The Buy Before You Sell program is designed to help qualified homeowners purchase their next primary residence while their current home is still on the market. Legend may provide a backup offer to purchase the departing residence without a financing contingency, which may help support applicable agency requirements for excluding the current home’s PITIA from qualifying debt-to-income calculations. The homeowner may continue marketing the property and accepting other offers during the process.

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Who Is Buy Before You Sell Best For?

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This program may be a good fit for a homeowner who wants to purchase a new primary residence without waiting for the current home to sell. The new purchase must use conventional financing, receive an acceptable AUS approval, and the departing residence must generally have at least 30% equity based initially on its current list price.

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Examples:

• A homeowner who finds the right property before receiving an acceptable offer on the current home.

• A buyer who may need the departing residence payment excluded from qualifying DTI.

• A homeowner who wants the flexibility to continue marketing the current property while maintaining a backup purchase contract.

• A qualified buyer using the program together with Legend’s Bridge product, provided the combined structure remains within the program’s maximum calculation.

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The departing residence must be listed with a real estate agent and located in an eligible market where Legend has an established local presence. A $2,500 non-refundable program fee is charged when the Buy Before You Sell contract is executed. If Legend is required to purchase the property, additional fees and costs apply. Final eligibility, PITIA treatment, AUS findings, and loan approval remain subject to applicable agency, investor, and underwriting requirements.