Buy before you sell!
Traditionally, buying a home has often been contingent on selling your existing home. In today’s ultra-competitive real estate market, non-contingent and cash offers are usually the most attractive to sellers, but many people don’t have access to that amount of cash before they sell their existing home.
Modern Bridge allows you to buy your new home with a cash-backed offer before you sell your existing home. It’s that simple!
Here's how it works in 6 easy steps!
Get pre-funded with Collective Mortgage and 8z Offers
Collective Mortgage and 8z Offers work in tandem to make sure you are set up with your maximum offer price as well as your pre-approval for your home loan.
Find your new home
This is the fun part! You can shop for your new home with an 8z agent. And the best part? Make a winning offer with 8z Offers funds to lock in your next home.
Make your cash offer
You have no client obligation until this step, which means you can shop without feeling pressured. Once you make your offer, you’ll make a 2.5% deposit to 8z Offers, which is in lieu of earnest money.
Move into your new home
8z Offers will close on your new home so you can move in while you sell your old home – without the financial risk of two mortgages. You’ll pay a prorated rate of deferred occupancy cost (DOC) for the days you live in your new home (usually 40 days or less).
List your existing home
Take time to prepare your existing home to list, then sell for full market value with the help of an experienced 8z agent. You won’t have the traditional hassle of showings while you live there or the pressure to sell your home before you find your new one
Close on your new home
Once your existing home sells, secure your mortgage loan with Collective Mortgage to buy your new home back from 8z Offers at the original price. You’ll receive your 2.5% deposit back, minus the 1.9% fee, and DOC - many clients get money back at closing!
The Numbers Don’t Lie
When the pace of appreciation outweighs the convenience fee, it’s clear why Modern Bridge could be the best option for you
Pre-funded & Pre-approved
|Maximum offer price from 8z Offers||$750,000|
|Highest offer price||$725,000|
|Your offer price (All cash from 8z Offers)|
*Potentially 1-2% lower than the highest competing offer
Under Contract on New Home
|2.5% deposit to 8z Offers||$17,762|
List Your Existing Home
|Home listing price||$650,000|
|Home sale price|
*With more time to prepare your existing home with the help of an 8z agent, you have the potential to sell for more money.
Close on New Home
|10% down payment||$71,050|
|Mortgage loan amount||$639,450|
Money You Get Back
|From 2.5% deposit||$17,762|
|Deferred occupancy cost while living in your new home for 30 days |
(typically 40 days or less before you buy back new home)
|1.9% convenience fee||-$13,499|
|Total You Get Back||$703|
Cash Buyer & Modern Bridge Frequently asked questions
By using 8z Offers to place a cash offer on your desired home, you are getting the highest chance of success for a winning bid. Sellers prefer non-contingent cash offers because they allow for a smoother, faster transaction, with a higher probability of closing. Loan-based offers can often drag on or completely fall apart. It normally takes 30 days to close on a loan and a lot can change in that time. Give yourself a competitive edge by submitting an 8z Offers cash offer and let sellers and agents know the deal is as good as done once it’s accepted.
Modern Bridge is for clients who need the proceeds from their current home before closing on a new mortgage. Cash Buyer is for clients who can close on their mortgage without selling another property. This includes first-time home buyers!
You have 60 days from the moment 8z Offers close on your new home to get under contract on the sale of your old home. After this point, 8z Offers reserves the right to reduce the listing price on your old home.
You and your 8z agent are still in control of all negotiations and due diligence items like a typical transaction, inclusive of inspection. 8z Offers wants it to be a highly personalized experience, as it would be with a traditional closing. 8z Offers is here to bring cash to closing and help you win your dream home.
Yes, 8z Offers requires an inspection on all purchase contracts. 8z Offers needs your approval before signing any and all due diligence documents. For example, the inspection resolution.
Cash approval can be given with as little as a 5% down payment on your mortgage. In addition, you must have 2.5% of your new home purchase price in liquid funds for your deposit. This will be due upon 8z Offers going under contract on the new home. 8z Offers will take care of earnest money!
In addition to mortgage pre-approval, 8z Offers fully underwrites your loan. This process takes approximately 48-72 hours in addition to their standard mortgage pre-approval.