builders buy your existing home
: Closings are often coordinated for the same day, preventing temporary housing costs. While every builder varies, the process generally follows
: The builder (or a partner company) buys your home outright at a predetermined price, usually shortly before you close on your new home. How These Programs Work : Closings are often
: You avoid the hassle of staging, showings, and open houses while living in the home.
: The builder lists your home through their preferred brokerage. If it doesn't sell by your new home's completion date, the builder’s partner buys it from you for a guaranteed backup price.
: You typically stay in your current home until the day your new one is ready.